Abbott Laboratories (NYSE:ABT) Stake Lessened by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. reduced its stake in Abbott Laboratories by 13.8%, selling 24,313 shares, bringing its total to 151,621 shares worth approximately $20 million.
• Abbott Laboratories recently reported quarterly earnings of $1.26 per share, meeting analysts' expectations, and a revenue of $11.14 billion, exceeding predictions.
• The company's quarterly dividend of $0.59 per share will be paid to investors, representing an annual yield of 1.8%.

Sit Investment Associates Inc. cut its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 13.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 151,621 shares of the healthcare product maker's stock after selling 24,313 shares during the period. Sit Investment Associates Inc.'s holdings in Abbott Laboratories were worth $20,113,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hughes Financial Services LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth $27,000. Abound Financial LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth $28,000. Wormser Freres Gestion purchased a new stake in Abbott Laboratories during the 4th quarter worth $32,000. JCIC Asset Management Inc. purchased a new stake in Abbott Laboratories during the 1st quarter worth $32,000. Finally, Vision Financial Markets LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth $33,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

ABT traded up $2.38 on Friday, hitting $131.66. 6,784,441 shares of the company's stock were exchanged, compared to its average volume of 6,973,725. The firm has a market cap of $229.15 billion, a PE ratio of 16.50, a P/E/G ratio of 2.50 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 stock has a fifty day moving average of $131.40 and a two-hundred day moving average of $131.20. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25.

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

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a $0.59 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. Abbott Laboratories's dividend payout ratio (DPR) is presently 29.57%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ABT shares. Evercore ISI upped 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 research report on Thursday, July 17th. BTIG Research decreased their price objective on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Royal Bank Of Canada upped their price objective on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, Jefferies Financial Group raised shares of 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 research report on Friday, July 18th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $144.47.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total value of $746,752.50. Following the sale, the chief financial officer owned 51,003 shares in the company, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.46% of the company's stock.

About Abbott Laboratories

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.