Entropy Technologies LP Invests $1.40 Million in Abbott Laboratories (NYSE:ABT)

Key Points

• Entropy Technologies LP has purchased 10,569 shares of Abbott Laboratories for approximately $1,402,000, marking a new investment in the healthcare company.
• Several institutional investors have increased their holdings in Abbott Laboratories, with ownership now at 75.18% of the company's stock.
• Abbott Laboratories recently announced a quarterly dividend of $0.59, providing an annualized yield of 1.8%, with the dividend payout ratio at 29.57%.

Entropy Technologies LP bought a new stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,569 shares of the healthcare product maker's stock, valued at approximately $1,402,000.

Several other large investors also recently added to or reduced their stakes in the business. Covington Investment Advisors Inc. grew its position in Abbott Laboratories by 2.0% during the first quarter. Covington Investment Advisors Inc. now owns 70,776 shares of the healthcare product maker's stock valued at $9,388,000 after buying an additional 1,400 shares during the period. Pandora Wealth Inc. purchased a new position in Abbott Laboratories during the first quarter valued at approximately $744,000. Fiduciary Family Office LLC purchased a new position in Abbott Laboratories during the first quarter valued at approximately $440,000. Taylor Financial Group Inc. lifted its holdings in Abbott Laboratories by 11.3% during the first quarter. Taylor Financial Group Inc. now owns 2,194 shares of the healthcare product maker's stock valued at $291,000 after purchasing an additional 223 shares in the last quarter. Finally, Koss Olinger Consulting LLC purchased a new position in Abbott Laboratories during the first quarter valued at approximately $448,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Price Performance

ABT traded down $1.63 during trading hours on Wednesday, hitting $129.39. The company's stock had a trading volume of 6,723,731 shares, compared to its average volume of 8,025,790. The business's 50-day moving average price is $131.52 and its 200-day moving average price is $131.15. Abbott Laboratories has a 12 month low of $107.71 and a 12 month high of $141.23. The stock has a market cap of $225.20 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 2.48 and a beta of 0.70. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting analysts' consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The business had revenue of $11.14 billion for the quarter, compared to analysts' expectations of $11.01 billion. During the same quarter in the previous year, the business posted $1.14 earnings per share. The business's revenue was up 7.4% compared to the same quarter last year. Sell-side analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. Abbott Laboratories's payout ratio is 29.57%.

Analyst Ratings Changes

Several equities analysts have weighed in on ABT shares. William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. Stifel Nicolaus lifted their price target on shares of Abbott Laboratories from $135.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Leerink Partners assumed coverage on shares of Abbott Laboratories in a report on Monday, June 16th. They set a "market perform" rating and a $143.00 price target on the stock. Royal Bank Of Canada boosted their target price on shares of Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Evercore ISI boosted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Abbott Laboratories has a consensus rating of "Moderate Buy" and a consensus target price of $144.47.

Insiders Place Their Bets

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the transaction, the chief financial officer owned 51,003 shares in the company, valued at $6,862,453.65. The trade was a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.46% of the stock is owned by company insiders.

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.