iA Global Asset Management Inc. Has $11.29 Million Stake in Abbott Laboratories (NYSE:ABT)

Key Points

• iA Global Asset Management Inc. reduced its stake in Abbott Laboratories by 9.8%, selling 9,199 shares, leaving them with 85,144 shares valued at approximately $11.3 million.
• Abbott Laboratories reported a quarterly earnings per share (EPS) of $1.26, meeting analysts' expectations, and revenue of $11.14 billion, surpassing estimates.
• The company announced a quarterly dividend of $0.59 per share, translating to an annualized yield of 1.8%.

iA Global Asset Management Inc. reduced its position in Abbott Laboratories (NYSE:ABT - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,144 shares of the healthcare product maker's stock after selling 9,199 shares during the period. iA Global Asset Management Inc.'s holdings in Abbott Laboratories were worth $11,294,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Hughes Financial Services LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth approximately $27,000. Abound Financial LLC purchased a new stake in shares of Abbott Laboratories during the first quarter worth $28,000. Redwood Park Advisors LLC acquired a new stake in Abbott Laboratories during the fourth quarter valued at $25,000. JCIC Asset Management Inc. acquired a new position in Abbott Laboratories in the 1st quarter worth about $32,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter worth about $34,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Wall Street Analysts Forecast Growth

ABT has been the topic of a number of recent analyst reports. Mizuho raised their price objective on Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Raymond James Financial reduced their price objective on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Barclays raised their target price 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. William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley raised their price target on Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $144.47.

Abbott Laboratories Trading Up 0.9%

NYSE ABT traded up $1.16 during trading on Thursday, reaching $132.09. 4,690,281 shares of the stock traded hands, compared to its average volume of 7,877,068. Abbott Laboratories has a fifty-two week low of $107.11 and a fifty-two week high of $141.23. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. The firm has a market cap of $229.90 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 2.48 and a beta of 0.70. The stock's 50-day moving average price is $131.68 and its 200 day moving average price is $130.85.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, hitting analysts' consensus estimates of $1.26. The company 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 revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.14 earnings per share. Analysts predict that Abbott Laboratories will post 5.14 EPS for the current 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 annualized dividend and a yield of 1.8%. Abbott Laboratories's payout ratio is presently 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.