Abbott Laboratories (NYSE:ABT) Trading 4.9% Higher on Better-Than-Expected Earnings

Abbott Laboratories (NYSE:ABT)’s share price traded up 4.9% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $133.26 and last traded at $132.36. 2,236,510 shares changed hands during trading, a decline of 68% from the average session volume of 7,046,563 shares. The stock had previously closed at $126.22.

The healthcare product maker reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. The company had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.38 billion. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, April 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 30.85%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ABT shares. Morgan Stanley increased their price objective on shares of Abbott Laboratories from $117.00 to $127.00 and gave the company an “equal weight” rating in a research note on Thursday. Citigroup boosted their price target on Abbott Laboratories from $135.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Stifel Nicolaus raised their price objective on Abbott Laboratories from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group increased their price target on shares of Abbott Laboratories from $146.00 to $148.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Finally, Barclays lifted their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the stock an “overweight” rating in a research report on Thursday. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.59.

Insiders Place Their Bets

In other news, EVP Lisa D. Earnhardt sold 91,167 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $133.82, for a total value of $12,199,967.94. Following the completion of the transaction, the executive vice president now owns 71,928 shares of the company’s stock, valued at $9,625,404.96. The trade was a 55.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Andrea F. Wainer sold 949 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $138.17, for a total value of $131,123.33. Following the sale, the executive vice president now directly owns 74,381 shares in the company, valued at approximately $10,277,222.77. This trade represents a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 116,449 shares of company stock valued at $15,463,316. 0.46% of the stock is owned by insiders.

Institutional Trading of Abbott Laboratories

A number of hedge funds have recently added to or reduced their stakes in the company. Redwood Park Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 4th quarter worth about $25,000. Noble Wealth Management PBC purchased a new position in Abbott Laboratories during the fourth quarter worth approximately $26,000. NewSquare Capital LLC grew its holdings in Abbott Laboratories by 78.4% in the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after purchasing an additional 105 shares during the period. WealthTrak Capital Management LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at approximately $28,000. Finally, Rialto Wealth Management LLC acquired a new position in shares of Abbott Laboratories during the 4th quarter worth approximately $29,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Up 1.0 %

The stock has a market cap of $227.20 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 2.52 and a beta of 0.80. The business has a 50-day moving average price of $130.63 and a 200-day moving average price of $121.72. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32.

About Abbott Laboratories

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.