Abbott Laboratories (NYSE:ABT) is Rench Wealth Management Inc.’s 8th Largest Position

Rench Wealth Management Inc. lifted its stake in Abbott Laboratories (NYSE:ABTFree Report) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,998 shares of the healthcare product maker’s stock after purchasing an additional 454 shares during the quarter. Abbott Laboratories accounts for approximately 3.2% of Rench Wealth Management Inc.’s holdings, making the stock its 8th biggest position. Rench Wealth Management Inc.’s holdings in Abbott Laboratories were worth $7,595,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Alliance Wealth Advisors LLC UT raised its position in Abbott Laboratories by 0.4% in the 4th quarter. Alliance Wealth Advisors LLC UT now owns 25,085 shares of the healthcare product maker’s stock worth $2,761,000 after buying an additional 92 shares during the last quarter. Rappaport Reiches Capital Management LLC raised its position in Abbott Laboratories by 0.8% in the 4th quarter. Rappaport Reiches Capital Management LLC now owns 12,287 shares of the healthcare product maker’s stock worth $1,352,000 after buying an additional 94 shares during the last quarter. Avion Wealth raised its position in Abbott Laboratories by 19.4% in the 4th quarter. Avion Wealth now owns 591 shares of the healthcare product maker’s stock worth $65,000 after buying an additional 96 shares during the last quarter. Berger Financial Group Inc raised its position in Abbott Laboratories by 3.0% in the 4th quarter. Berger Financial Group Inc now owns 3,423 shares of the healthcare product maker’s stock worth $377,000 after buying an additional 99 shares during the last quarter. Finally, Renaissance Investment Group LLC raised its position in Abbott Laboratories by 0.7% in the 4th quarter. Renaissance Investment Group LLC now owns 14,204 shares of the healthcare product maker’s stock worth $1,563,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Transactions at Abbott Laboratories

In other news, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the sale, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at approximately $22,099,928.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the sale, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at approximately $6,530,337.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares in the company, valued at approximately $22,099,928.37. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABT. Evercore ISI boosted their target price on Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Barclays reduced their price target on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research report on Monday, April 22nd. Citigroup reduced their price target on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price target on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, The Goldman Sachs Group started coverage on shares of Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $120.64.

Get Our Latest Stock Analysis on ABT

Abbott Laboratories Stock Performance

Shares of NYSE:ABT traded down $1.86 during mid-day trading on Tuesday, reaching $105.63. 1,313,836 shares of the company traded hands, compared to its average volume of 5,650,647. The company’s 50 day moving average price is $106.20 and its 200-day moving average price is $110.11. The firm has a market cap of $183.76 billion, a PE ratio of 33.49, a PEG ratio of 2.59 and a beta of 0.74. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64.

Abbott Laboratories (NYSE:ABTGet Free Report) last posted its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The business had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. During the same period in the prior year, the company posted $1.03 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities analysts expect that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Profile

(Free Report)

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.

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

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