Conning Inc. Reduces Stake in Abbott Laboratories (NYSE:ABT)

Conning Inc. lessened its stake in Abbott Laboratories (NYSE:ABT) by 2.4% during the fourth quarter, HoldingsChannel reports. The firm owned 323,701 shares of the healthcare product maker’s stock after selling 7,832 shares during the period. Abbott Laboratories comprises approximately 1.3% of Conning Inc.’s portfolio, making the stock its 17th biggest holding. Conning Inc.’s holdings in Abbott Laboratories were worth $36,614,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Joel Isaacson & Co. LLC increased its holdings in Abbott Laboratories by 95.6% in the 4th quarter. Joel Isaacson & Co. LLC now owns 4,004 shares of the healthcare product maker’s stock worth $453,000 after acquiring an additional 1,957 shares during the last quarter. Northstar Group Inc. increased its stake in shares of Abbott Laboratories by 1.8% in the fourth quarter. Northstar Group Inc. now owns 6,775 shares of the healthcare product maker’s stock worth $766,000 after purchasing an additional 121 shares in the last quarter. Appleton Partners Inc. MA raised its position in shares of Abbott Laboratories by 1.9% in the fourth quarter. Appleton Partners Inc. MA now owns 14,156 shares of the healthcare product maker’s stock valued at $1,601,000 after purchasing an additional 270 shares during the period. Close Asset Management Ltd purchased a new stake in shares of Abbott Laboratories during the 4th quarter valued at approximately $1,132,000. Finally, Golden State Wealth Management LLC purchased a new position in Abbott Laboratories in the 4th quarter valued at approximately $254,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling at Abbott Laboratories

In other news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was 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 owns 125,697 shares of the company’s stock, valued at approximately $16,152,064.50. This represents a 15.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.47% of the company’s stock.

Abbott Laboratories Trading Up 0.7 %

NYSE ABT opened at $129.11 on Friday. The stock’s 50-day simple moving average is $117.25 and its two-hundred day simple moving average is $114.93. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $132.50. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $223.93 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 2.39 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.34. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The company had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $11.03 billion. During the same quarter in the previous year, the company posted $1.19 EPS. Abbott Laboratories’s quarterly revenue was up 7.2% compared to the same quarter last year. Research analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders 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 an increase from Abbott Laboratories’s previous quarterly dividend of $0.55. This represents a $2.36 annualized dividend and a yield of 1.83%. Abbott Laboratories’s payout ratio is currently 30.85%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ABT shares. UBS Group increased their target price on Abbott Laboratories from $146.00 to $148.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Barclays restated an “overweight” rating and issued a $158.00 target price (up previously from $149.00) on shares of Abbott Laboratories in a research note on Monday, January 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $135.00 price target on shares of Abbott Laboratories in a research report on Tuesday, January 21st. StockNews.com upgraded shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Piper Sandler increased their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $133.06.

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.