Utah Retirement Systems Cuts Stock Holdings in Abbott Laboratories (NYSE:ABT)

Utah Retirement Systems decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 332,146 shares of the healthcare product maker’s stock after selling 14,500 shares during the quarter. Abbott Laboratories accounts for 0.6% of Utah Retirement Systems’ portfolio, making the stock its 28th largest position. Utah Retirement Systems’ holdings in Abbott Laboratories were worth $39,804,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ABT. Wealthcare Capital Management LLC bought a new position in Abbott Laboratories during the first quarter valued at approximately $42,000. Selective Wealth Management Inc. lifted its position in Abbott Laboratories by 368.4% during the first quarter. Selective Wealth Management Inc. now owns 445 shares of the healthcare product maker’s stock valued at $53,000 after purchasing an additional 350 shares during the period. Stuart Chaussee & Associates Inc. lifted its position in Abbott Laboratories by 68.0% during the first quarter. Stuart Chaussee & Associates Inc. now owns 447 shares of the healthcare product maker’s stock valued at $54,000 after purchasing an additional 181 shares during the period. Bogart Wealth LLC bought a new position in Abbott Laboratories during the first quarter valued at approximately $59,000. Finally, Freedman Financial Associates Inc. bought a new position in Abbott Laboratories during the fourth quarter valued at approximately $63,000. Hedge funds and other institutional investors own 72.99% of the company’s stock.

Several research analysts have weighed in on the stock. Morgan Stanley decreased their price target on shares of Abbott Laboratories from $140.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 2nd. Barclays decreased their price target on shares of Abbott Laboratories from $150.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 2nd. BTIG Research decreased their price target on shares of Abbott Laboratories from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, June 2nd. SVB Leerink increased their price objective on shares of Abbott Laboratories from $115.00 to $128.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, reduced their price objective on shares of Abbott Laboratories from $138.00 to $125.00 and set a “buy” rating for the company in a research note on Wednesday, June 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have issued a buy rating to the stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus target price of $123.22.

Shares of NYSE:ABT traded down $2.62 on Thursday, reaching $116.36. The company’s stock had a trading volume of 82,569 shares, compared to its average volume of 5,344,334. Abbott Laboratories has a 52-week low of $98.00 and a 52-week high of $128.54. The company has a market cap of $206.75 billion, a P/E ratio of 37.30, a P/E/G ratio of 2.33 and a beta of 0.68. The business has a 50-day moving average price of $114.72. The company has a current ratio of 1.75, a quick ratio of 1.32 and a debt-to-equity ratio of 0.52.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Monday, April 19th. The healthcare product maker reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. Abbott Laboratories had a net margin of 15.33% and a return on equity of 24.02%. The business had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.72 billion. During the same period last year, the company posted $0.65 EPS. The business’s revenue was up 35.2% on a year-over-year basis. Equities research analysts predict that Abbott Laboratories will post 4.35 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 16th. Shareholders of record on Thursday, July 15th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, July 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. Abbott Laboratories’s payout ratio is currently 49.32%.

In other Abbott Laboratories news, SVP Jared Watkin sold 94,576 shares of Abbott Laboratories stock in a transaction on Friday, April 30th. The shares were sold at an average price of $119.90, for a total value of $11,339,662.40. Following the completion of the transaction, the senior vice president now directly owns 59,783 shares of the company’s stock, valued at approximately $7,167,981.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

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, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.

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

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