Abbott Laboratories (NYSE:ABT) Stock Holdings Reduced by Polen Capital Management LLC

Key Points

• Polen Capital Management LLC reduced its stake in Abbott Laboratories by 10.3%, now holding approximately 11.4 million shares, which is about 4.7% of its investment portfolio.
• Abbott Laboratories reported a net margin of 32.43% and a revenue of $11.14 billion for the latest quarter, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.59 per share, with a yield of 1.8%, set to be paid on August 15th.

Polen Capital Management LLC trimmed its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 10.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,385,577 shares of the healthcare product maker's stock after selling 1,302,786 shares during the period. Abbott Laboratories accounts for approximately 4.7% of Polen Capital Management LLC's holdings, making the stock its 6th largest holding. Polen Capital Management LLC owned approximately 0.65% of Abbott Laboratories worth $1,510,297,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Cim LLC grew its stake in shares of Abbott Laboratories by 0.4% in the fourth quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock worth $1,919,000 after purchasing an additional 73 shares in the last quarter. Capital Square LLC grew its stake in shares of Abbott Laboratories by 2.7% in the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock worth $368,000 after purchasing an additional 77 shares in the last quarter. Consilium Wealth Advisory LLC grew its stake in shares of Abbott Laboratories by 2.1% in the first quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock worth $507,000 after purchasing an additional 78 shares in the last quarter. Mayflower Financial Advisors LLC grew its stake in shares of Abbott Laboratories by 0.5% in the first quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker's stock worth $2,298,000 after purchasing an additional 78 shares in the last quarter. Finally, Opes Wealth Management LLC grew its stake in shares of Abbott Laboratories by 2.9% in the first quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock worth $379,000 after purchasing an additional 80 shares in the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Stock Down 0.0%

NYSE:ABT traded down $0.03 during trading hours on Thursday, hitting $129.37. 9,688,258 shares of the company's stock traded hands, compared to its average volume of 7,867,338. The firm has a market cap of $225.16 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.45 and a beta of 0.70. Abbott Laboratories has a twelve month low of $109.76 and a twelve month high of $141.23. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82. The stock's fifty day moving average price is $131.44 and its two-hundred day moving average price is $131.15.

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

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $0.59 dividend. 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%.

Insider Buying and Selling

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $134.55, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Jefferies Financial Group upgraded Abbott Laboratories from a "hold" rating to a "buy" rating and upped their price objective for the company from $143.00 to $145.00 in a report on Friday, July 18th. Evercore ISI upped their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Leerink Partnrs upgraded Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Piper Sandler restated an "overweight" rating and issued a $145.00 price objective (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Finally, William Blair upgraded Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Abbott Laboratories presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

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.