Abbott Laboratories (NYSE:ABT) Stock Position Decreased by Summit Global Investments

Summit Global Investments lessened its holdings in shares of Abbott Laboratories (NYSE:ABT) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,617 shares of the healthcare product maker’s stock after selling 100 shares during the period. Summit Global Investments’ holdings in Abbott Laboratories were worth $376,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Signature Resources Capital Management LLC bought a new position in Abbott Laboratories in the 4th quarter worth about $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories in the 1st quarter worth about $30,000. Richardson Financial Services Inc. bought a new position in Abbott Laboratories in the 4th quarter worth about $29,000. Transcendent Capital Group LLC bought a new position in Abbott Laboratories in the 4th quarter worth about $29,000. Finally, True Wealth Design LLC grew its position in 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 last quarter. Institutional investors own 75.18% of the company’s stock.

Analysts Set New Price Targets

ABT has been the subject of several recent analyst reports. Barclays upped their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Raymond James reaffirmed a “buy” rating and issued a $124.00 price target on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Abbott Laboratories in a research note on Thursday, May 30th. They set a “buy” rating and a $121.00 target price for the company. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $121.00.

Abbott Laboratories Trading Up 0.4 %

Shares of ABT stock traded up $0.45 during trading hours on Wednesday, reaching $111.22. 2,139,544 shares of the stock traded hands, compared to its average volume of 5,992,095. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The business has a fifty day moving average price of $105.66 and a 200 day moving average price of $108.70. The company has a quick ratio of 1.11, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $193.48 billion, a PE ratio of 34.51, a PEG ratio of 2.74 and a beta of 0.72.

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

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.20 annualized dividend and a yield of 1.98%. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

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.