Private Wealth Partners LLC Cuts Position in Abbott Laboratories (NYSE:ABT)

Private Wealth Partners LLC lessened its holdings in Abbott Laboratories (NYSE:ABT) by 3.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 21,371 shares of the healthcare product maker’s stock after selling 650 shares during the quarter. Private Wealth Partners LLC’s holdings in Abbott Laboratories were worth $2,221,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABT. Unique Wealth Strategies LLC bought a new stake in shares of Abbott Laboratories in the 2nd quarter worth approximately $28,000. Transcendent Capital Group LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth approximately $29,000. Richardson Financial Services Inc. bought a new stake in shares of Abbott Laboratories in the 4th quarter worth approximately $29,000. Redmont Wealth Advisors LLC bought a new stake in shares of Abbott Laboratories in the 1st quarter worth approximately $30,000. Finally, True Wealth Design LLC raised its holdings in shares of Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after purchasing an additional 302 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.5 %

Shares of NYSE:ABT opened at $116.55 on Thursday. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The firm has a fifty day moving average of $108.70 and a 200 day moving average of $108.69. The firm has a market capitalization of $202.75 billion, a PE ratio of 36.31, a price-to-earnings-growth ratio of 2.83 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. During the same period in the previous year, the business earned $1.08 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. As a group, research analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.20 annualized dividend and a yield of 1.89%. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They set a “buy” rating and a $121.00 target price on the stock. Citigroup boosted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Evercore ISI reduced their price target on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $121.80.

About Abbott Laboratories

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.