Chesapeake Wealth Management Acquires 3,660 Shares of Abbott Laboratories (ABT)

Chesapeake Wealth Management grew its holdings in Abbott Laboratories (NYSE:ABT) by 27.5% in the 1st quarter, HoldingsChannel reports. The fund owned 16,980 shares of the healthcare product maker’s stock after purchasing an additional 3,660 shares during the quarter. Chesapeake Wealth Management’s holdings in Abbott Laboratories were worth $1,357,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Alerus Financial NA bought a new stake in Abbott Laboratories in the fourth quarter worth approximately $1,593,000. M&R Capital Management Inc. grew its position in Abbott Laboratories by 1.5% in the fourth quarter. M&R Capital Management Inc. now owns 25,957 shares of the healthcare product maker’s stock worth $1,877,000 after acquiring an additional 381 shares in the last quarter. Northern Trust Corp grew its position in Abbott Laboratories by 2.7% in the fourth quarter. Northern Trust Corp now owns 26,603,904 shares of the healthcare product maker’s stock worth $1,924,260,000 after acquiring an additional 708,691 shares in the last quarter. Barometer Capital Management Inc. bought a new stake in Abbott Laboratories in the fourth quarter worth approximately $8,251,000. Finally, Eagle Ridge Investment Management grew its position in Abbott Laboratories by 0.9% in the fourth quarter. Eagle Ridge Investment Management now owns 178,095 shares of the healthcare product maker’s stock worth $12,882,000 after acquiring an additional 1,606 shares in the last quarter. 74.70% of the stock is owned by institutional investors.

Several analysts have commented on ABT shares. Bank of America reissued a “buy” rating and issued a $81.00 target price (up from $73.00) on shares of Abbott Laboratories in a research report on Thursday, February 7th. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a research report on Monday, January 28th. Royal Bank of Canada upped their price objective on shares of Abbott Laboratories to $82.00 and gave the stock a “buy” rating in a report on Monday, April 15th. They noted that the move was a valuation call. Wells Fargo & Co reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Thursday, March 14th. Finally, Barclays set a $84.00 price objective on shares of Abbott Laboratories and gave the stock a “buy” rating in a report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $80.30.

In related news, insider Joseph J. Manning sold 5,613 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $79.58, for a total transaction of $446,682.54. Following the completion of the transaction, the insider now directly owns 56,029 shares in the company, valued at approximately $4,458,787.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jaime Contreras sold 82,732 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $70.00, for a total transaction of $5,791,240.00. Following the transaction, the senior vice president now owns 80,722 shares of the company’s stock, valued at $5,650,540. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 551,643 shares of company stock valued at $42,471,501. Corporate insiders own 0.70% of the company’s stock.

NYSE ABT opened at $76.26 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.61. The firm has a market cap of $134.02 billion, a P/E ratio of 26.48, a PEG ratio of 2.14 and a beta of 1.11. Abbott Laboratories has a 1 year low of $60.31 and a 1 year high of $80.74.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $7.54 billion during the quarter, compared to the consensus estimate of $7.49 billion. Abbott Laboratories had a net margin of 8.53% and a return on equity of 16.86%. Abbott Laboratories’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. On average, equities research analysts expect that Abbott Laboratories will post 3.22 earnings per share for the current year.

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About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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