Tortoise Investment Management LLC reduced its stake in Abbott Laboratories (NYSE:ABT) by 36.8% in the 4th quarter, HoldingsChannel reports. The firm owned 516 shares of the healthcare product maker’s stock after selling 300 shares during the quarter. Tortoise Investment Management LLC’s holdings in Abbott Laboratories were worth $45,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Polen Capital Management LLC increased its position in shares of Abbott Laboratories by 7,236.6% during the fourth quarter. Polen Capital Management LLC now owns 8,924,157 shares of the healthcare product maker’s stock worth $775,152,000 after acquiring an additional 8,802,518 shares in the last quarter. BlackRock Inc. increased its position in shares of Abbott Laboratories by 1.8% during the second quarter. BlackRock Inc. now owns 126,525,967 shares of the healthcare product maker’s stock worth $10,640,833,000 after acquiring an additional 2,199,601 shares in the last quarter. State Street Corp increased its position in shares of Abbott Laboratories by 1.3% during the fourth quarter. State Street Corp now owns 73,555,650 shares of the healthcare product maker’s stock worth $6,389,044,000 after acquiring an additional 978,575 shares in the last quarter. California Public Employees Retirement System increased its position in shares of Abbott Laboratories by 26.0% during the third quarter. California Public Employees Retirement System now owns 3,977,787 shares of the healthcare product maker’s stock worth $332,821,000 after acquiring an additional 821,189 shares in the last quarter. Finally, Milestone Resources Group Ltd bought a new stake in shares of Abbott Laboratories during the fourth quarter worth about $52,476,000. 73.58% of the stock is owned by hedge funds and other institutional investors.
Abbott Laboratories stock traded up $0.98 during midday trading on Friday, hitting $89.66. 2,215,079 shares of the stock were exchanged, compared to its average volume of 5,156,611. Abbott Laboratories has a 52-week low of $72.36 and a 52-week high of $92.45. The stock has a market capitalization of $156.15 billion, a price-to-earnings ratio of 43.52, a price-to-earnings-growth ratio of 2.24 and a beta of 1.13. The business’s 50-day moving average price is $87.84 and its 200-day moving average price is $85.04. The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.55.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $0.95 earnings per share for the quarter, hitting the consensus estimate of $0.95. Abbott Laboratories had a net margin of 11.56% and a return on equity of 18.34%. The business had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.26 billion. During the same period in the previous year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, sell-side analysts predict that Abbott Laboratories will post 3.6 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.36%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.44%.
ABT has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Abbott Laboratories from $93.00 to $101.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Goldman Sachs Group initiated coverage on shares of Abbott Laboratories in a research report on Wednesday. They set a “neutral” rating and a $96.00 target price for the company. Raymond James boosted their target price on shares of Abbott Laboratories from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Guggenheim downgraded shares of Abbott Laboratories from a “buy” rating to a “neutral” rating in a research report on Thursday, January 2nd. Finally, Wells Fargo & Co boosted their target price on shares of Abbott Laboratories from $97.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $95.60.
In other Abbott Laboratories news, CFO Brian B. Yoor sold 509,850 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $89.73, for a total value of $45,748,840.50. Following the transaction, the chief financial officer now directly owns 155,610 shares in the company, valued at $13,962,885.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andrea F. Wainer sold 1,120 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $88.61, for a total transaction of $99,243.20. Following the completion of the transaction, the executive vice president now owns 40,140 shares in the company, valued at $3,556,805.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 548,470 shares of company stock worth $49,207,334. 0.70% of the stock is owned by corporate insiders.
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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