Gulf International Bank UK Ltd Cuts Holdings in Abbott Laboratories (NYSE:ABT)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Abbott Laboratories by 25.7% in Q1, owning 99,842 shares valued at approximately $13.24 million after selling 34,516 shares.
• Several institutional investors, including the National Pension Service and GKV Capital Management, adjusted their positions, with the National Pension Service increasing its holdings by 5.2%.
• Abbott Laboratories recently announced a quarterly dividend of $0.59 per share, representing an annualized dividend yield of 1.8%, with the ex-dividend date being July 15th.

Gulf International Bank UK Ltd lowered its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,842 shares of the healthcare product maker's stock after selling 34,516 shares during the quarter. Gulf International Bank UK Ltd's holdings in Abbott Laboratories were worth $13,244,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ABT. Hughes Financial Services LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $27,000. Abound Financial LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $28,000. JCIC Asset Management Inc. purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $32,000. Vision Financial Markets LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $33,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $34,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on ABT shares. Royal Bank Of Canada upped their price target on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Leerink Partners started 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. Evercore ISI upped their price target on shares of 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 shares of Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Finally, Mizuho upped their price target on shares of Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

Insider Transactions at Abbott Laboratories

In related 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 completion of the transaction, the chief financial officer directly 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 document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by corporate insiders.

Abbott Laboratories Stock Up 1.8%

ABT traded up $2.38 during trading on Friday, hitting $131.66. The stock had a trading volume of 6,784,441 shares, compared to its average volume of 6,973,725. The company has a market capitalization of $229.15 billion, a PE ratio of 16.50, a PEG ratio of 2.45 and a beta of 0.70. Abbott Laboratories has a twelve month low of $110.33 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 has a 50 day simple moving average of $131.40 and a two-hundred day simple moving average of $131.18.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $1.26. The business had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The business's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the company posted $1.14 earnings per share. On average, research analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a dividend of $0.59 per share. The ex-dividend date was 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 currently 29.57%.

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.