Congress Wealth Management Reduces Stake in Abbott Laboratories

Congress Wealth Management LLC DE has decreased its investment in Abbott Laboratories (NYSE:ABT) by 5.9% during the fourth quarter, based on its latest filing with the SEC. After selling 3,109 shares, the firm now holds 49,836 shares of the healthcare product maker's stock, which were valued at approximately $5,637,000 at the close of the quarter.

Several other institutional investors have also adjusted their stakes in Abbott Laboratories. For example, Noble Wealth Management PBC made a new investment in the company during the fourth quarter worth about $26,000. Likewise, NewSquare Capital LLC increased its ownership in Abbott by 78.4% during the same period, bringing its total holdings to 239 shares, valued at $27,000 after acquiring an additional 105 shares. Rialto Wealth Management LLC also purchased new shares in Abbott, amounting to $29,000, while Wingate Wealth Advisors Inc. and Newbridge Financial Services Group Inc. invested $34,000 and $37,000 respectively, in new stakes. This indicates that institutional investors and hedge funds collectively own 75.18% of Abbott Laboratories' stock.

Insider Transactions

In addition to these changes in institutional holdings, there have been notable insider transactions at Abbott Laboratories. On March 6, EVP Lisa D. Earnhardt sold 91,167 shares at an average price of $133.82, resulting in a total sale value of approximately $12.2 million. Following the sale, Earnhardt's remaining shares were valued at about $9.6 million, representing a significant decrease of 55.90% in her holdings. Furthermore, EVP Daniel Gesua Sive Salvadori sold 23,771 shares on January 30 at an average price of $128.50, totaling $3.05 million. After this transaction, he retains 125,697 shares, with a value around $16.2 million. Overall, 116,449 shares have been sold by company insiders in the last 90 days, amounting to about $15.5 million, while insiders now own 1.10% of the company stock.

Stock Performance of Abbott Laboratories

Abbott Laboratories’ stock opened at $125.46 recently. The company's 50-day moving average stands at $129.04, with a 200-day average of $120.12. Abbott Laboratories has a market capitalization of $217.59 billion, a price-to-earnings ratio of 16.40, and a PEG ratio of 2.52. The company maintains a debt-to-equity ratio of 0.32 and quick and current ratios of 1.14 and 1.60, respectively. Over the past year, the stock has reached a low of $99.71 and a high of $141.23.

Abbott's most recent earnings report, announced on January 22, showed earnings per share of $1.34, meeting analysts' expectations. The net profit margin for the quarter was 31.95%, with a return on equity of 20.74%. Total revenue for the quarter was $10.97 billion, slightly below the anticipated $11.03 billion, but up 7.2% compared to the previous year's same quarter. Research analysts anticipate that Abbott Laboratories will report an EPS of 5.14 for the current fiscal year.

Dividend Distribution

Additionally, Abbott Laboratories has declared a quarterly dividend, scheduled for payment on May 15. Stockholders who are on record as of April 15 will receive a dividend of $0.59 per share, translating to an annualized dividend of $2.36 and a dividend yield of 1.88%. The company's current dividend payout ratio is 30.85%.

Analyst Ratings and Predictions

Recently, various equity research analysts provided updates on their ratings for Abbott Laboratories. Royal Bank of Canada reiterated an "outperform" rating and set a target price of $135 for the stock. Conversely, UBS Group raised its price target from $146 to $148 with a "buy" rating. StockNews.com downgraded Abbott from a "strong-buy" to a "buy" rating, while Stifel Nicolaus recommended a price target increase to $135. Finally, Barclays reaffirmed an “overweight” rating and adjusted its price target from $149 to $158. According to analysts, Abbott Laboratories holds a consensus rating of "Moderate Buy," with an average price target of $137.94.

Company Overview

Abbott Laboratories, along with its subsidiaries, focuses on the discovery, development, manufacture, and sale of healthcare products globally. It operates across four primary segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Abbott's product offerings include generic pharmaceuticals for various medical conditions, anti-infective treatments, vaccines, and more.

Abbott, Investment, Healthcare