CCLA Investment Management Reduces Stock Holdings in Abbott Laboratories (NYSE:ABT)

Key Points

• CCLA Investment Management has reduced its stock holdings in Abbott Laboratories by 15.1%, selling 145,875 shares, which now makes up approximately 1.9% of its investment portfolio.
• Abbott Laboratories reported a quarterly revenue of $11.14 billion, exceeding analyst estimates and showing a 7.4% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.59 per share, representing a 1.9% yield and has a current payout ratio of 29.57%.

CCLA Investment Management cut its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 15.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 817,238 shares of the healthcare product maker's stock after selling 145,875 shares during the period. Abbott Laboratories comprises approximately 1.9% of CCLA Investment Management's investment portfolio, making the stock its 26th biggest holding. CCLA Investment Management's holdings in Abbott Laboratories were worth $108,406,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Three Seasons Wealth LLC acquired a new stake in Abbott Laboratories during the 4th quarter worth about $1,428,000. Kelly Financial Services LLC acquired a new stake in Abbott Laboratories during the 1st quarter worth about $216,000. Voleon Capital Management LP acquired a new stake in Abbott Laboratories during the 4th quarter worth about $273,000. Bank Pictet & Cie Europe AG grew its position in Abbott Laboratories by 1.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker's stock worth $17,274,000 after purchasing an additional 2,774 shares during the period. Finally, Edge Financial Advisors LLC grew its position in Abbott Laboratories by 3.3% during the 1st quarter. Edge Financial Advisors LLC now owns 2,530 shares of the healthcare product maker's stock worth $336,000 after purchasing an additional 81 shares during the period. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

ABT opened at $127.32 on Friday. The firm has a market capitalization of $221.52 billion, a PE ratio of 15.95, a PEG ratio of 2.41 and a beta of 0.70. Abbott Laboratories has a twelve month low of $107.11 and a twelve month high of $141.23. The firm's 50-day moving average price is $131.78 and its 200 day moving average price is $130.49. The company has a current ratio of 1.82, a quick ratio of 1.27 and a debt-to-equity ratio of 0.25.

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 for the quarter, hitting analysts' consensus estimates of $1.26. The firm 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%. Abbott Laboratories's quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.14 earnings per share. As a group, sell-side analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

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 dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.9%. Abbott Laboratories's payout ratio is 29.57%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ABT. Wells Fargo & Company lowered their target price on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Jefferies Financial Group raised shares of Abbott Laboratories from a "hold" rating to a "buy" rating and increased their target price for the stock from $143.00 to $145.00 in a research note on Friday, July 18th. Mizuho increased their target price on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Leerink Partners began coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They set a "market perform" rating and a $143.00 target price on the stock. Finally, William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a research note on Thursday, July 17th. Four investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

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.

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