Abbott Laboratories (NYSE:ABT) Position Reduced by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 108,164 shares of the healthcare product maker’s stock after selling 1,297 shares during the period. Abbott Laboratories accounts for approximately 0.9% of Parsons Capital Management Inc. RI’s investment portfolio, making the stock its 20th biggest holding. Parsons Capital Management Inc. RI’s holdings in Abbott Laboratories were worth $8,647,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ABT. Alerus Financial NA purchased a new position in Abbott Laboratories in the 4th quarter valued at about $1,593,000. M&R Capital Management Inc. raised its holdings in Abbott Laboratories by 1.5% in the 4th quarter. M&R Capital Management Inc. now owns 25,957 shares of the healthcare product maker’s stock valued at $1,877,000 after acquiring an additional 381 shares during the last quarter. Northern Trust Corp raised its holdings in Abbott Laboratories by 2.7% in the 4th quarter. Northern Trust Corp now owns 26,603,904 shares of the healthcare product maker’s stock valued at $1,924,260,000 after acquiring an additional 708,691 shares during the last quarter. Barometer Capital Management Inc. acquired a new stake in Abbott Laboratories in the 4th quarter valued at about $8,251,000. Finally, Eagle Ridge Investment Management raised its holdings in Abbott Laboratories by 0.9% in the 4th quarter. Eagle Ridge Investment Management now owns 178,095 shares of the healthcare product maker’s stock valued at $12,882,000 after acquiring an additional 1,606 shares during the last quarter. 73.35% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Jaime Contreras sold 82,732 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $70.00, for a total transaction of $5,791,240.00. Following the transaction, the senior vice president now directly owns 80,722 shares in the company, valued at $5,650,540. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian J. Blaser sold 450,062 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the sale, the insider now directly owns 295,745 shares in the company, valued at approximately $22,334,662.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,199,910 shares of company stock worth $93,837,075 over the last quarter. 0.70% of the stock is owned by company insiders.

ABT has been the subject of a number of recent research reports. Barclays set a $84.00 price objective on shares of Abbott Laboratories and gave the company a “buy” rating in a report on Friday, March 8th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Wells Fargo & Co restated a “buy” rating on shares of Abbott Laboratories in a report on Thursday, March 14th. Bank of America restated a “buy” rating and set a $81.00 price target on shares of Abbott Laboratories in a report on Thursday, June 13th. Finally, Royal Bank of Canada raised their price target on shares of Abbott Laboratories to $82.00 and gave the stock a “buy” rating in a report on Monday, April 15th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $81.38.

ABT stock traded up $0.39 during midday trading on Monday, hitting $84.49. The company’s stock had a trading volume of 4,514,920 shares, compared to its average volume of 5,835,842. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.61. Abbott Laboratories has a 52-week low of $60.32 and a 52-week high of $85.45. The company has a market cap of $149.41 billion, a price-to-earnings ratio of 29.34, a P/E/G ratio of 2.37 and a beta of 1.10. The firm has a 50-day moving average of $79.82.

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

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $1.28 annualized dividend and a dividend yield of 1.51%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 44.44%.

Abbott Laboratories 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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