Parthenon LLC Cuts Position in Abbott Laboratories (NYSE:ABT)

Parthenon LLC decreased its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,563 shares of the healthcare product maker's stock after selling 2,000 shares during the quarter. Parthenon LLC's holdings in Abbott Laboratories were worth $3,921,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Three Seasons Wealth LLC bought a new position in Abbott Laboratories during the fourth quarter valued at approximately $1,428,000. Kelly Financial Services LLC purchased a new stake in Abbott Laboratories during the first quarter valued at approximately $216,000. Voleon Capital Management LP bought a new stake in shares of Abbott Laboratories in the 4th quarter valued at approximately $273,000. Bank Pictet & Cie Europe AG lifted its stake in shares of Abbott Laboratories by 1.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker's stock valued at $17,274,000 after purchasing an additional 2,774 shares during the last quarter. Finally, Edge Financial Advisors LLC lifted its stake in shares of Abbott Laboratories by 3.3% in the 1st quarter. Edge Financial Advisors LLC now owns 2,530 shares of the healthcare product maker's stock valued at $336,000 after purchasing an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ABT shares. Evercore ISI increased their price target on Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Leerink Partnrs upgraded Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Wells Fargo & Company increased their price target on Abbott Laboratories from $136.00 to $147.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. Barclays increased their price target on Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $145.00 target price (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $144.33.

Abbott Laboratories Stock Performance

ABT traded down $10.99 on Thursday, reaching $120.76. 27,541,366 shares of the stock were exchanged, compared to its average volume of 6,250,651. The company's 50-day moving average price is $133.43 and its 200 day moving average price is $129.32. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27. The firm has a market capitalization of $210.09 billion, a PE ratio of 15.66, a PEG ratio of 2.50 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. Abbott Laboratories had a return on equity of 19.01% and a net margin of 31.89%. The company had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. During the same quarter in the previous year, the firm posted $1.14 EPS. The firm's revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business 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. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.95%. Abbott Laboratories's dividend payout ratio (DPR) is presently 30.61%.

Insider Activity

In other news, Director Sally E. Blount sold 2,600 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the transaction, the director owned 34,058 shares of the company's stock, valued at $4,415,960.28. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

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.