Mackay Shields LLC Reduces Stock Position in Abbott Laboratories (NYSE:ABT)

Mackay Shields LLC decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 19.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 279,109 shares of the healthcare product maker’s stock after selling 67,794 shares during the period. Mackay Shields LLC’s holdings in Abbott Laboratories were worth $32,357,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Abbott Laboratories by 160.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,401,508 shares of the healthcare product maker’s stock worth $1,246,517,000 after buying an additional 6,413,312 shares during the last quarter. Flossbach Von Storch AG increased its holdings in Abbott Laboratories by 34.3% in the 2nd quarter. Flossbach Von Storch AG now owns 6,264,572 shares of the healthcare product maker’s stock worth $726,252,000 after acquiring an additional 1,600,139 shares in the last quarter. Jennison Associates LLC raised its stake in Abbott Laboratories by 1,221.0% during the 2nd quarter. Jennison Associates LLC now owns 1,506,437 shares of the healthcare product maker’s stock worth $174,641,000 after acquiring an additional 1,392,401 shares during the period. Steadfast Capital Management LP purchased a new position in Abbott Laboratories during the first quarter valued at approximately $158,654,000. Finally, Vanguard Group Inc. increased its stake in shares of Abbott Laboratories by 0.9% in the second quarter. Vanguard Group Inc. now owns 147,844,584 shares of the healthcare product maker’s stock worth $17,139,623,000 after purchasing an additional 1,276,670 shares in the last quarter. Institutional investors own 72.05% of the company’s stock.

In other news, SVP Randel William Woodgrift sold 6,350 shares of the firm’s stock in a transaction on Friday, September 3rd. The stock was sold at an average price of $129.00, for a total value of $819,150.00. Following the completion of the sale, the senior vice president now owns 50,093 shares of the company’s stock, valued at approximately $6,461,997. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew H. Lane sold 135,925 shares of the firm’s stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $125.47, for a total value of $17,054,509.75. The disclosure for this sale can be found here. Insiders have sold a total of 222,883 shares of company stock valued at $27,964,400 over the last 90 days. 1.50% of the stock is currently owned by company insiders.

Several research analysts have weighed in on the company. Morgan Stanley upped their price target on Abbott Laboratories from $126.00 to $136.00 and gave the stock an “overweight” rating in a research note on Friday, July 23rd. Wells Fargo & Company increased their price objective on shares of Abbott Laboratories from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, July 12th. Raymond James boosted their target price on shares of Abbott Laboratories from $116.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, July 23rd. BTIG Research lifted their price target on Abbott Laboratories from $126.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, August 31st. Finally, Redburn Partners started coverage on Abbott Laboratories in a research report on Thursday. They set a “neutral” rating and a $132.28 price objective on the stock. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Abbott Laboratories currently has an average rating of “Buy” and an average target price of $130.52.

Shares of ABT stock traded up $0.32 during mid-day trading on Thursday, hitting $117.32. The stock had a trading volume of 107,160 shares, compared to its average volume of 5,370,625. The firm has a market capitalization of $207.99 billion, a P/E ratio of 32.96, a price-to-earnings-growth ratio of 2.45 and a beta of 0.66. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.79 and a quick ratio of 1.36. Abbott Laboratories has a 12-month low of $103.13 and a 12-month high of $129.70. The firm’s 50-day moving average is $123.59 and its two-hundred day moving average is $119.60.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.15. Abbott Laboratories had a net margin of 15.85% and a return on equity of 26.75%. The company had revenue of $10.22 billion for the quarter, compared to analysts’ expectations of $9.67 billion. During the same period in the prior year, the business earned $0.57 EPS. The firm’s quarterly revenue was up 41.2% on a year-over-year basis. Analysts expect that Abbott Laboratories will post 4.42 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be issued a $0.45 dividend. The ex-dividend date is Thursday, October 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. Abbott Laboratories’s dividend payout ratio is presently 49.32%.

Abbott Laboratories Company Profile

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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