Cigna Investments Inc. New Trims Position in Abbott Laboratories (NYSE:ABT)

Cigna Investments Inc. New cut its position in Abbott Laboratories (NYSE:ABT) by 1.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 17,628 shares of the healthcare product maker’s stock after selling 202 shares during the quarter. Cigna Investments Inc. New’s holdings in Abbott Laboratories were worth $1,994,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Peterson Financial Group Inc. purchased a new stake in Abbott Laboratories in the 3rd quarter worth approximately $32,000. Valued Wealth Advisors LLC lifted its stake in Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock worth $33,000 after purchasing an additional 127 shares in the last quarter. Wingate Wealth Advisors Inc. purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $34,000. Highline Wealth Partners LLC purchased a new stake in Abbott Laboratories in the 3rd quarter worth approximately $37,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $37,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Up 1.8 %

NYSE:ABT opened at $131.36 on Tuesday. The firm has a market cap of $227.84 billion, a P/E ratio of 17.17, 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. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $132.50. The firm has a 50-day simple moving average of $117.46 and a two-hundred day simple moving average of $115.24.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.34. The business had revenue of $10.97 billion during 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%. Abbott Laboratories’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $1.19 EPS. Analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $0.59 dividend. 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.80%. Abbott Laboratories’s payout ratio is currently 30.85%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ABT. Argus raised shares of Abbott Laboratories to a “strong-buy” rating in a report on Tuesday, January 28th. Mizuho increased their price target on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Barclays reaffirmed an “overweight” rating and set a $158.00 target price (up previously from $149.00) on shares of Abbott Laboratories in a report on Monday, January 27th. Morgan Stanley increased their target price on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Raymond James reaffirmed a “buy” rating and set a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average price target of $133.06.

Insider Transactions at Abbott Laboratories

In related news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 125,697 shares in the company, valued at approximately $16,152,064.50. The trade was a 15.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.

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.