Avidian Wealth Solutions LLC Buys 752 Shares of Abbott Laboratories (NYSE:ABT)

Avidian Wealth Solutions LLC boosted its position in Abbott Laboratories (NYSE:ABT) by 8.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,845 shares of the healthcare product maker’s stock after acquiring an additional 752 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Abbott Laboratories were worth $1,119,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Signature Resources Capital Management LLC bought a new stake in Abbott Laboratories in the 4th quarter worth approximately $29,000. Transcendent Capital Group LLC purchased a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new stake in shares of Abbott Laboratories in the 4th quarter valued at $29,000. Redmont Wealth Advisors LLC bought a new position in shares of Abbott Laboratories during the 1st quarter valued at $30,000. Finally, True Wealth Design LLC raised its position in Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after purchasing an additional 302 shares during the period. Institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling

In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the sale, the executive vice president now directly owns 211,341 shares in the company, valued at $22,099,928.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the completion of the transaction, the executive vice president now owns 211,341 shares in the company, valued at $22,099,928.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa D. Earnhardt sold 22,852 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total value of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares in the company, valued at approximately $6,530,337.50. The disclosure for this sale can be found here. 0.47% of the stock is owned by company insiders.

Abbott Laboratories Stock Performance

ABT traded up $1.37 during midday trading on Wednesday, reaching $103.01. The company had a trading volume of 6,598,893 shares, compared to its average volume of 5,664,036. The business has a 50-day moving average of $104.18 and a two-hundred day moving average of $109.85. The company has a market cap of $179.20 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.46 and a beta of 0.72. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The company had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. Abbott Laboratories’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 EPS. As a group, equities research analysts predict that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Monday, July 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ABT shares. Evercore ISI reduced their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Barclays reduced their price target on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. Raymond James reiterated a “buy” rating and issued a $124.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, April 24th. The Goldman Sachs Group assumed coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They issued a “buy” rating and a $121.00 target price on the stock. Finally, Citigroup lowered their price target on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.18.

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.