Tide Cove Capital Partners LLC Makes New $918,000 Investment in Abbott Laboratories (NYSE:ABT)

Tide Cove Capital Partners LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 8,361 shares of the healthcare product maker’s stock, valued at approximately $918,000. Abbott Laboratories makes up approximately 0.6% of Tide Cove Capital Partners LLC’s portfolio, making the stock its 16th biggest position.

A number of other hedge funds have also made changes to their positions in ABT. Bath Savings Trust Co grew its position in shares of Abbott Laboratories by 3.7% in the fourth quarter. Bath Savings Trust Co now owns 166,132 shares of the healthcare product maker’s stock valued at $18,791,000 after purchasing an additional 5,881 shares during the last quarter. Simplify Asset Management Inc. grew its holdings in Abbott Laboratories by 67.3% in the 3rd quarter. Simplify Asset Management Inc. now owns 14,083 shares of the healthcare product maker’s stock valued at $1,606,000 after buying an additional 5,664 shares during the last quarter. Pensionfund Sabic acquired a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $2,828,000. Dundas Partners LLP boosted its position in shares of Abbott Laboratories by 2.1% in the second quarter. Dundas Partners LLP now owns 330,227 shares of the healthcare product maker’s stock valued at $34,313,000 after acquiring an additional 6,897 shares during the period. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Abbott Laboratories by 19.6% in the third quarter. Sequoia Financial Advisors LLC now owns 193,764 shares of the healthcare product maker’s stock worth $22,091,000 after acquiring an additional 31,720 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Raymond James reissued a “buy” rating and issued a $129.00 price target (up from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. UBS Group lifted their target price on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Morgan Stanley upped their price target on Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Mizuho lifted their price objective on Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Barclays upped their target price on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $131.93.

Abbott Laboratories Stock Performance

NYSE ABT opened at $116.78 on Wednesday. The firm has a market cap of $202.55 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 2.43 and a beta of 0.73. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $121.64. The company has a 50 day moving average of $114.87 and a 200-day moving average of $112.95.

Abbott Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Wednesday, January 15th. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s dividend payout ratio is presently 71.73%.

Abbott Laboratories Company 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.