Redpoint Investment Management Pty Ltd Increases Stock Holdings in Abbott Laboratories (NYSE:ABT)

Redpoint Investment Management Pty Ltd grew its position in Abbott Laboratories (NYSE:ABT) by 11.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,171 shares of the healthcare product maker’s stock after buying an additional 15,299 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Abbott Laboratories were worth $12,713,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ABT. Balasa Dinverno & Foltz LLC increased its position in Abbott Laboratories by 2.3% during the 2nd quarter. Balasa Dinverno & Foltz LLC now owns 13,130 shares of the healthcare product maker’s stock worth $1,104,000 after purchasing an additional 298 shares in the last quarter. Verity Asset Management Inc. increased its position in Abbott Laboratories by 4.4% during the 2nd quarter. Verity Asset Management Inc. now owns 6,106 shares of the healthcare product maker’s stock worth $372,000 after purchasing an additional 255 shares in the last quarter. Meristem Family Wealth LLC increased its position in Abbott Laboratories by 52.1% during the 2nd quarter. Meristem Family Wealth LLC now owns 12,684 shares of the healthcare product maker’s stock worth $1,067,000 after purchasing an additional 4,347 shares in the last quarter. Greencape Capital Pty Ltd purchased a new stake in Abbott Laboratories during the 2nd quarter worth about $47,180,000. Finally, Westhampton Capital LLC purchased a new stake in Abbott Laboratories during the 2nd quarter worth about $606,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Several analysts have commented on the company. Cowen lifted their price target on Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Wells Fargo & Co lifted their price target on Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 price target for the company. in a report on Wednesday. Raymond James lifted their price target on Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, Jefferies Financial Group lifted their price target on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $86.38.

In other news, SVP Michael J. Pederson sold 23,008 shares of Abbott Laboratories stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $86.39, for a total value of $1,987,661.12. Following the transaction, the senior vice president now directly owns 104,228 shares of the company’s stock, valued at approximately $9,004,256.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sally E. Blount sold 2,500 shares of Abbott Laboratories stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total value of $219,125.00. Following the completion of the transaction, the director now directly owns 26,266 shares in the company, valued at $2,302,214.90. The disclosure for this sale can be found here. Insiders sold a total of 435,040 shares of company stock worth $37,121,747 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.

Shares of NYSE ABT traded down $2.44 during midday trading on Friday, hitting $81.93. The stock had a trading volume of 4,808,611 shares, compared to its average volume of 4,735,724. The company has a market capitalization of $149.12 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 2.37 and a beta of 1.12. Abbott Laboratories has a 1-year low of $65.22 and a 1-year high of $88.76. The company has a quick ratio of 1.20, a current ratio of 1.68 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $85.82 and a 200 day moving average price of $80.12.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.02. The business had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 EPS. On average, research analysts forecast that Abbott Laboratories will post 3.24 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Friday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 44.44%.

Abbott Laboratories Profile

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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