Corbyn Investment Management Inc. MD Lowers Position in Abbott Laboratories (NYSE:ABT)

Corbyn Investment Management Inc. MD cut its holdings in Abbott Laboratories (NYSE:ABT) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,223 shares of the healthcare product maker’s stock after selling 183 shares during the quarter. Corbyn Investment Management Inc. MD’s holdings in Abbott Laboratories were worth $1,166,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories during the second quarter valued at about $28,000. Redmont Wealth Advisors LLC acquired a new position in shares of Abbott Laboratories during the first quarter valued at about $30,000. Richardson Financial Services Inc. acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at about $29,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at about $29,000. Finally, True Wealth Design LLC increased its holdings in shares of Abbott Laboratories by 1,677.8% during the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 302 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $125.00 price objective on shares of Abbott Laboratories in a report on Tuesday, June 4th. Barclays increased their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price target on the stock. Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Citigroup increased their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $121.80.

Abbott Laboratories Trading Up 0.7 %

Abbott Laboratories stock opened at $113.86 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The stock’s 50 day simple moving average is $107.87 and its two-hundred day simple moving average is $108.73. The firm has a market cap of $198.07 billion, a PE ratio of 35.47, a P/E/G ratio of 2.82 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. 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 prior year, the firm posted $1.08 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were given a dividend of $0.55 per share. The ex-dividend date was Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.93%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Abbott Laboratories Company Profile

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.