Los Angeles Capital Management LLC Decreases Stake in Abbott Laboratories (NYSE:ABT)

Los Angeles Capital Management LLC lowered its position in Abbott Laboratories (NYSE:ABT) by 8.4% during the first quarter, HoldingsChannel reports. The firm owned 995,021 shares of the healthcare product maker’s stock after selling 91,110 shares during the period. Los Angeles Capital Management LLC’s holdings in Abbott Laboratories were worth $119,243,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Ibex Wealth Advisors raised its holdings in shares of Abbott Laboratories by 43.0% during the 1st quarter. Ibex Wealth Advisors now owns 46,182 shares of the healthcare product maker’s stock worth $5,534,000 after acquiring an additional 13,880 shares during the period. Signet Financial Management LLC raised its holdings in shares of Abbott Laboratories by 4.3% during the 1st quarter. Signet Financial Management LLC now owns 4,673 shares of the healthcare product maker’s stock worth $560,000 after acquiring an additional 192 shares during the period. Blue Fin Capital Inc. raised its holdings in shares of Abbott Laboratories by 0.9% during the 1st quarter. Blue Fin Capital Inc. now owns 19,511 shares of the healthcare product maker’s stock worth $2,338,000 after acquiring an additional 181 shares during the period. Goodwin Investment Advisory purchased a new position in shares of Abbott Laboratories during the 1st quarter worth $70,000. Finally, Cullen Frost Bankers Inc. raised its holdings in shares of Abbott Laboratories by 1.6% during the 1st quarter. Cullen Frost Bankers Inc. now owns 234,432 shares of the healthcare product maker’s stock worth $28,094,000 after acquiring an additional 3,635 shares during the period. Institutional investors own 72.58% of the company’s stock.

Shares of Abbott Laboratories stock opened at $118.31 on Friday. The business has a 50-day simple moving average of $120.75 and a 200-day simple moving average of $115.73. The company has a market cap of $210.22 billion, a PE ratio of 62.60, a P/E/G ratio of 2.06 and a beta of 0.83. Abbott Laboratories has a one year low of $86.16 and a one year high of $128.54. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.70.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.05. The firm had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.72 billion. Abbott Laboratories had a return on equity of 18.19% and a net margin of 10.50%. The firm’s revenue was up 35.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. On average, sell-side analysts predict that Abbott Laboratories will post 3.57 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 17th. Investors of record on Thursday, April 15th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, April 14th. Abbott Laboratories’s payout ratio is 55.56%.

In other news, Director Michelle Kumbier acquired 2,040 shares of Abbott Laboratories stock in a transaction on Tuesday, February 23rd. The stock was bought at an average price of $122.50 per share, for a total transaction of $249,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jared Watkin sold 94,576 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The shares were sold at an average price of $119.90, for a total value of $11,339,662.40. Following the completion of the sale, the senior vice president now owns 59,783 shares of the company’s stock, valued at approximately $7,167,981.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,302 shares of company stock valued at $12,403,893. 1.70% of the stock is owned by company insiders.

ABT has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $136.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, April 27th. SVB Leerink boosted their price objective on shares of Abbott Laboratories from $115.00 to $128.00 and gave the company a “market perform” rating in a report on Thursday, January 28th. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $130.00 price objective on the stock in a report on Tuesday, February 2nd. BTIG Research upgraded shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and set a $140.00 price objective on the stock in a report on Thursday, January 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Abbott Laboratories from $128.00 to $137.00 in a report on Thursday, January 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $126.06.

Abbott Laboratories Company Profile

Abbott Laboratories 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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