Axxcess Wealth Management LLC Increases Stake in Abbott Laboratories (NYSE:ABT)

Axxcess Wealth Management LLC lifted its holdings in Abbott Laboratories (NYSE:ABT) by 1.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 113,244 shares of the healthcare product maker’s stock after purchasing an additional 1,626 shares during the period. Axxcess Wealth Management LLC’s holdings in Abbott Laboratories were worth $11,767,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Unique Wealth Strategies LLC purchased a new position in Abbott Laboratories in the 2nd quarter worth about $28,000. Redmont Wealth Advisors LLC bought a new stake in shares of Abbott Laboratories during the first quarter valued at approximately $30,000. Richardson Financial Services Inc. bought a new position in Abbott Laboratories in the fourth quarter worth approximately $29,000. Transcendent Capital Group LLC purchased a new position in Abbott Laboratories during the 4th quarter worth $29,000. Finally, True Wealth Design LLC lifted its holdings in shares of Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after buying an additional 302 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 1.1 %

Abbott Laboratories stock opened at $117.63 on Tuesday. The firm has a market cap of $204.63 billion, a PE ratio of 36.64, a P/E/G ratio of 2.90 and a beta of 0.72. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The stock’s 50 day simple moving average is $109.55 and its two-hundred day simple moving average is $108.57. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.08 EPS. Analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group started coverage on Abbott Laboratories in a report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Barclays boosted their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Evercore ISI decreased their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $121.80.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Profile

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.