Newfound Research LLC Trims Stock Position in Abbott Laboratories (NYSE:ABT)

Newfound Research LLC lowered its stake in shares of Abbott Laboratories (NYSE:ABTGet Rating) by 24.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 904 shares of the healthcare product maker’s stock after selling 291 shares during the period. Newfound Research LLC’s holdings in Abbott Laboratories were worth $98,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of ABT. Tennessee Valley Asset Management Partners boosted its holdings in Abbott Laboratories by 0.4% in the 4th quarter. Tennessee Valley Asset Management Partners now owns 20,487 shares of the healthcare product maker’s stock worth $2,883,000 after buying an additional 83 shares during the last quarter. Greytown Advisors Inc. raised its position in shares of Abbott Laboratories by 1.6% during the 4th quarter. Greytown Advisors Inc. now owns 5,393 shares of the healthcare product maker’s stock valued at $759,000 after buying an additional 84 shares during the period. Rowland & Co. Investment Counsel ADV raised its position in Abbott Laboratories by 3.3% in the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 2,625 shares of the healthcare product maker’s stock valued at $369,000 after purchasing an additional 85 shares during the period. Oldfather Financial Services LLC raised its position in Abbott Laboratories by 3.6% in the fourth quarter. Oldfather Financial Services LLC now owns 2,479 shares of the healthcare product maker’s stock valued at $307,000 after purchasing an additional 85 shares during the period. Finally, Keystone Wealth Services LLC raised its position in Abbott Laboratories by 1.5% in the first quarter. Keystone Wealth Services LLC now owns 6,050 shares of the healthcare product maker’s stock valued at $716,000 after purchasing an additional 89 shares during the period. 73.03% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

NYSE ABT traded down $1.46 during trading hours on Friday, hitting $99.61. 364,983 shares of the stock were exchanged, compared to its average volume of 4,955,861. The company has a market cap of $174.44 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 3.73 and a beta of 0.72. Abbott Laboratories has a 12-month low of $99.85 and a 12-month high of $142.60. The stock has a 50-day moving average of $107.10 and a 200 day moving average of $111.67. The company has a quick ratio of 1.54, a current ratio of 2.01 and a debt-to-equity ratio of 0.46.

Abbott Laboratories (NYSE:ABTGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $1.43 EPS for the quarter, beating the consensus estimate of $1.09 by $0.34. Abbott Laboratories had a net margin of 18.78% and a return on equity of 29.38%. The business had revenue of $11.26 billion for the quarter, compared to analyst estimates of $10.37 billion. During the same period in the prior year, the business earned $1.17 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities research analysts forecast that Abbott Laboratories will post 4.99 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Thursday, October 13th. Abbott Laboratories’s dividend payout ratio is presently 39.25%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ABT shares. Morgan Stanley cut their price objective on Abbott Laboratories from $134.00 to $132.00 and set an “overweight” rating on the stock in a research report on Thursday, July 21st. Stifel Nicolaus lowered their target price on shares of Abbott Laboratories from $136.00 to $126.00 in a research note on Monday, July 18th. Cowen lowered their target price on shares of Abbott Laboratories from $150.00 to $130.00 in a research note on Wednesday, July 13th. Cowen lowered their target price on shares of Abbott Laboratories from $150.00 to $130.00 in a research note on Wednesday, July 13th. Finally, Citigroup lowered their target price on shares of Abbott Laboratories from $125.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, July 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.46.

Insider Buying and Selling

In other news, CEO Robert B. Ford sold 102,425 shares of Abbott Laboratories stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $105.10, for a total value of $10,764,867.50. Following the completion of the transaction, the chief executive officer now directly owns 142,071 shares of the company’s stock, valued at approximately $14,931,662.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Daniel J. Starks sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $109.14, for a total transaction of $5,457,000.00. Following the sale, the director now owns 6,923,500 shares in the company, valued at $755,630,790. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert B. Ford sold 102,425 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $105.10, for a total transaction of $10,764,867.50. Following the transaction, the chief executive officer now directly owns 142,071 shares in the company, valued at $14,931,662.10. The disclosure for this sale can be found here. Insiders have sold 204,788 shares of company stock valued at $21,776,756 in the last quarter. Company insiders own 0.52% of the company’s stock.

Abbott Laboratories Company Profile

(Get Rating)

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 Established Pharmaceutical Products segment 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.

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

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