Latitude Advisors LLC Reduces Its Position in Abbott Laboratories (NYSE:ABT)

Latitude Advisors LLC has announced a significant reduction in its holdings of Abbott Laboratories (NYSE:ABT) shares by 45.3% during the fourth quarter. According to their latest filing with the Securities and Exchange Commission, the institutional investor now owns 5,927 shares of Abbott after divesting 4,900 shares during the quarter. As of the end of the last quarter, these shares were valued at approximately $670,000.

In addition to Latitude Advisors, various other institutional investors have also adjusted their positions in Abbott Laboratories. For instance, Groupama Asset Management increased its stake in the company by 22.2% during the third quarter, now owning 228,448 shares worth about $26,000 after acquiring an additional 41,557 shares. Peterson Financial Group Inc. established a new position in Abbott worth roughly $32,000 in the same quarter. Similarly, Valued Wealth Advisors LLC boosted its holdings by 78.4%, now holding 289 shares worth approximately $33,000 after purchasing an additional 127 shares. Wingate Wealth Advisors Inc. also entered a new investment in Abbott during the fourth quarter valued at $34,000, while Highline Wealth Partners LLC acquired a new stake during the third quarter worth $37,000. Currently, institutional and hedge fund ownership accounts for 75.18% of Abbott Laboratories' shares.

Insider Trading Activity

Recently, there has been notable insider activity at Abbott Laboratories. Executive Vice President Daniel Gesua Sive Salvadori sold 23,771 shares on January 30 for an average price of $128.50, totaling approximately $3,054,573.50. Following this transaction, he retained ownership of 125,697 shares, with a value around $16,152,064.50, reflecting a decrease of 15.90% in his position. This transaction was disclosed in the SEC filings, which are accessible to the public. Currently, corporate insiders hold about 1.10% of Abbott’s stock.

Analysts Provide New Price Targets

Several analysts have recently set new price targets for Abbott Laboratories' shares. Jefferies Financial Group raised their target from $120.00 to $125.00 and assigned the stock a 'hold' rating. Meanwhile, Raymond James maintained a 'buy' rating with a revised price target of $129.00, increased from $122.00. Wells Fargo also raised its target for Abbott from $133.00 to $136.00, classifying the stock as 'overweight'. StockNews.com has upgraded Abbott from a 'buy' to a 'strong-buy' rating. Finally, Barclays maintained an 'overweight' rating with a new price target of $158.00, increased from $149.00. Overall, the stock has received an average rating of 'Moderate Buy' from analysts, with an average target price of $133.06.

Performance of Abbott Laboratories' Stock

As of Tuesday, Abbott Laboratories' stock traded at $131.36. The stock has experienced a 1-year low of $99.71 and a high of $132.50. The company has a market cap of $227.84 billion, a price-to-earnings ratio of 17.17, and a PEG ratio of 2.39, indicating its growth potential compared to its earnings. In terms of financial health, Abbott holds a current ratio of 1.60, a quick ratio of 1.14, and a debt-to-equity ratio of 0.32. The stock’s fifty-day moving average is $117.46, while the two-hundred-day average stands at $115.24.

In its latest quarterly earnings report released on January 22, Abbott Laboratories met analysts' expectations by reporting earnings per share of $1.34. The reported revenue was $10.97 billion, slightly shy of the $11.03 billion analysts anticipated. The company posted a net profit margin of 31.95%, with a return on equity of 20.74%, highlighting its profitability. Compared to the same quarter the previous year, revenues rose by 7.2% as the EPS increased from $1.19.

Abbott Laboratories Announces Dividend Increase

Abbott has also declared a quarterly dividend to be paid on February 14, with shareholders on record as of January 15, receiving $0.59 per share. This is an increase from the previous quarterly dividend of $0.55. The annualized dividend stands at $2.36, producing a yield of 1.80%. Notably, Abbott’s dividend payout ratio is currently 30.85%, reflecting a commitment to returning value to its shareholders.

Overview of Abbott Laboratories

Abbott Laboratories, alongside its subsidiaries, is actively engaged in the discovery, development, manufacturing, and marketing of health care products across the globe. It operates through four main segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides a variety of generic and branded pharmaceuticals, addressing various medical conditions and health needs.

Abbott, Investment, Shares