Cliftonlarsonallen Wealth Advisors LLC Invests $1.20 Million in Abbott Laboratories (NYSE:ABT)

Cliftonlarsonallen Wealth Advisors LLC acquired a new stake in shares of Abbott Laboratories (NYSE:ABT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,563 shares of the healthcare product maker’s stock, valued at approximately $1,195,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABT. Massachusetts Financial Services Co. MA lifted its holdings in shares of Abbott Laboratories by 25.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock valued at $1,518,539,000 after buying an additional 2,711,586 shares during the period. Sessa Capital IM L.P. acquired a new stake in Abbott Laboratories in the 2nd quarter valued at about $264,876,000. State Street Corp grew its stake in shares of Abbott Laboratories by 3.1% in the 3rd quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker’s stock worth $8,746,896,000 after purchasing an additional 2,323,807 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Abbott Laboratories by 13,194.9% during the third quarter. International Assets Investment Management LLC now owns 1,679,805 shares of the healthcare product maker’s stock valued at $191,515,000 after purchasing an additional 1,667,170 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Abbott Laboratories by 13.7% in the third quarter. Franklin Resources Inc. now owns 9,764,061 shares of the healthcare product maker’s stock worth $1,144,818,000 after buying an additional 1,180,040 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT traded up $0.05 during trading hours on Wednesday, reaching $112.48. 511,773 shares of the company traded hands, compared to its average volume of 4,191,727. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $121.64. The stock has a market cap of $195.09 billion, a P/E ratio of 34.19, a price-to-earnings-growth ratio of 2.69 and a beta of 0.73. The stock’s fifty day moving average is $115.14 and its 200 day moving average is $112.67. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.14 earnings per share. Equities research analysts anticipate that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $0.59 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $2.36 dividend on an annualized basis and a yield of 2.10%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s payout ratio is presently 71.73%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada lifted their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Raymond James reissued a “buy” rating and issued a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Mizuho upped their price target on Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Morgan Stanley boosted their target price on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $131.57.

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.