Virginia Retirement Systems ET AL Sells 120,000 Shares of Abbott Laboratories (NYSE:ABT)

Virginia Retirement Systems ET AL lowered its holdings in shares of Abbott Laboratories (NYSE:ABT) by 32.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,500 shares of the healthcare product maker’s stock after selling 120,000 shares during the period. Virginia Retirement Systems ET AL’s holdings in Abbott Laboratories were worth $29,272,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ABT. Price T Rowe Associates Inc. MD boosted its stake 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. Flossbach Von Storch AG boosted its stake in Abbott Laboratories by 34.3% during the second quarter. Flossbach Von Storch AG now owns 6,264,572 shares of the healthcare product maker’s stock worth $726,252,000 after acquiring an additional 1,600,139 shares in the last quarter. Jennison Associates LLC boosted its stake in Abbott Laboratories by 1,221.0% during the second quarter. Jennison Associates LLC now owns 1,506,437 shares of the healthcare product maker’s stock worth $174,641,000 after acquiring an additional 1,392,401 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. Finally, Vanguard Group Inc. boosted its stake in Abbott Laboratories by 0.9% during the second quarter. Vanguard Group Inc. now owns 147,844,584 shares of the healthcare product maker’s stock worth $17,139,623,000 after acquiring an additional 1,276,670 shares in the last quarter. 72.05% of the stock is currently owned by institutional investors and hedge funds.

ABT has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of Abbott Laboratories from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, October 1st. Raymond James lifted their target price on shares of Abbott Laboratories from $116.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, July 23rd. Credit Suisse Group boosted their price objective on shares of Abbott Laboratories from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. Redburn Partners began coverage on shares of Abbott Laboratories in a report on Thursday. They set a “neutral” rating and a $132.28 price objective for the company. Finally, SVB Leerink boosted their price objective on shares of Abbott Laboratories from $115.00 to $128.00 and gave the company a “market perform” rating in a report on Tuesday, July 20th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $130.52.

In other news, EVP Andrew H. Lane sold 135,925 shares of the stock in a transaction on Friday, August 27th. The shares were sold at an average price of $125.47, for a total value of $17,054,509.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Michael D. Dale sold 17,600 shares of the stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $120.33, for a total transaction of $2,117,808.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 222,883 shares of company stock valued at $27,964,400. 1.50% of the stock is owned by company insiders.

ABT stock traded up $0.48 during midday trading on Thursday, reaching $117.48. 29,004 shares of the company’s stock traded hands, compared to its average volume of 5,370,625. Abbott Laboratories has a 52-week low of $103.13 and a 52-week high of $129.70. The stock has a market cap of $208.27 billion, a P/E ratio of 32.96, a PEG ratio of 2.45 and a beta of 0.66. The company has a current ratio of 1.79, a quick ratio of 1.36 and a debt-to-equity ratio of 0.52. The stock’s 50-day moving average is $123.59 and its 200 day moving average is $119.60.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, July 21st. The healthcare product maker reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.15. The business had revenue of $10.22 billion during the quarter, compared to analysts’ expectations of $9.67 billion. Abbott Laboratories had a net margin of 15.85% and a return on equity of 26.75%. The firm’s revenue was up 41.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 earnings per share. As a group, research analysts expect that Abbott Laboratories will post 4.42 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Shareholders of record on Friday, October 15th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. Abbott Laboratories’s payout ratio is currently 49.32%.

Abbott Laboratories 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.

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

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