Abbott Laboratories (NYSE:ABT) Shares Sold by Cypress Capital Management LLC

Cypress Capital Management LLC reduced its position in Abbott Laboratories (NYSE:ABT) by 67.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 63,114 shares of the healthcare product maker’s stock after selling 132,471 shares during the period. Cypress Capital Management LLC’s holdings in Abbott Laboratories were worth $7,564,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Inspire Advisors LLC purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $29,000. Krane Funds Advisors LLC purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $39,000. Wealthcare Capital Management LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth approximately $42,000. Selective Wealth Management Inc. grew its stake in Abbott Laboratories by 368.4% in the 1st quarter. Selective Wealth Management Inc. now owns 445 shares of the healthcare product maker’s stock worth $53,000 after acquiring an additional 350 shares during the period. Finally, Sittner & Nelson LLC purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $54,000. 73.03% of the stock is owned by hedge funds and other institutional investors.

Several analysts have recently issued reports on ABT shares. Raymond James lowered their price objective on shares of Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating for the company in a research note on Wednesday, June 2nd. Atlantic Securities started coverage on shares of Abbott Laboratories in a research note on Thursday, April 15th. They set a “neutral” rating and a $122.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of Abbott Laboratories from $137.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, June 2nd. Barclays lowered their price objective on shares of Abbott Laboratories from $150.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, June 2nd. Finally, Credit Suisse Group lowered their price objective on shares of Abbott Laboratories from $133.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, June 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $122.00.

ABT stock traded down $0.45 during trading on Friday, reaching $109.70. The stock had a trading volume of 166,575 shares, compared to its average volume of 5,708,611. Abbott Laboratories has a 1-year low of $86.16 and a 1-year high of $128.54. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.75 and a quick ratio of 1.32. The firm has a market capitalization of $194.92 billion, a P/E ratio of 34.53, a P/E/G ratio of 1.92 and a beta of 0.69. The company has a fifty day moving average of $117.83.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Monday, April 19th. The healthcare product maker reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. Abbott Laboratories had a net margin of 15.33% and a return on equity of 24.02%. The firm had revenue of $10.45 billion for the quarter, compared to analyst estimates of $10.72 billion. During the same quarter in the previous year, the business posted $0.65 EPS. The firm’s revenue was up 35.2% compared to the same quarter last year. On average, research analysts expect that Abbott Laboratories will post 4.35 EPS for the current fiscal year.

In other Abbott Laboratories news, SVP Jared Watkin sold 94,576 shares of the business’s stock in a transaction 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 transaction, the senior vice president now owns 59,783 shares in the company, valued at approximately $7,167,981.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.50% of the company’s stock.

About Abbott Laboratories

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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