Centric Wealth Management Reduces Stock Position in Abbott Laboratories (NYSE:ABT)

Centric Wealth Management lowered its position in Abbott Laboratories (NYSE:ABT) by 43.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,501 shares of the healthcare product maker’s stock after selling 1,954 shares during the period. Centric Wealth Management’s holdings in Abbott Laboratories were worth $279,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Signature Resources Capital Management LLC acquired a new position in shares of Abbott Laboratories in the fourth quarter worth $29,000. Rise Advisors LLC purchased a new position in Abbott Laboratories in the 4th quarter valued at about $37,000. Stuart Chaussee & Associates Inc. boosted its stake in shares of Abbott Laboratories by 236.0% during the 4th quarter. Stuart Chaussee & Associates Inc. now owns 336 shares of the healthcare product maker’s stock worth $37,000 after purchasing an additional 236 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in shares of Abbott Laboratories in the third quarter valued at approximately $40,000. Finally, Cornerstone Planning Group LLC lifted its stake in shares of Abbott Laboratories by 79.4% during the third quarter. Cornerstone Planning Group LLC now owns 454 shares of the healthcare product maker’s stock valued at $44,000 after buying an additional 201 shares during the period. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Up 0.5 %

Shares of NYSE ABT traded up $0.53 during midday trading on Tuesday, reaching $106.17. 6,555,967 shares of the company’s stock were exchanged, compared to its average volume of 5,552,894. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The business’s fifty day moving average price is $112.00 and its two-hundred day moving average price is $108.85. The stock has a market capitalization of $184.70 billion, a PE ratio of 33.07, a price-to-earnings-growth ratio of 2.55 and a beta of 0.76.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. The company had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. Abbott Laboratories’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 EPS. Analysts forecast that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Friday, April 12th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ABT shares. Raymond James reiterated a “buy” rating and issued a $124.00 price target on shares of Abbott Laboratories in a report on Wednesday, April 24th. Royal Bank of Canada reduced their target price on Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 18th. Barclays lowered their price target on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a report on Monday, April 22nd. Citigroup raised their target price on shares of Abbott Laboratories from $126.00 to $128.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, Evercore ISI upped their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.50.

Insiders Place Their Bets

In other Abbott Laboratories news, EVP Andrea F. Wainer sold 12,500 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the executive vice president now owns 78,704 shares in the company, valued at $9,444,480. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $55,932.00. Following the completion of the transaction, the vice president now directly owns 18,760 shares in the company, valued at approximately $2,223,060. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andrea F. Wainer sold 12,500 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the transaction, the executive vice president now directly owns 78,704 shares of the company’s stock, valued at approximately $9,444,480. The disclosure for this sale can be found here. Insiders have sold a total of 13,935 shares of company stock valued at $1,670,048 in the last quarter. Insiders own 0.47% of the company’s stock.

Abbott Laboratories 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.