Luts & Greenleigh Group Inc. Purchases New Shares in Abbott Laboratories (NYSE:ABT)

Luts & Greenleigh Group Inc. acquired a new position in Abbott Laboratories (NYSE:ABT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 14,217 shares of the healthcare product maker’s stock, valued at approximately $1,477,000. Abbott Laboratories makes up approximately 1.5% of Luts & Greenleigh Group Inc.’s investment portfolio, making the stock its 12th biggest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Unique Wealth Strategies LLC bought a new stake in shares of Abbott Laboratories in the second quarter valued at approximately $28,000. Transcendent Capital Group LLC acquired a new stake in shares of Abbott Laboratories during the 4th quarter worth $29,000. Richardson Financial Services Inc. bought a new position in shares of Abbott Laboratories in the fourth quarter worth $29,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories during the first quarter worth about $30,000. Finally, True Wealth Design LLC grew its stake in Abbott Laboratories by 1,677.8% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 1.1 %

Shares of ABT stock opened at $117.63 on Tuesday. The company has a market capitalization of $204.63 billion, a PE ratio of 36.64, a price-to-earnings-growth ratio of 2.90 and a beta of 0.72. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The business’s fifty day moving average is $109.55 and its 200 day moving average is $108.57. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion during 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%. Abbott Laboratories’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 earnings per share. On average, equities research analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 price objective on shares of Abbott Laboratories in a report on Tuesday, June 4th. Citigroup upped their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Finally, Barclays raised their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average target price of $121.80.

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.