Bridges Investment Management Inc. Cuts Stock Position in Abbott Laboratories (NYSE:ABT)

Bridges Investment Management Inc. lessened its stake in Abbott Laboratories (NYSE:ABT) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 130,297 shares of the healthcare product maker’s stock after selling 2,529 shares during the period. Bridges Investment Management Inc.’s holdings in Abbott Laboratories were worth $10,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of ABT. Bamco Inc. NY grew its stake in shares of Abbott Laboratories by 37.2% during the fourth quarter. Bamco Inc. NY now owns 9,596 shares of the healthcare product maker’s stock worth $834,000 after acquiring an additional 2,600 shares during the last quarter. Cetera Advisor Networks LLC grew its stake in shares of Abbott Laboratories by 12.3% during the fourth quarter. Cetera Advisor Networks LLC now owns 40,256 shares of the healthcare product maker’s stock worth $3,491,000 after acquiring an additional 4,411 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Abbott Laboratories by 1,199.2% during the first quarter. Fisher Asset Management LLC now owns 3,563,878 shares of the healthcare product maker’s stock worth $281,226,000 after acquiring an additional 3,289,573 shares during the last quarter. Capital Wealth Planning LLC grew its stake in shares of Abbott Laboratories by 6.3% during the fourth quarter. Capital Wealth Planning LLC now owns 529,600 shares of the healthcare product maker’s stock worth $46,001,000 after acquiring an additional 31,200 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Abbott Laboratories by 4.5% during the fourth quarter. Alliancebernstein L.P. now owns 14,072,375 shares of the healthcare product maker’s stock worth $1,222,326,000 after acquiring an additional 610,015 shares during the last quarter. Institutional investors own 73.44% of the company’s stock.

NYSE:ABT traded up $2.82 during trading hours on Friday, reaching $94.92. The company had a trading volume of 10,138,477 shares, compared to its average volume of 6,674,505. Abbott Laboratories has a 1-year low of $61.61 and a 1-year high of $100.00. The firm has a market cap of $162.91 billion, a PE ratio of 47.70, a price-to-earnings-growth ratio of 3.82 and a beta of 0.98. The business’s 50 day moving average price is $91.59 and its 200-day moving average price is $86.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.43 and a quick ratio of 1.01.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, April 16th. The healthcare product maker reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.07. The company had revenue of $7.73 billion during the quarter, compared to the consensus estimate of $7.47 billion. Abbott Laboratories had a return on equity of 18.61% and a net margin of 11.15%. Abbott Laboratories’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share. On average, analysts expect that Abbott Laboratories will post 2.81 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 8th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.34%. Abbott Laboratories’s payout ratio is 44.44%.

In other news, SVP Christopher J. Scoggins sold 414 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $96.10, for a total transaction of $39,785.40. Following the completion of the transaction, the senior vice president now directly owns 39,706 shares of the company’s stock, valued at approximately $3,815,746.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Philip P. Boudreau sold 10,600 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $82.00, for a total value of $869,200.00. Following the transaction, the vice president now directly owns 22,463 shares of the company’s stock, valued at $1,841,966. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,186 shares of company stock valued at $15,359,524. Corporate insiders own 1.70% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Credit Suisse Group restated a “buy” rating and set a $106.00 price target on shares of Abbott Laboratories in a research note on Friday, May 22nd. Barclays boosted their price target on Abbott Laboratories from $92.00 to $100.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Citigroup lifted their target price on Abbott Laboratories from $87.00 to $109.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Morgan Stanley decreased their target price on Abbott Laboratories from $101.00 to $96.00 and set an “overweight” rating for the company in a report on Friday, March 27th. Finally, Cfra lifted their target price on Abbott Laboratories from $99.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $99.47.

About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.

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

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