Abbott Laboratories (NYSE:ABT) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. lowered its holdings in Abbott Laboratories (NYSE:ABT) by 35.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,494 shares of the healthcare product maker’s stock after selling 27,586 shares during the quarter. Cullinan Associates Inc.’s holdings in Abbott Laboratories were worth $5,739,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Dark Forest Capital Management LP purchased a new stake in shares of Abbott Laboratories during the 3rd quarter worth about $310,000. Schonfeld Strategic Advisors LLC grew its holdings in shares of Abbott Laboratories by 1,121.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 48,663 shares of the healthcare product maker’s stock worth $4,713,000 after purchasing an additional 44,679 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Abbott Laboratories by 2.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 181,959 shares of the healthcare product maker’s stock worth $17,623,000 after purchasing an additional 4,200 shares during the period. SRS Capital Advisors Inc. grew its holdings in shares of Abbott Laboratories by 41.3% during the 3rd quarter. SRS Capital Advisors Inc. now owns 4,348 shares of the healthcare product maker’s stock worth $421,000 after purchasing an additional 1,271 shares during the period. Finally, Axxcess Wealth Management LLC lifted its position in Abbott Laboratories by 29.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 97,710 shares of the healthcare product maker’s stock worth $9,463,000 after acquiring an additional 22,077 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT stock traded down $0.33 on Tuesday, hitting $102.87. 893,398 shares of the stock traded hands, compared to its average volume of 5,660,485. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market capitalization of $178.96 billion, a PE ratio of 32.13, a PEG ratio of 2.50 and a beta of 0.72. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company’s fifty day moving average is $104.79 and its 200 day moving average is $110.12.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The firm had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.03 EPS. On average, equities research analysts predict that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $0.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $2.20 annualized dividend and a dividend yield of 2.14%. Abbott Laboratories’s payout ratio is 68.54%.

Analysts Set New Price Targets

Several research firms recently commented on ABT. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 price target on shares of Abbott Laboratories in a research report on Tuesday, June 4th. The Goldman Sachs Group assumed coverage on Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 price target on the stock. Barclays cut their target price on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. Citigroup cut their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating on the stock in a research report on Wednesday, May 22nd. Finally, Raymond James reaffirmed a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a research report on Wednesday, April 24th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories has an average rating of “Moderate Buy” and a consensus target price of $120.18.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the sale, the executive vice president now directly owns 211,341 shares in the company, valued at $22,099,928.37. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the transaction, the executive vice president now owns 61,462 shares in the company, valued at $6,530,337.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the sale, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

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.