Renaissance Investment Consultants Holding Company LLC Sells 746 Shares of Abbott Laboratories (NYSE:ABT)

Renaissance Investment Consultants Holding Company LLC decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 17.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,513 shares of the healthcare product maker’s stock after selling 746 shares during the quarter. Renaissance Investment Consultants Holding Company LLC’s holdings in Abbott Laboratories were worth $351,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. StrongBox Wealth LLC lifted its stake in Abbott Laboratories by 2.4% in the second quarter. StrongBox Wealth LLC now owns 11,182 shares of the healthcare product maker’s stock valued at $1,022,000 after buying an additional 259 shares in the last quarter. Ballast Advisors LLC lifted its stake in Abbott Laboratories by 14.7% in the second quarter. Ballast Advisors LLC now owns 3,113 shares of the healthcare product maker’s stock valued at $285,000 after buying an additional 400 shares in the last quarter. Chartwell Investment Partners LLC lifted its stake in Abbott Laboratories by 1.7% in the second quarter. Chartwell Investment Partners LLC now owns 262,679 shares of the healthcare product maker’s stock valued at $24,017,000 after buying an additional 4,368 shares in the last quarter. State of Michigan Retirement System lifted its stake in Abbott Laboratories by 11.5% in the second quarter. State of Michigan Retirement System now owns 451,719 shares of the healthcare product maker’s stock valued at $41,301,000 after buying an additional 46,576 shares in the last quarter. Finally, Schmidt P J Investment Management Inc. lifted its stake in Abbott Laboratories by 8.4% in the second quarter. Schmidt P J Investment Management Inc. now owns 91,357 shares of the healthcare product maker’s stock valued at $8,353,000 after buying an additional 7,098 shares in the last quarter. 73.59% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Abbott Laboratories from $85.00 to $108.00 in a research report on Friday, April 17th. Citigroup boosted their price target on shares of Abbott Laboratories from $109.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Wells Fargo & Co restated a “buy” rating and set a $107.00 price objective on shares of Abbott Laboratories in a research note on Thursday, July 9th. Barclays increased their price objective on shares of Abbott Laboratories from $92.00 to $100.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Finally, Credit Suisse Group increased their price objective on shares of Abbott Laboratories from $106.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $105.13.

Shares of NYSE ABT traded down $0.89 during midday trading on Friday, reaching $100.64. The company’s stock had a trading volume of 4,604,259 shares, compared to its average volume of 4,638,467. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.01 and a current ratio of 1.57. Abbott Laboratories has a fifty-two week low of $61.61 and a fifty-two week high of $102.89. The business’s 50 day moving average price is $93.64 and its two-hundred day moving average price is $88.45. The company has a market cap of $178.02 billion, a P/E ratio of 58.17, a P/E/G ratio of 3.38 and a beta of 0.97.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.15. Abbott Laboratories had a net margin of 9.89% and a return on equity of 17.34%. The company had revenue of $7.33 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the business earned $0.82 earnings per share. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. Sell-side analysts forecast that Abbott Laboratories will post 3.27 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.43%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, July 14th. Abbott Laboratories’s payout ratio is presently 44.44%.

In related news, Director Roxanne S. Austin sold 6,844 shares of Abbott Laboratories stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $99.80, for a total value of $683,031.20. Following the transaction, the director now directly owns 40,043 shares of the company’s stock, valued at $3,996,291.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael J. Pederson sold 23,008 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $98.00, for a total transaction of $2,254,784.00. Following the completion of the transaction, the senior vice president now directly owns 96,899 shares in the company, valued at $9,496,102. The disclosure for this sale can be found here. Insiders sold 110,724 shares of company stock worth $10,377,028 over the last three months. 1.70% of the stock is currently owned by insiders.

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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