Keynote Financial Services LLC Takes $3.12 Million Position in Abbott Laboratories (NYSE:ABT)

Keynote Financial Services LLC acquired a new stake in Abbott Laboratories (NYSE:ABT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 27,411 shares of the healthcare product maker’s stock, valued at approximately $3,116,000. Abbott Laboratories comprises about 2.6% of Keynote Financial Services LLC’s investment portfolio, making the stock its 4th biggest holding.

Several other hedge funds have also recently bought and sold shares of the company. Colonial River Wealth Management LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter worth about $368,000. Bridges Investment Management Inc. raised its position in shares of Abbott Laboratories by 12.5% during the 4th quarter. Bridges Investment Management Inc. now owns 91,645 shares of the healthcare product maker’s stock worth $10,087,000 after buying an additional 10,183 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co raised its position in shares of Abbott Laboratories by 36.3% during the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 5,708 shares of the healthcare product maker’s stock worth $628,000 after buying an additional 1,521 shares in the last quarter. Trust Point Inc. bought a new stake in shares of Abbott Laboratories during the 4th quarter worth about $2,826,000. Finally, Coston McIsaac & Partners raised its position in shares of Abbott Laboratories by 22.1% during the 4th quarter. Coston McIsaac & Partners now owns 1,255 shares of the healthcare product maker’s stock worth $138,000 after buying an additional 227 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Trading Up 1.1 %

Shares of Abbott Laboratories stock traded up $1.16 during trading on Friday, hitting $111.31. The stock had a trading volume of 9,885,690 shares, compared to its average volume of 8,385,752. The stock has a 50 day simple moving average of $104.22 and a 200 day simple moving average of $109.03. The company has a market capitalization of $193.67 billion, a PE ratio of 34.68, a P/E/G ratio of 2.74 and a beta of 0.72. The company has a quick ratio of 1.11, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.37 billion. During the same period last year, the firm posted $1.08 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts expect that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Monday, July 15th. Abbott Laboratories’s payout ratio is presently 68.54%.

Analysts Set New Price Targets

ABT has been the topic of a number of recent analyst reports. Barclays boosted their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday. Evercore ISI dropped their target price on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. Raymond James reiterated a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 24th. Finally, Citigroup dropped their target price on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.00.

Insider Activity at Abbott Laboratories

In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the transaction, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the sale, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa D. Earnhardt sold 22,852 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the completion of the sale, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.