Griffin Asset Management Inc. Has $7.95 Million Stock Position in Abbott Laboratories (NYSE:ABT)

Griffin Asset Management Inc. decreased its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 7.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 59,940 shares of the healthcare product maker's stock after selling 4,997 shares during the period. Griffin Asset Management Inc.'s holdings in Abbott Laboratories were worth $7,951,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ABT. Three Seasons Wealth LLC bought a new position in shares of Abbott Laboratories during the 4th quarter valued at $1,428,000. Kelly Financial Services LLC purchased a new position in shares of Abbott Laboratories during the first quarter valued at about $216,000. Voleon Capital Management LP bought a new position in shares of Abbott Laboratories in the 4th quarter valued at about $273,000. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Abbott Laboratories by 5.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,095,443 shares of the healthcare product maker's stock valued at $133,691,000 after acquiring an additional 57,499 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG lifted its holdings in shares of Abbott Laboratories by 1.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker's stock valued at $17,274,000 after acquiring an additional 2,774 shares during the last quarter. 75.18% of the stock is owned by institutional investors.

Insider Activity at Abbott Laboratories

In other news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the transaction, the director now owns 34,058 shares of the company's stock, valued at $4,415,960.28. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock traded down $1.04 during trading hours on Friday, reaching $135.41. The company's stock had a trading volume of 3,927,244 shares, compared to its average volume of 6,107,754. The company's 50 day simple moving average is $131.50 and its 200 day simple moving average is $126.42. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. Abbott Laboratories has a one year low of $99.71 and a one year high of $141.23. The stock has a market cap of $235.59 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 2.52 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. The firm had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.38 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. As a group, analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.74%. Abbott Laboratories's dividend payout ratio (DPR) is 30.61%.

Analyst Ratings Changes

Several analysts have issued reports on ABT shares. Wells Fargo & Company raised their price objective on shares of Abbott Laboratories from $136.00 to $147.00 and gave the stock an "overweight" rating in a research note on Thursday, April 17th. Barclays lifted their price target on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. Citigroup boosted their price objective on shares of Abbott Laboratories from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $117.00 to $127.00 and gave the stock an "equal weight" rating in a report on Thursday, April 17th. Finally, Bank of America lifted their price target on shares of Abbott Laboratories from $133.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Abbott Laboratories currently has an average rating of "Moderate Buy" and a consensus price target of $142.59.

Abbott Laboratories Company 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.