Legacy Financial Strategies LLC Increases Stake in Abbott Laboratories (NYSE:ABT)

Legacy Financial Strategies LLC increased its position in shares of Abbott Laboratories (NYSE:ABT) by 5.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,598 shares of the healthcare product maker’s stock after buying an additional 1,187 shares during the period. Legacy Financial Strategies LLC’s holdings in Abbott Laboratories were worth $2,569,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Signature Resources Capital Management LLC purchased a new position in Abbott Laboratories in the fourth quarter valued at about $29,000. Richardson Financial Services Inc. purchased a new stake in shares of Abbott Laboratories during the fourth quarter worth about $29,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at approximately $29,000. True Wealth Design LLC lifted its holdings in Abbott Laboratories by 1,677.8% in the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 302 shares during the period. Finally, Stuart Chaussee & Associates Inc. lifted its holdings in Abbott Laboratories by 236.0% in the fourth quarter. Stuart Chaussee & Associates Inc. now owns 336 shares of the healthcare product maker’s stock valued at $37,000 after acquiring an additional 236 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Down 0.8 %

NYSE:ABT traded down $0.85 during trading hours on Friday, hitting $105.72. The company had a trading volume of 9,986,880 shares, compared to its average volume of 5,708,201. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $105.11 and a 200 day moving average of $110.07. The company has a market cap of $183.91 billion, a P/E ratio of 33.13, a P/E/G ratio of 2.50 and a beta of 0.74. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The company had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $9.88 billion. During the same period in the prior year, the business earned $1.03 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Monday, July 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ABT shares. Raymond James reaffirmed a “buy” rating and set a $124.00 target price on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Evercore ISI upped their target price on Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Barclays reduced their target price on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research note on Monday, April 22nd. The Goldman Sachs Group started coverage on Abbott Laboratories in a research note on Thursday, May 30th. They set a “buy” rating and a $121.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 target price on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.64.

Insider Activity

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

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.