Inverness Counsel LLC NY decreased its position in Abbott Laboratories (NYSE:ABT) by 2.8% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 362,944 shares of the healthcare product maker’s stock after selling 10,564 shares during the period. Abbott Laboratories comprises 1.5% of Inverness Counsel LLC NY’s portfolio, making the stock its 23rd biggest position. Inverness Counsel LLC NY’s holdings in Abbott Laboratories were worth $42,076,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. 4Thought Financial Group Inc. bought a new position in Abbott Laboratories in the second quarter valued at $25,000. Holloway Wealth Management LLC raised its holdings in Abbott Laboratories by 150.0% during the second quarter. Holloway Wealth Management LLC now owns 250 shares of the healthcare product maker’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Sierra Capital LLC bought a new position in Abbott Laboratories in the first quarter valued at approximately $30,000. CKW Financial Group bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $36,000. Finally, Lake Point Wealth Management acquired a new stake in shares of Abbott Laboratories in the 2nd quarter valued at approximately $37,000. 72.05% of the stock is owned by institutional investors.
Shares of Abbott Laboratories stock traded up $0.74 on Wednesday, reaching $127.79. 53,202 shares of the stock were exchanged, compared to its average volume of 5,376,956. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.36 and a current ratio of 1.79. The firm has a market cap of $226.55 billion, a PE ratio of 35.79, a P/E/G ratio of 2.45 and a beta of 0.66. The firm’s 50 day moving average is $123.08 and its 200-day moving average is $119.30. Abbott Laboratories has a one year low of $100.34 and a one year high of $129.70.
A number of equities research analysts have recently issued reports on the stock. Raymond James upped their target price on shares of Abbott Laboratories from $116.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. Credit Suisse Group raised their price target on Abbott Laboratories from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. Wells Fargo & Company increased their price objective on shares of Abbott Laboratories from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, July 12th. Zacks Investment Research upgraded shares of Abbott Laboratories from a “strong sell” rating to a “hold” rating and set a $127.00 price target on the stock in a research note on Tuesday, August 3rd. Finally, Citigroup reissued a “buy” rating and set a $125.00 target price (down previously from $138.00) on shares of Abbott Laboratories in a report on Wednesday, June 2nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $128.93.
In other news, SVP Randel William Woodgrift sold 6,350 shares of the company’s stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $129.00, for a total value of $819,150.00. Following the sale, the senior vice president now directly owns 50,093 shares of the company’s stock, valued at approximately $6,461,997. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $129.05, for a total transaction of $2,969,182.40. The disclosure for this sale can be found here. Insiders sold 222,883 shares of company stock valued at $27,964,400 in the last three months. Company insiders own 1.50% of the company’s stock.
Abbott Laboratories Profile
Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.
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