Patrick M Sweeney & Associates Inc. Takes $8.13 Million Position in Abbott Laboratories (NYSE:ABT)

Patrick M Sweeney & Associates Inc. purchased a new stake in Abbott Laboratories (NYSE:ABT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 73,901 shares of the healthcare product maker’s stock, valued at approximately $8,134,000. Abbott Laboratories comprises approximately 7.4% of Patrick M Sweeney & Associates Inc.’s investment portfolio, making the stock its largest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC lifted its holdings in shares of Abbott Laboratories by 14,037.9% during the fourth quarter. International Assets Investment Management LLC now owns 1,349,176 shares of the healthcare product maker’s stock worth $148,504,000 after purchasing an additional 1,339,633 shares during the period. Wellington Management Group LLP grew its position in shares of Abbott Laboratories by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 31,208,711 shares of the healthcare product maker’s stock valued at $3,022,564,000 after buying an additional 1,298,219 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Abbott Laboratories by 30.8% in the third quarter. Envestnet Asset Management Inc. now owns 3,627,373 shares of the healthcare product maker’s stock valued at $351,311,000 after buying an additional 853,997 shares during the period. Grantham Mayo Van Otterloo & Co. LLC raised its position in shares of Abbott Laboratories by 28.0% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,664,856 shares of the healthcare product maker’s stock worth $354,941,000 after acquiring an additional 801,191 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Abbott Laboratories by 47.7% in the third quarter. Canada Pension Plan Investment Board now owns 2,423,715 shares of the healthcare product maker’s stock valued at $234,737,000 after acquiring an additional 783,090 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Insider Activity at Abbott Laboratories

In other news, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $55,932.00. Following the transaction, the vice president now owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Abbott Laboratories news, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $118.50, for a total transaction of $55,932.00. Following the sale, the vice president now owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Daniel Gesua Sive Salvadori sold 963 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $114,115.50. Following the sale, the executive vice president now directly owns 125,697 shares in the company, valued at approximately $14,895,094.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,935 shares of company stock worth $1,670,048. Insiders own 0.47% of the company’s stock.

Abbott Laboratories Stock Down 1.2 %

Shares of ABT stock traded down $1.23 on Wednesday, hitting $104.94. The stock had a trading volume of 6,149,178 shares, compared to its average volume of 5,559,903. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The stock has a market cap of $182.56 billion, a price-to-earnings ratio of 32.73, a price-to-earnings-growth ratio of 2.55 and a beta of 0.76. The business has a 50 day moving average of $112.00 and a 200 day moving average of $108.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 EPS. As a group, analysts expect that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $0.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.10%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ABT shares. Evercore ISI boosted their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Barclays decreased their price target on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a report on Monday, April 22nd. Citigroup increased their price target on Abbott Laboratories from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Royal Bank of Canada lowered their price objective on shares of Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, April 18th. Finally, Raymond James restated a “buy” rating and issued a $124.00 price target on shares of Abbott Laboratories in a report on Wednesday, April 24th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus target price of $121.50.

Abbott Laboratories Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.