Summit Wealth Partners LLC Invests $203,000 in Abbott Laboratories (NYSE:ABT)

Summit Wealth Partners LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,794 shares of the healthcare product maker’s stock, valued at approximately $203,000.

Other large investors have also made changes to their positions in the company. Groupama Asset Managment grew its holdings in shares of Abbott Laboratories by 22.2% during the third quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock valued at $26,000 after buying an additional 41,557 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Abbott Laboratories in the third quarter valued at $31,000. Peterson Financial Group Inc. purchased a new stake in Abbott Laboratories in the third quarter valued at $32,000. Valued Wealth Advisors LLC boosted its holdings in Abbott Laboratories by 78.4% in the third quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares during the last quarter. Finally, Highline Wealth Partners LLC purchased a new stake in Abbott Laboratories in the third quarter valued at $37,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Abbott Laboratories

In related news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $128.50, for a total transaction of $3,054,573.50. Following the completion of the sale, the executive vice president now directly owns 125,697 shares of the company’s stock, valued at approximately $16,152,064.50. This represents a 15.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ABT. UBS Group increased their target price on shares of Abbott Laboratories from $146.00 to $148.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Mizuho increased their target price on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Sanford C. Bernstein increased their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. StockNews.com raised shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Piper Sandler upped their price target on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong 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 $133.06.

Abbott Laboratories Trading Up 2.3 %

Abbott Laboratories stock opened at $132.07 on Thursday. The company has a market cap of $229.06 billion, a P/E ratio of 17.26, a PEG ratio of 2.39 and a beta of 0.74. The firm’s 50-day moving average is $116.80 and its 200-day moving average is $114.71. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $132.50. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.34. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The company had revenue of $10.97 billion for the quarter, compared to analysts’ expectations of $11.03 billion. During the same quarter in the previous year, the company posted $1.19 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s payout ratio is 30.85%.

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.