Gyroscope Capital Management Group LLC Lowers Position in Abbott Laboratories (NYSE:ABT)

Gyroscope Capital Management Group LLC lessened its stake in Abbott Laboratories (NYSE:ABT) by 8.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,062 shares of the healthcare product maker’s stock after selling 899 shares during the period. Gyroscope Capital Management Group LLC’s holdings in Abbott Laboratories were worth $1,095,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. RPG Investment Advisory LLC raised its stake in Abbott Laboratories by 113.4% in the 2nd quarter. RPG Investment Advisory LLC now owns 382 shares of the healthcare product maker’s stock valued at $35,000 after purchasing an additional 203 shares during the last quarter. Crewe Advisors LLC grew its holdings in shares of Abbott Laboratories by 278.4% during the 3rd quarter. Crewe Advisors LLC now owns 367 shares of the healthcare product maker’s stock worth $40,000 after purchasing an additional 270 shares during the period. Bay Harbor Wealth Management LLC grew its holdings in shares of Abbott Laboratories by 159.9% during the 2nd quarter. Bay Harbor Wealth Management LLC now owns 447 shares of the healthcare product maker’s stock worth $41,000 after purchasing an additional 275 shares during the period. Islay Capital Management LLC purchased a new position in shares of Abbott Laboratories during the 2nd quarter worth $46,000. Finally, Arlington Partners LLC grew its holdings in shares of Abbott Laboratories by 1,187.8% during the 2nd quarter. Arlington Partners LLC now owns 528 shares of the healthcare product maker’s stock worth $48,000 after purchasing an additional 487 shares during the period. 73.09% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories stock opened at $109.67 on Friday. The firm has a market capitalization of $194.17 billion, a P/E ratio of 63.39, a PEG ratio of 3.06 and a beta of 0.92. The stock has a fifty day moving average price of $106.58 and a 200 day moving average price of $96.39. Abbott Laboratories has a 52 week low of $61.61 and a 52 week high of $114.19. The company has a current ratio of 1.57, a quick ratio of 1.10 and a debt-to-equity ratio of 0.59.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 16th. The healthcare product maker reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.15. Abbott Laboratories had a return on equity of 17.34% and a net margin of 9.89%. The firm had revenue of $7.33 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. As a group, equities analysts predict that Abbott Laboratories will post 3.3 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Wednesday, October 14th. Abbott Laboratories’s payout ratio is 44.44%.

A number of equities analysts recently commented on ABT shares. SVB Leerink raised their target price on Abbott Laboratories from $97.00 to $110.00 and gave the company a “market perform” rating in a report on Friday, July 17th. Stifel Nicolaus increased their price target on Abbott Laboratories from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Wolfe Research initiated coverage on Abbott Laboratories in a research report on Friday, September 11th. They issued an “outperform” rating and a $124.00 price target on the stock. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $116.00 target price on the stock in a research report on Monday, October 12th. Finally, Goldman Sachs Group set a $94.00 target price on Abbott Laboratories and gave the stock a “sell” rating in a research report on Wednesday, September 2nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $114.44.

In other Abbott Laboratories news, SVP Randel William Woodgrift sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $105.28, for a total transaction of $263,200.00. Following the sale, the senior vice president now owns 46,267 shares in the company, valued at $4,870,989.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roxanne S. Austin sold 6,844 shares of the company’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $99.80, for a total value of $683,031.20. Following the sale, the director now owns 40,043 shares in the company, valued at approximately $3,996,291.40. The disclosure for this sale can be found here. Insiders sold 114,771 shares of company stock valued at $12,220,943 in the last ninety days. Company insiders own 1.70% of the company’s stock.

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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