Cary Street Partners Investment Advisory LLC Has $1.69 Million Stake in Abbott Laboratories (NYSE:ABT)

Cary Street Partners Investment Advisory LLC lowered its position in shares of Abbott Laboratories (NYSE:ABT) by 69.8% in the fourth quarter, Holdings Channel reports. The firm owned 15,360 shares of the healthcare product maker’s stock after selling 35,555 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Abbott Laboratories were worth $1,691,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in shares of Abbott Laboratories by 14,037.9% in the fourth quarter. International Assets Investment Management LLC now owns 1,349,176 shares of the healthcare product maker’s stock worth $148,504,000 after acquiring an additional 1,339,633 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Abbott Laboratories by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 31,208,711 shares of the healthcare product maker’s stock valued at $3,022,564,000 after purchasing an additional 1,298,219 shares during the period. Envestnet Asset Management Inc. increased its stake in Abbott Laboratories by 30.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 3,627,373 shares of the healthcare product maker’s stock worth $351,311,000 after purchasing an additional 853,997 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in Abbott Laboratories by 28.0% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,664,856 shares of the healthcare product maker’s stock worth $354,941,000 after buying an additional 801,191 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in Abbott Laboratories by 47.7% in the third quarter. Canada Pension Plan Investment Board now owns 2,423,715 shares of the healthcare product maker’s stock valued at $234,737,000 after buying an additional 783,090 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Performance

Shares of ABT stock traded down $1.05 during trading on Tuesday, reaching $106.22. 1,847,272 shares of the company’s stock were exchanged, compared to its average volume of 5,584,922. Abbott Laboratories has a twelve month low of $89.67 and a twelve month high of $121.64. The firm’s fifty day moving average price is $113.50 and its 200-day moving average price is $108.34. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $184.31 billion, a PE ratio of 33.16, a PEG ratio of 2.59 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. The firm had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.32%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 earnings per share. As a group, sell-side analysts anticipate that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Friday, April 12th. This represents a $2.20 annualized dividend and a yield of 2.07%. Abbott Laboratories’s payout ratio is currently 68.54%.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $118.50, for a total value of $55,932.00. Following the completion of the sale, the vice president now owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $55,932.00. Following the completion of the transaction, the vice president now owns 18,760 shares of the company’s stock, valued at $2,223,060. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Andrea F. Wainer sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the executive vice president now owns 78,704 shares of the company’s stock, valued at $9,444,480. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,935 shares of company stock valued at $1,670,048. 0.47% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ABT. Evercore ISI raised their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Royal Bank of Canada dropped their target price on Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 18th. Barclays cut their price objective on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. Raymond James restated a “buy” rating and set a $124.00 price objective on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Finally, Citigroup lifted their target price on Abbott Laboratories from $126.00 to $128.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Abbott Laboratories has an average rating of “Moderate Buy” and an average target price of $121.50.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, 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 company 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.