Ethic Inc. Boosts Stock Holdings in Abbott Laboratories $ABT

Key Points

• Ethic Inc. increased its holdings in Abbott Laboratories by 16.0% during the first quarter, owning 218,423 shares valued at approximately $28.76 million.
• Several hedge funds have recently acquired stakes in Abbott, with institutional investors owning 75.18% of the company's stock.
• Analysts have a consensus rating of "Moderate Buy" for Abbott Laboratories, with a target price of $144.47, reflecting a positive outlook on its stock performance.

Ethic Inc. grew its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 16.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 218,423 shares of the healthcare product maker's stock after purchasing an additional 30,147 shares during the period. Abbott Laboratories makes up about 0.6% of Ethic Inc.'s portfolio, making the stock its 18th biggest position. Ethic Inc.'s holdings in Abbott Laboratories were worth $28,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Element Capital Management LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth approximately $2,682,000. Aberdeen Group plc raised its holdings in shares of Abbott Laboratories by 51.9% in the first quarter. Aberdeen Group plc now owns 1,937,848 shares of the healthcare product maker's stock worth $256,009,000 after buying an additional 662,220 shares during the period. Horizon Investments LLC raised its holdings in shares of Abbott Laboratories by 4.2% in the first quarter. Horizon Investments LLC now owns 26,494 shares of the healthcare product maker's stock worth $3,498,000 after buying an additional 1,074 shares during the period. Providence Capital Advisors LLC raised its holdings in shares of Abbott Laboratories by 2.2% in the first quarter. Providence Capital Advisors LLC now owns 64,445 shares of the healthcare product maker's stock worth $8,549,000 after buying an additional 1,367 shares during the period. Finally, Trivium Point Advisory LLC raised its holdings in shares of Abbott Laboratories by 15.7% in the first quarter. Trivium Point Advisory LLC now owns 3,515 shares of the healthcare product maker's stock worth $466,000 after buying an additional 477 shares during the period. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ABT shares. Jefferies Financial Group upgraded Abbott Laboratories from a "hold" rating to a "buy" rating and increased their price target for the stock from $143.00 to $145.00 in a report on Friday, July 18th. Royal Bank Of Canada raised their price objective on Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Mizuho raised their price objective on Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Wells Fargo & Company reduced their price objective on Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Finally, Raymond James Financial reduced their price objective on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $144.47.

Insiders Place Their Bets

In related news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $134.55, for a total transaction of $746,752.50. Following the completion of the transaction, the chief financial officer directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Up 1.8%

Shares of Abbott Laboratories stock traded up $2.38 during trading on Friday, reaching $131.66. The company's stock had a trading volume of 6,784,441 shares, compared to its average volume of 6,334,369. 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 company has a market cap of $229.15 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 2.50 and a beta of 0.70. Abbott Laboratories has a 1-year low of $110.33 and a 1-year high of $141.23. The company has a 50-day simple moving average of $131.40 and a two-hundred day simple moving average of $131.22.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.26. The company had revenue of $11.14 billion during 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%. The firm's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business posted $1.14 EPS. As a group, equities analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

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

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.