Fortitude Family Office LLC Cuts Stake in Abbott Laboratories (NYSE:ABT)

Fortitude Family Office LLC lessened its position in Abbott Laboratories (NYSE:ABT) by 21.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,898 shares of the healthcare product maker’s stock after selling 805 shares during the period. Fortitude Family Office LLC’s holdings in Abbott Laboratories were worth $384,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Cim LLC boosted its stake in Abbott Laboratories by 0.4% in the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker’s stock worth $1,919,000 after purchasing an additional 73 shares in the last quarter. Cape Investment Advisory Inc. grew its position in Abbott Laboratories by 6.6% during the 4th quarter. Cape Investment Advisory Inc. now owns 1,236 shares of the healthcare product maker’s stock worth $140,000 after purchasing an additional 76 shares during the period. Capital Square LLC raised its position in Abbott Laboratories by 2.7% during the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker’s stock valued at $368,000 after acquiring an additional 77 shares in the last quarter. Cyrus J. Lawrence LLC lifted its stake in shares of Abbott Laboratories by 9.0% in the 4th quarter. Cyrus J. Lawrence LLC now owns 954 shares of the healthcare product maker’s stock valued at $107,000 after purchasing an additional 79 shares during the period. Finally, Jacobson & Schmitt Advisors LLC raised its position in shares of Abbott Laboratories by 2.9% in the fourth quarter. Jacobson & Schmitt Advisors LLC now owns 2,827 shares of the healthcare product maker’s stock worth $320,000 after acquiring an additional 80 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

NYSE:ABT opened at $134.88 on Thursday. The stock has a 50 day moving average price of $131.03 and a 200 day moving average price of $126.12. The stock has a market cap of $234.67 billion, a PE ratio of 17.63, a P/E/G ratio of 2.52 and a beta of 0.73. 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 has a one year low of $99.71 and a one year high of $141.23.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The company had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. Equities research analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Jefferies Financial Group raised their price objective on Abbott Laboratories from $135.00 to $137.00 and gave the company a “hold” rating in a report on Thursday, April 17th. Piper Sandler reissued an “overweight” rating and issued a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Citigroup boosted their target price on shares of Abbott Laboratories from $135.00 to $160.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group raised their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $142.59.

Insiders Place Their Bets

In other news, Director Sally E. Blount sold 2,600 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total transaction of $337,116.00. Following the completion of the transaction, the director now directly owns 34,058 shares in the company, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by insiders.

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.