C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Sells 386 Shares of Abbott Laboratories (NYSE:ABT)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors reduced its position in Abbott Laboratories (NYSE:ABT) by 1.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 20,466 shares of the healthcare product maker’s stock after selling 386 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Abbott Laboratories were worth $2,315,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in Abbott Laboratories in the 4th quarter worth approximately $133,000. Atria Wealth Solutions Inc. raised its holdings in Abbott Laboratories by 3.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 77,402 shares of the healthcare product maker’s stock worth $8,755,000 after acquiring an additional 2,259 shares during the last quarter. GAM Holding AG purchased a new stake in Abbott Laboratories during the 4th quarter valued at $1,223,000. Kornitzer Capital Management Inc. KS raised its stake in Abbott Laboratories by 2.4% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 392,611 shares of the healthcare product maker’s stock valued at $44,408,000 after buying an additional 9,314 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in Abbott Laboratories by 12.0% during the 4th quarter. Venturi Wealth Management LLC now owns 36,292 shares of the healthcare product maker’s stock valued at $4,105,000 after buying an additional 3,888 shares during the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Down 0.4 %

Shares of Abbott Laboratories stock opened at $130.12 on Wednesday. The company has a market capitalization of $225.68 billion, a P/E ratio of 17.01, a P/E/G ratio of 2.39 and a beta of 0.75. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The company has a fifty day moving average of $119.57 and a 200 day moving average of $116.42. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $132.65.

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

Abbott Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.81%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. The ex-dividend date was Wednesday, January 15th. Abbott Laboratories’s dividend payout ratio is currently 30.85%.

Insider Activity

In other news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $128.50, for a total transaction of $3,054,573.50. Following the sale, the executive vice president now directly owns 125,697 shares in the company, valued at approximately $16,152,064.50. This represents a 15.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABT. Evercore ISI boosted their target price on shares of Abbott Laboratories to $136.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. UBS Group boosted their target price on shares of Abbott Laboratories from $146.00 to $148.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Barclays reiterated an “overweight” rating and set a $158.00 target price (up from $149.00) on shares of Abbott Laboratories in a research note on Monday, January 27th. Stifel Nicolaus boosted their price objective on shares of Abbott Laboratories from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Finally, StockNews.com downgraded shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.06.

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.