Abbott Laboratories (NYSE:ABT) is Connors Investor Services Inc.’s 10th Largest Position

Connors Investor Services Inc. reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 170,267 shares of the healthcare product maker’s stock after selling 1,509 shares during the period. Abbott Laboratories comprises approximately 2.0% of Connors Investor Services Inc.’s portfolio, making the stock its 10th largest position. Connors Investor Services Inc.’s holdings in Abbott Laboratories were worth $19,353,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Abbott Laboratories by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 156,467,081 shares of the healthcare product maker’s stock worth $17,222,332,000 after purchasing an additional 701,740 shares during the last quarter. Perigon Wealth Management LLC lifted its position in Abbott Laboratories by 5.2% in the fourth quarter. Perigon Wealth Management LLC now owns 47,080 shares of the healthcare product maker’s stock valued at $5,182,000 after acquiring an additional 2,317 shares during the last quarter. Sanibel Captiva Trust Company Inc. purchased a new stake in Abbott Laboratories in the fourth quarter valued at $16,764,000. Gradient Investments LLC lifted its position in Abbott Laboratories by 4.7% in the fourth quarter. Gradient Investments LLC now owns 257,508 shares of the healthcare product maker’s stock valued at $28,344,000 after acquiring an additional 11,508 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in Abbott Laboratories in the fourth quarter valued at $2,932,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ABT shares. Citigroup reduced their price target on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. The Goldman Sachs Group initiated coverage on shares of Abbott Laboratories in a research note on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective on the stock. Raymond James restated a “buy” rating and issued a $124.00 price objective on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Finally, Evercore ISI dropped their price objective on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $120.18.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the transaction, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total value of $2,428,025.00. Following the sale, the executive vice president now directly owns 61,462 shares in the company, valued at $6,530,337.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the completion of the sale, the executive vice president now owns 211,341 shares in the company, valued at $22,099,928.37. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock traded up $1.96 on Friday, reaching $102.03. 11,963,581 shares of the stock were exchanged, compared to its average volume of 6,038,934. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average price of $103.78 and a two-hundred day moving average price of $109.47. The firm has a market capitalization of $177.49 billion, a PE ratio of 31.79, a PEG ratio of 2.45 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.32%. The company had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. During the same period in the prior year, the business posted $1.08 earnings per share. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, research analysts anticipate that Abbott Laboratories will post 4.65 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.16%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

About Abbott Laboratories

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.