Abbott Laboratories (NYSE:ABT) Shares Sold by Cornerstone Capital Inc.

Cornerstone Capital Inc. cut its holdings in Abbott Laboratories (NYSE:ABT) by 8.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 229,449 shares of the healthcare product maker’s stock after selling 21,404 shares during the period. Abbott Laboratories comprises about 2.7% of Cornerstone Capital Inc.’s holdings, making the stock its 8th largest position. Cornerstone Capital Inc.’s holdings in Abbott Laboratories were worth $25,953,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Cape Investment Advisory Inc. lifted its position in Abbott Laboratories by 6.6% in the fourth quarter. Cape Investment Advisory Inc. now owns 1,236 shares of the healthcare product maker’s stock worth $140,000 after buying an additional 76 shares during the last quarter. Capital Square LLC raised its stake in shares of Abbott Laboratories by 2.7% during the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker’s stock valued at $368,000 after acquiring an additional 77 shares in the last quarter. Cyrus J. Lawrence LLC grew its position in shares of Abbott Laboratories by 9.0% during the 4th quarter. Cyrus J. Lawrence LLC now owns 954 shares of the healthcare product maker’s stock worth $107,000 after buying an additional 79 shares in the last quarter. Jacobson & Schmitt Advisors LLC raised its holdings in shares of Abbott Laboratories by 2.9% in the 4th quarter. Jacobson & Schmitt Advisors LLC now owns 2,827 shares of the healthcare product maker’s stock valued at $320,000 after purchasing an additional 80 shares in the last quarter. Finally, LMG Wealth Partners LLC lifted its holdings in Abbott Laboratories by 3.8% during the fourth quarter. LMG Wealth Partners LLC now owns 2,161 shares of the healthcare product maker’s stock worth $244,000 after buying an additional 80 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 91,167 shares of Abbott Laboratories stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 71,928 shares in the company, valued at $9,625,404.96. The trade was a 55.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $128.50, for a total value of $3,054,573.50. Following the transaction, the executive vice president now owns 125,697 shares of the company’s stock, valued at approximately $16,152,064.50. This trade represents a 15.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,449 shares of company stock worth $15,463,316. Insiders own 0.46% of the company’s stock.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $131.00 on Friday. Abbott Laboratories has a 52 week low of $99.71 and a 52 week high of $141.23. The stock has a market capitalization of $227.20 billion, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 2.52 and a beta of 0.80. The firm has a 50-day simple moving average of $130.62 and a 200-day simple moving average of $121.84. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The firm had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. On average, equities analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $2.36 annualized dividend and a yield of 1.80%. Abbott Laboratories’s payout ratio is 30.85%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABT. Citigroup lifted their target price on shares of Abbott Laboratories from $135.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Argus upgraded Abbott Laboratories to a “strong-buy” rating in a research note on Tuesday, January 28th. Wells Fargo & Company lifted their target price on Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a research note on Thursday. Royal Bank of Canada upped their target price on Abbott Laboratories from $140.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Piper Sandler reissued an “overweight” rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $142.59.

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.