MV Capital Management Inc. raised its stake in Abbott Laboratories (NYSE:ABT) by 15.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,785 shares of the healthcare product maker’s stock after buying an additional 2,484 shares during the quarter. MV Capital Management Inc.’s holdings in Abbott Laboratories were worth $2,251,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the business. South State CORP. lifted its stake in shares of Abbott Laboratories by 202.6% in the 1st quarter. South State CORP. now owns 48,629 shares of the healthcare product maker’s stock valued at $5,828,000 after purchasing an additional 32,559 shares during the last quarter. Ritholtz Wealth Management lifted its stake in shares of Abbott Laboratories by 13.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,567 shares of the healthcare product maker’s stock valued at $787,000 after purchasing an additional 777 shares during the last quarter. Oak Ridge Investments LLC lifted its stake in shares of Abbott Laboratories by 0.4% in the 1st quarter. Oak Ridge Investments LLC now owns 43,120 shares of the healthcare product maker’s stock valued at $5,168,000 after purchasing an additional 160 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at $473,000. Finally, Norinchukin Bank The lifted its stake in shares of Abbott Laboratories by 1.6% in the 1st quarter. Norinchukin Bank The now owns 147,352 shares of the healthcare product maker’s stock valued at $17,659,000 after purchasing an additional 2,297 shares during the last quarter. Institutional investors own 73.03% of the company’s stock.
NYSE:ABT remained flat at $$110.15 during mid-day trading on Friday. The company had a trading volume of 39,122 shares, compared to its average volume of 5,708,611. The firm’s 50-day moving average price is $117.83. The firm has a market capitalization of $195.72 billion, a price-to-earnings ratio of 34.53, a PEG ratio of 1.92 and a beta of 0.69. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.75 and a quick ratio of 1.32. Abbott Laboratories has a 12-month low of $86.16 and a 12-month high of $128.54.
Several research firms recently issued reports on ABT. Credit Suisse Group decreased their target price on Abbott Laboratories from $133.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 2nd. Citigroup reissued a “buy” rating and set a $125.00 target price (down previously from $138.00) on shares of Abbott Laboratories in a research note on Wednesday, June 2nd. Barclays decreased their target price on Abbott Laboratories from $150.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 2nd. Wells Fargo & Company decreased their target price on Abbott Laboratories from $137.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 2nd. Finally, Raymond James cut their price target on Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating on the stock in a report on Wednesday, June 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Abbott Laboratories presently has a consensus rating of “Buy” and an average price target of $122.00.
In other Abbott Laboratories news, SVP Jared Watkin sold 94,576 shares of the stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $119.90, for a total transaction of $11,339,662.40. Following the completion of the sale, the senior vice president now directly owns 59,783 shares of the company’s stock, valued at approximately $7,167,981.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by company insiders.
About Abbott Laboratories
Abbott Laboratories 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 Established Pharmaceutical Products segment 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, MÃ©niÃ¨re'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.
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