Abbott Laboratories (NYSE:ABT) Position Reduced by Amalgamated Bank

Amalgamated Bank decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 2.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 350,801 shares of the healthcare product maker’s stock after selling 9,592 shares during the quarter. Amalgamated Bank’s holdings in Abbott Laboratories were worth $36,452,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tredje AP fonden raised its holdings in Abbott Laboratories by 6.1% during the second quarter. Tredje AP fonden now owns 730,664 shares of the healthcare product maker’s stock worth $75,923,000 after purchasing an additional 42,000 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Abbott Laboratories by 29.1% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 172,569 shares of the healthcare product maker’s stock valued at $17,932,000 after buying an additional 38,878 shares in the last quarter. Meridian Wealth Partners LLC increased its holdings in shares of Abbott Laboratories by 3.1% in the second quarter. Meridian Wealth Partners LLC now owns 3,355 shares of the healthcare product maker’s stock valued at $349,000 after buying an additional 102 shares in the last quarter. E Fund Management Co. Ltd. increased its holdings in shares of Abbott Laboratories by 12.8% in the second quarter. E Fund Management Co. Ltd. now owns 12,487 shares of the healthcare product maker’s stock valued at $1,298,000 after buying an additional 1,413 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT increased its holdings in shares of Abbott Laboratories by 9.4% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 508,812 shares of the healthcare product maker’s stock valued at $52,871,000 after buying an additional 43,764 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 0.4 %

Abbott Laboratories stock opened at $118.13 on Wednesday. The company’s fifty day simple moving average is $109.88 and its 200-day simple moving average is $108.56. The company has a quick ratio of 1.18, a current ratio of 1.68 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 has a market cap of $205.50 billion, a P/E ratio of 36.80, a P/E/G ratio of 2.90 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, beating 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 business had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. During the same period in the previous year, the company posted $1.08 EPS. Abbott Laboratories’s revenue was up 4.0% on a year-over-year basis. As a group, sell-side analysts forecast that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Insider Activity at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ABT shares. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. The Goldman Sachs Group started coverage on Abbott Laboratories in a report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price target on the stock. Barclays upped their price target on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Evercore ISI lowered their price objective on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 2nd. Finally, Citigroup lifted their price objective on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $121.80.

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.