Prestige Wealth Management Group LLC Has $501,000 Stock Position in Abbott Laboratories (NYSE:ABT)

Prestige Wealth Management Group LLC raised its holdings in Abbott Laboratories (NYSE:ABT) by 8.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,430 shares of the healthcare product maker’s stock after purchasing an additional 347 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Abbott Laboratories were worth $501,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ABT. Noble Wealth Management PBC bought a new position in Abbott Laboratories in the fourth quarter valued at about $26,000. NewSquare Capital LLC grew its holdings in shares of Abbott Laboratories by 78.4% during the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after purchasing an additional 105 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in Abbott Laboratories during the 4th quarter worth approximately $29,000. Wingate Wealth Advisors Inc. bought a new position in Abbott Laboratories in the 4th quarter valued at approximately $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Abbott Laboratories in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $127.31 on Tuesday. The firm has a market capitalization of $220.79 billion, a P/E ratio of 16.64, a P/E/G ratio of 2.52 and a beta of 0.70. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $141.23. The company has a fifty day moving average of $128.79 and a 200-day moving average of $120.04. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share for the quarter, meeting the consensus estimate of $1.34. The firm had revenue of $10.97 billion for the quarter, compared to analyst estimates of $11.03 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. As a group, sell-side analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.85%. Abbott Laboratories’s dividend payout ratio is 30.85%.

Insider Transactions at Abbott Laboratories

In related news, EVP Lisa D. Earnhardt sold 91,167 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $133.82, for a total transaction of $12,199,967.94. Following the transaction, the executive vice president now owns 71,928 shares of the company’s stock, valued at $9,625,404.96. The trade was a 55.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $128.50, for a total value of $3,054,573.50. Following the transaction, the executive vice president now owns 125,697 shares in the company, valued at approximately $16,152,064.50. This trade represents a 15.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 116,449 shares of company stock valued at $15,463,316 over the last ninety days. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on ABT shares. Stifel Nicolaus upped their price target on shares of Abbott Laboratories from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Citigroup lifted their price target on Abbott Laboratories from $135.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Argus raised Abbott Laboratories to a “strong-buy” rating in a research note on Tuesday, January 28th. Wells Fargo & Company boosted their target price on shares of Abbott Laboratories from $133.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $135.00 price target on shares of Abbott Laboratories in a research note on Tuesday, January 21st. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average target price of $137.94.

About Abbott Laboratories

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.