Abbott Laboratories (NYSE:ABT) Position Cut by Parsec Financial Management Inc.

Parsec Financial Management Inc. cut its position in Abbott Laboratories (NYSE:ABT) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 233,786 shares of the healthcare product maker’s stock after selling 13,471 shares during the quarter. Parsec Financial Management Inc.’s holdings in Abbott Laboratories were worth $18,689,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc raised its holdings in Abbott Laboratories by 1.6% during the third quarter. Vanguard Group Inc now owns 139,012,321 shares of the healthcare product maker’s stock worth $10,197,944,000 after purchasing an additional 2,208,781 shares during the last quarter. BKD Wealth Advisors LLC increased its position in Abbott Laboratories by 9.8% during the fourth quarter. BKD Wealth Advisors LLC now owns 7,572 shares of the healthcare product maker’s stock worth $548,000 after buying an additional 675 shares in the last quarter. Fisher Asset Management LLC increased its position in Abbott Laboratories by 1.1% during the fourth quarter. Fisher Asset Management LLC now owns 432,046 shares of the healthcare product maker’s stock worth $31,250,000 after buying an additional 4,584 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in Abbott Laboratories by 5.3% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 1,589,850 shares of the healthcare product maker’s stock worth $114,994,000 after buying an additional 80,000 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. increased its position in Abbott Laboratories by 1.2% during the fourth quarter. Beese Fulmer Investment Management Inc. now owns 97,663 shares of the healthcare product maker’s stock worth $7,064,000 after buying an additional 1,185 shares in the last quarter. 73.36% of the stock is owned by hedge funds and other institutional investors.

Shares of ABT traded up $0.41 during midday trading on Friday, reaching $84.10. 16,436,639 shares of the company were exchanged, compared to its average volume of 5,264,206. The company’s 50-day moving average is $79.35. The stock has a market capitalization of $147.64 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 2.36 and a beta of 1.08. Abbott Laboratories has a 1-year low of $60.32 and a 1-year high of $85.45. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.13 and a current ratio of 1.58.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.02. The company had revenue of $7.54 billion for the quarter, compared to analysts’ expectations of $7.49 billion. Abbott Laboratories had a return on equity of 16.86% and a net margin of 8.53%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Analysts anticipate that Abbott Laboratories will post 3.22 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Friday, July 12th. Abbott Laboratories’s dividend payout ratio is presently 44.44%.

In related news, EVP Daniel Gesua Sive Salvadori sold 71,000 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $84.00, for a total value of $5,964,000.00. Following the transaction, the executive vice president now owns 167,148 shares in the company, valued at $14,040,432. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stephen R. Fussell sold 56,000 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $76.00, for a total value of $4,256,000.00. Following the completion of the transaction, the executive vice president now owns 225,935 shares in the company, valued at approximately $17,171,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,199,910 shares of company stock worth $93,837,075. 0.70% of the stock is currently owned by insiders.

Several equities analysts have weighed in on ABT shares. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, March 5th. Wells Fargo & Co reissued a “buy” rating on shares of Abbott Laboratories in a research report on Thursday, March 14th. Royal Bank of Canada raised their price target on Abbott Laboratories to $82.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. Barclays set a $84.00 price target on Abbott Laboratories and gave the stock a “buy” rating in a research report on Friday, March 8th. Finally, William Blair reissued an “outperform” rating on shares of Abbott Laboratories in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $81.38.

Abbott Laboratories Company 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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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