Summit Global Investments Sells 304 Shares of Abbott Laboratories (NYSE:ABT)

Summit Global Investments cut its holdings in Abbott Laboratories (NYSE:ABT) by 7.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,799 shares of the healthcare product maker’s stock after selling 304 shares during the quarter. Summit Global Investments’ holdings in Abbott Laboratories were worth $430,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Groupama Asset Managment increased its stake 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 purchasing an additional 41,557 shares in the last quarter. Noble Wealth Management PBC bought a new position in Abbott Laboratories during the 4th quarter valued at approximately $26,000. NewSquare Capital LLC raised its stake in Abbott Laboratories by 78.4% during the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after buying an additional 105 shares during the last quarter. Rialto Wealth Management LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter worth $29,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in shares of Abbott Laboratories in the 4th quarter worth about $34,000. 75.18% of the stock is currently owned by institutional investors.

Insider Activity

In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 91,167 shares of Abbott Laboratories stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $133.82, for a total value of $12,199,967.94. Following the sale, the executive vice president now directly owns 71,928 shares in the company, valued at approximately $9,625,404.96. The trade was a 55.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Andrea F. Wainer sold 949 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $138.17, for a total transaction of $131,123.33. Following the transaction, the executive vice president now directly owns 74,381 shares of the company’s stock, valued at $10,277,222.77. This trade represents a 1.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 116,449 shares of company stock worth $15,463,316 over the last quarter. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Performance

ABT opened at $127.31 on Tuesday. The company has a 50 day simple moving average of $128.79 and a two-hundred day simple moving average of $120.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The firm has a market cap of $220.79 billion, a P/E ratio of 16.64, a PEG ratio of 2.52 and a beta of 0.70. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $141.23.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share (EPS) for the quarter, hitting 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 return on equity of 20.74% and a net margin of 31.95%. Abbott Laboratories’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 EPS. Equities analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ABT shares. StockNews.com lowered shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Bank of America increased their price objective on Abbott Laboratories from $133.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, March 10th. UBS Group lifted their price objective on Abbott Laboratories from $146.00 to $148.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Stifel Nicolaus raised their price target on shares of Abbott Laboratories from $130.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Finally, The Goldman Sachs Group boosted their price objective on shares of Abbott Laboratories from $138.00 to $154.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Four equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and an average target price of $137.94.

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.