Abbott Laboratories (NYSE:ABT) Shares Sold by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System decreased its stake in Abbott Laboratories by 13.2%, now holding 80,888 shares valued at approximately $10.73 million.
• Institutional investors own about 75.18% of Abbott Laboratories, with T. Rowe Price and GAMMA Investing increasing their holdings significantly in recent quarters.
• Abbott Laboratories reported $11.14 billion in revenue for the latest quarter, surpassing analysts’ expectations, with earnings per share meeting consensus at $1.26.

Maryland State Retirement & Pension System decreased its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 13.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 80,888 shares of the healthcare product maker's stock after selling 12,293 shares during the quarter. Maryland State Retirement & Pension System's holdings in Abbott Laboratories were worth $10,730,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Redwood Park Advisors LLC purchased a new stake in Abbott Laboratories during the fourth quarter valued at $25,000. Hughes Financial Services LLC purchased a new position in Abbott Laboratories in the 1st quarter worth about $27,000. Abound Financial LLC purchased a new position in Abbott Laboratories in the 1st quarter worth about $28,000. Wormser Freres Gestion purchased a new position in Abbott Laboratories in the 4th quarter worth about $32,000. Finally, JCIC Asset Management Inc. bought a new position in Abbott Laboratories during the 1st quarter worth about $32,000. Institutional investors own 75.18% of the company's stock.

Abbott Laboratories Stock Up 1.8%

Shares of ABT stock traded up $2.35 during trading hours on Friday, reaching $134.41. 4,985,430 shares of the stock were exchanged, compared to its average volume of 7,868,751. The business's fifty day moving average is $131.69 and its two-hundred day moving average is $130.98. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. Abbott Laboratories has a 12-month low of $107.11 and a 12-month high of $141.23. The firm has a market capitalization of $233.93 billion, a P/E ratio of 16.84, a P/E/G ratio of 2.50 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, meeting the consensus estimate 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 net margin of 32.43% and a return on equity of 18.32%. The firm's revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 earnings per share. As a group, research analysts expect that Abbott Laboratories will post 5.14 EPS 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. Stockholders of record on Tuesday, July 15th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio is presently 29.57%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ABT. Jefferies Financial Group upgraded shares of Abbott Laboratories from a "hold" rating to a "buy" rating and raised their price target for the company from $143.00 to $145.00 in a report on Friday, July 18th. Evercore ISI raised their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. BTIG Research cut their target price on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a report on Friday, July 18th. Finally, 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. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.