Riversedge Advisors LLC Sells 144 Shares of Abbott Laboratories (NYSE:ABT)

Riversedge Advisors LLC cut its position in shares of Abbott Laboratories (NYSE:ABT) by 4.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,304 shares of the healthcare product maker’s stock after selling 144 shares during the quarter. Riversedge Advisors LLC’s holdings in Abbott Laboratories were worth $343,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Unique Wealth Strategies LLC bought a new position in Abbott Laboratories in the second quarter valued at approximately $28,000. Signature Resources Capital Management LLC bought a new position in Abbott Laboratories in the fourth quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories in the first quarter valued at approximately $30,000. Richardson Financial Services Inc. bought a new position in Abbott Laboratories in the fourth quarter valued at approximately $29,000. Finally, Transcendent Capital Group LLC bought a new position in Abbott Laboratories in the fourth quarter valued at approximately $29,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Price Performance

NYSE ABT traded down $0.19 during midday trading on Wednesday, hitting $112.91. The company had a trading volume of 3,835,822 shares, compared to its average volume of 5,931,476. The company has a market capitalization of $196.42 billion, a PE ratio of 35.17, a P/E/G ratio of 2.74 and a beta of 0.72. The company has a current ratio of 1.68, a quick ratio of 1.11 and a debt-to-equity ratio of 0.33. The firm has a 50-day moving average price of $106.52 and a 200-day moving average price of $108.69. Abbott Laboratories has a twelve month low of $89.67 and a twelve month high of $121.64.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.04. The firm had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 EPS. As a group, analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders 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 dividend yield of 1.95%. Abbott Laboratories’s payout ratio is 68.54%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group assumed coverage on Abbott Laboratories in a research note on Thursday, May 30th. They issued a “buy” rating and a $121.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Evercore ISI cut their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Finally, Barclays raised their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average 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.