Hollencrest Capital Management Has $177,000 Stock Holdings in Abbott Laboratories (NYSE:ABT)

by · The Cerbat Gem

Hollencrest Capital Management reduced its position in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 69.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,561 shares of the healthcare product maker’s stock after selling 3,516 shares during the period. Hollencrest Capital Management’s holdings in Abbott Laboratories were worth $177,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Alliance Wealth Advisors LLC UT lifted its stake in shares of 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 valued at $2,761,000 after purchasing an additional 92 shares during the last quarter. Rappaport Reiches Capital Management LLC boosted its stake in Abbott Laboratories by 0.8% during the fourth 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 period. Avion Wealth increased its position in Abbott Laboratories by 19.4% during the fourth quarter. Avion Wealth now owns 591 shares of the healthcare product maker’s stock valued at $65,000 after acquiring an additional 96 shares during the last quarter. Wynn Capital LLC raised its stake in shares of Abbott Laboratories by 2.9% in the first quarter. Wynn Capital LLC now owns 3,427 shares of the healthcare product maker’s stock valued at $390,000 after acquiring an additional 98 shares during the period. Finally, Berger Financial Group Inc lifted its holdings in shares of 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 acquiring an additional 99 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABT has been the subject of a number of research analyst reports. The Goldman Sachs Group started coverage on Abbott Laboratories in a research note on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Barclays decreased their price objective on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a report on Monday, April 22nd. Raymond James restated a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Evercore ISI dropped their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Finally, Citigroup lowered their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $120.18.

Check Out Our Latest Stock Analysis on Abbott Laboratories

Abbott Laboratories Price Performance

Abbott Laboratories stock traded up $1.69 during mid-day trading on Friday, hitting $104.02. 6,582,790 shares of the company were exchanged, compared to its average volume of 5,183,061. The company has a market capitalization of $180.96 billion, a P/E ratio of 32.40, a PEG ratio of 2.50 and a beta of 0.72. The business’s 50 day simple moving average is $104.37 and its two-hundred day simple moving average is $109.93. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. 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 (NYSE:ABT – Get Free Report) last issued its 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. The company had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 earnings per share. Analysts forecast that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Monday, July 15th. Abbott Laboratories’s payout ratio is currently 68.54%.

Insider Buying and Selling at Abbott Laboratories

In other news, EVP Jr. Robert E. Funck sold 10,097 shares of the firm’s stock in a transaction 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 completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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. 0.47% of the stock is owned by corporate insiders.

About Abbott Laboratories

(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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