Cullinan Associates Inc. Buys 36,550 Shares of Abbott Laboratories (ABT)

Cullinan Associates Inc. raised its stake in Abbott Laboratories (NYSE:ABT) by 250.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 51,120 shares of the healthcare product maker’s stock after purchasing an additional 36,550 shares during the quarter. Cullinan Associates Inc.’s holdings in Abbott Laboratories were worth $3,698,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Abbott Laboratories by 1.6% during the third quarter. Vanguard Group Inc. now owns 139,012,321 shares of the healthcare product maker’s stock valued at $10,197,944,000 after acquiring an additional 2,208,781 shares in the last quarter. Vanguard Group Inc raised its holdings in shares of Abbott Laboratories by 1.6% during the third quarter. Vanguard Group Inc now owns 139,012,321 shares of the healthcare product maker’s stock valued at $10,197,944,000 after acquiring an additional 2,208,781 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Abbott Laboratories by 0.9% during the third quarter. BlackRock Inc. now owns 117,203,489 shares of the healthcare product maker’s stock valued at $8,598,048,000 after acquiring an additional 1,053,749 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Abbott Laboratories by 102,159.4% during the third quarter. Bank of New York Mellon Corp now owns 27,234,758 shares of the healthcare product maker’s stock valued at $1,997,943,000 after acquiring an additional 27,208,125 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Abbott Laboratories by 7.3% during the third quarter. Morgan Stanley now owns 22,766,174 shares of the healthcare product maker’s stock valued at $1,670,126,000 after acquiring an additional 1,547,898 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company’s stock.

In related news, insider Jared Watkin sold 65,000 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $71.00, for a total value of $4,615,000.00. Following the sale, the insider now directly owns 128,640 shares of the company’s stock, valued at $9,133,440. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Miles D. White sold 142,341 shares of the stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $72.35, for a total value of $10,298,371.35. Following the completion of the sale, the chairman now directly owns 3,459,185 shares in the company, valued at $250,272,034.75. The disclosure for this sale can be found here. 0.74% of the stock is owned by corporate insiders.

ABT has been the subject of a number of recent analyst reports. Cowen upped their target price on Abbott Laboratories from $72.00 to $86.00 and gave the company an “average” rating in a report on Friday, October 5th. Zacks Investment Research downgraded Abbott Laboratories from a “hold” rating to a “sell” rating in a report on Monday, October 8th. Morgan Stanley upped their target price on Abbott Laboratories from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday, January 2nd. Goldman Sachs Group upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and upped their target price for the company from $78.00 to $81.00 in a report on Friday, November 30th. Finally, Barclays initiated coverage on Abbott Laboratories in a report on Monday, October 15th. They set an “overweight” rating and a $80.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $76.86.

Shares of ABT stock opened at $69.33 on Friday. The firm has a market capitalization of $121.96 billion, a P/E ratio of 27.73, a PEG ratio of 1.86 and a beta of 1.24. Abbott Laboratories has a twelve month low of $55.58 and a twelve month high of $74.92. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.42.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.75. The company had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Abbott Laboratories had a return on equity of 16.05% and a net margin of 2.91%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 earnings per share. As a group, equities analysts anticipate that Abbott Laboratories will post 2.89 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.85%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, January 14th. Abbott Laboratories’s dividend payout ratio is presently 44.80%.

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About Abbott Laboratories

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Cardiovascular and Neuromodulation Products, and Other.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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