City National Bank of Florida MSD Makes New Investment in Abbott Laboratories (NYSE:ABT)

City National Bank of Florida MSD bought a new position in shares of Abbott Laboratories (NYSE:ABT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,776 shares of the healthcare product maker's stock, valued at approximately $427,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Abbott Laboratories in the 4th quarter valued at $2,373,461,000. T. Rowe Price Investment Management Inc. grew its stake in Abbott Laboratories by 383.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,358,698 shares of the healthcare product maker's stock worth $945,453,000 after buying an additional 6,628,310 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Abbott Laboratories during the fourth quarter worth about $635,056,000. Capital International Investors boosted its holdings in shares of Abbott Laboratories by 3.4% in the fourth quarter. Capital International Investors now owns 67,972,953 shares of the healthcare product maker's stock valued at $7,688,160,000 after acquiring an additional 2,229,026 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Abbott Laboratories by 10.3% during the fourth quarter. Northern Trust Corp now owns 22,056,860 shares of the healthcare product maker's stock worth $2,494,851,000 after buying an additional 2,060,650 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company's stock.

Insider Buying and Selling at Abbott Laboratories

In other news, EVP Lisa D. Earnhardt sold 91,167 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $133.82, for a total transaction of $12,199,967.94. Following the completion of the transaction, the executive vice president now owns 71,928 shares of the company's stock, valued at approximately $9,625,404.96. This represents a 55.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Eric Shroff sold 562 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $138.17, for a total value of $77,651.54. Following the completion of the transaction, the senior vice president now directly owns 31,970 shares of the company's stock, valued at approximately $4,417,294.90. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,278 shares of company stock valued at $12,745,859. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ABT shares. Barclays increased their target price on Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a research report on Thursday, April 17th. Citigroup increased their price target on Abbott Laboratories from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Royal Bank of Canada raised their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. The Goldman Sachs Group lifted their target price on shares of Abbott Laboratories from $138.00 to $154.00 and gave the company a "buy" rating in a research note on Tuesday, March 4th. Finally, Jefferies Financial Group raised their price target on shares of Abbott Laboratories from $135.00 to $137.00 and gave the stock a "hold" rating in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $142.59.

Abbott Laboratories Price Performance

NYSE:ABT traded up $1.73 during mid-day trading on Tuesday, hitting $133.03. 2,099,497 shares of the company's stock traded hands, compared to its average volume of 6,126,801. The company has a market cap of $231.44 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 2.52 and a beta of 0.74. The firm's 50 day simple moving average is $129.95 and its 200 day simple moving average is $124.84. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $141.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The business had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.38 billion. Sell-side analysts expect that Abbott Laboratories will post 5.14 EPS for the current year.

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.