Utah Retirement Systems trimmed its holdings in Abbott Laboratories (NYSE:ABT) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 332,146 shares of the healthcare product maker’s stock after selling 14,500 shares during the period. Abbott Laboratories comprises about 0.6% of Utah Retirement Systems’ investment portfolio, making the stock its 28th largest holding. Utah Retirement Systems’ holdings in Abbott Laboratories were worth $39,804,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $1,881,512,000. Price T Rowe Associates Inc. MD raised its holdings in Abbott Laboratories by 160.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,401,508 shares of the healthcare product maker’s stock worth $1,246,517,000 after acquiring an additional 6,413,312 shares in the last quarter. Steadfast Capital Management LP bought a new stake in Abbott Laboratories during the first quarter worth about $158,654,000. Morgan Stanley raised its holdings in Abbott Laboratories by 5.2% during the fourth quarter. Morgan Stanley now owns 26,687,412 shares of the healthcare product maker’s stock worth $2,922,006,000 after acquiring an additional 1,316,343 shares in the last quarter. Finally, Sculptor Capital LP bought a new stake in Abbott Laboratories during the first quarter worth about $148,083,000. 72.99% of the stock is owned by hedge funds and other institutional investors.
NYSE ABT traded down $2.62 on Thursday, hitting $116.36. 82,569 shares of the company’s stock were exchanged, compared to its average volume of 5,344,334. The business has a 50-day moving average price of $114.72. The company has a current ratio of 1.75, a quick ratio of 1.32 and a debt-to-equity ratio of 0.52. Abbott Laboratories has a 52 week low of $98.00 and a 52 week high of $128.54. The company has a market cap of $206.75 billion, a PE ratio of 37.30, a price-to-earnings-growth ratio of 2.33 and a beta of 0.68.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 16th. Investors of record on Thursday, July 15th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, July 14th. This represents a $1.80 dividend on an annualized basis and a yield of 1.55%. Abbott Laboratories’s payout ratio is 49.32%.
In related news, SVP Jared Watkin sold 94,576 shares of the stock in a transaction on Friday, April 30th. The stock was 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 directly owns 59,783 shares in the company, valued at $7,167,981.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.50% of the company’s stock.
A number of equities analysts have weighed in on the company. Morgan Stanley lowered their price target on Abbott Laboratories from $140.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 2nd. Atlantic Securities started coverage on Abbott Laboratories in a research report on Thursday, April 15th. They set a “neutral” rating and a $122.00 price target on the stock. William Blair reaffirmed an “outperform” rating on shares of Abbott Laboratories in a research report on Tuesday, April 20th. Raymond James decreased their target price on Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 2nd. Finally, Wells Fargo & Company upped their target price on Abbott Laboratories from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, July 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the company. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $123.22.
Abbott Laboratories Company 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.
Recommended Story: Understanding dividend yield and dividend payout ratio
Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT).
Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.