Ritholtz Wealth Management Buys 777 Shares of Abbott Laboratories (NYSE:ABT)

Ritholtz Wealth Management raised its stake in Abbott Laboratories (NYSE:ABT) by 13.4% during the first quarter, HoldingsChannel.com reports. The fund owned 6,567 shares of the healthcare product maker’s stock after purchasing an additional 777 shares during the quarter. Ritholtz Wealth Management’s holdings in Abbott Laboratories were worth $787,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oak Ridge Investments LLC grew 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 worth $5,168,000 after buying an additional 160 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Abbott Laboratories in the 1st quarter worth $473,000. Norinchukin Bank The grew 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 worth $17,659,000 after buying an additional 2,297 shares in the last quarter. Linscomb & Williams Inc. grew its stake in shares of Abbott Laboratories by 1.1% in the 1st quarter. Linscomb & Williams Inc. now owns 104,444 shares of the healthcare product maker’s stock worth $12,517,000 after buying an additional 1,131 shares in the last quarter. Finally, Brinker Capital Investments LLC grew its stake in shares of Abbott Laboratories by 175.8% in the 1st quarter. Brinker Capital Investments LLC now owns 212,049 shares of the healthcare product maker’s stock worth $25,412,000 after buying an additional 135,172 shares in the last quarter. Institutional investors own 73.03% of the company’s stock.

In other news, SVP Jared Watkin sold 94,576 shares of the business’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $119.90, for a total value of $11,339,662.40. Following the completion of the sale, the senior vice president now owns 59,783 shares in the company, valued at approximately $7,167,981.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.50% of the company’s stock.

Abbott Laboratories stock opened at $110.15 on Friday. The stock has a market cap of $195.72 billion, a PE ratio of 34.53, a price-to-earnings-growth ratio of 1.92 and a beta of 0.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.32 and a current ratio of 1.75. Abbott Laboratories has a 1 year low of $86.16 and a 1 year high of $128.54. The firm has a 50-day moving average of $117.83.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Monday, April 19th. The healthcare product maker reported $1.32 EPS for the quarter, beating the consensus estimate of $1.27 by $0.05. Abbott Laboratories had a net margin of 15.33% and a return on equity of 24.02%. The business had revenue of $10.45 billion during the quarter, compared to analyst estimates of $10.72 billion. During the same quarter in the previous year, the business posted $0.65 EPS. The company’s quarterly revenue was up 35.2% compared to the same quarter last year. On average, research analysts predict that Abbott Laboratories will post 4.35 earnings per share for the current year.

A number of equities analysts have commented on the stock. Raymond James dropped their price objective on shares of Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating for the company in a research note on Wednesday, June 2nd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell dropped their price target on shares of Abbott Laboratories from $138.00 to $125.00 and set a “buy” rating for the company in a research note on Wednesday, June 2nd. Wells Fargo & Company dropped their price target on shares of Abbott Laboratories from $137.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, June 2nd. William Blair reaffirmed an “outperform” rating on shares of Abbott Laboratories in a research note on Tuesday, April 20th. Finally, Credit Suisse Group dropped their price target on shares of Abbott Laboratories from $133.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, June 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have given a buy rating to the company. Abbott Laboratories has a consensus rating of “Buy” and an average target price of $122.00.

Abbott Laboratories Profile

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, 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.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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