Sector Gamma AS Lowers Stock Holdings in Abbott Laboratories (NYSE:ABT)

Sector Gamma AS lowered its position in shares of Abbott Laboratories (NYSE:ABT) by 21.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 537,260 shares of the healthcare product maker’s stock after selling 150,000 shares during the period. Abbott Laboratories accounts for approximately 7.6% of Sector Gamma AS’s investment portfolio, making the stock its 3rd biggest holding. Sector Gamma AS’s holdings in Abbott Laboratories were worth $44,953,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cumberland Partners Ltd boosted its holdings in shares of Abbott Laboratories by 25.0% in the 2nd quarter. Cumberland Partners Ltd now owns 4,500 shares of the healthcare product maker’s stock valued at $378,000 after purchasing an additional 900 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Abbott Laboratories by 91.4% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,454,239 shares of the healthcare product maker’s stock valued at $122,138,000 after purchasing an additional 694,262 shares in the last quarter. Cypress Capital Management LLC boosted its holdings in shares of Abbott Laboratories by 2.0% in the 2nd quarter. Cypress Capital Management LLC now owns 203,419 shares of the healthcare product maker’s stock valued at $17,108,000 after purchasing an additional 4,000 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its holdings in shares of Abbott Laboratories by 3.8% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 3,176 shares of the healthcare product maker’s stock valued at $267,000 after purchasing an additional 116 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its holdings in shares of Abbott Laboratories by 20.7% in the 2nd quarter. Cresset Asset Management LLC now owns 29,187 shares of the healthcare product maker’s stock valued at $2,455,000 after purchasing an additional 5,012 shares in the last quarter. Institutional investors own 73.77% of the company’s stock.

A number of equities research analysts have weighed in on ABT shares. Credit Suisse Group raised their target price on Abbott Laboratories from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Raymond James cut their price objective on Abbott Laboratories from $93.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, October 14th. Cowen raised their price objective on Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. BMO Capital Markets raised their price objective on Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, Jefferies Financial Group raised their price objective on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. Abbott Laboratories currently has an average rating of “Buy” and an average price target of $87.61.

NYSE:ABT traded up $0.35 during trading hours on Friday, hitting $83.74. 3,388,511 shares of the company were exchanged, compared to its average volume of 5,339,424. The stock has a market capitalization of $145.61 billion, a price-to-earnings ratio of 29.08, a price-to-earnings-growth ratio of 2.38 and a beta of 1.13. The company has a current ratio of 1.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.55. Abbott Laboratories has a one year low of $65.44 and a one year high of $88.76. The company has a fifty day simple moving average of $82.03 and a 200 day simple moving average of $82.26.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 16th. The healthcare product maker reported $0.84 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.84. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $8.10 billion. Abbott Laboratories had a return on equity of 17.65% and a net margin of 10.50%. Abbott Laboratories’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.75 EPS. Equities research analysts predict that Abbott Laboratories will post 3.25 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Friday, October 11th. Abbott Laboratories’s dividend payout ratio is currently 44.44%.

In related news, SVP Joseph J. Manning sold 47,226 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $85.14, for a total transaction of $4,020,821.64. Following the completion of the transaction, the senior vice president now directly owns 97,755 shares of the company’s stock, valued at approximately $8,322,860.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Randel William Woodgrift sold 21,000 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $80.54, for a total value of $1,691,340.00. Following the transaction, the senior vice president now directly owns 68,562 shares of the company’s stock, valued at $5,521,983.48. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

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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