Abbott Laboratories (NYSE:ABT) Shares Sold by Pettyjohn Wood & White Inc.

Key Points

• Pettyjohn Wood & White Inc. reduced its holdings in Abbott Laboratories by 4.4%, ending the quarter with a stock worth approximately $7.82 million.
• Wall Street analysts have a moderate buy rating on Abbott Laboratories, with an average target price of $144.47 per share.
• Abbott Laboratories announced a quarterly dividend of $0.59 per share, representing an annualized yield of 1.9%.

Pettyjohn Wood & White Inc. decreased its position in Abbott Laboratories (NYSE:ABT - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,962 shares of the healthcare product maker's stock after selling 2,695 shares during the period. Abbott Laboratories accounts for approximately 1.5% of Pettyjohn Wood & White Inc.'s investment portfolio, making the stock its 20th largest position. Pettyjohn Wood & White Inc.'s holdings in Abbott Laboratories were worth $7,821,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Hughes Financial Services LLC acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $27,000. Abound Financial LLC acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $28,000. Redwood Park Advisors LLC acquired a new stake in Abbott Laboratories during the 4th quarter worth approximately $25,000. JCIC Asset Management Inc. acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $32,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of Abbott Laboratories in the 1st quarter valued at $34,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Abbott Laboratories Price Performance

ABT stock traded up $1.13 during trading on Friday, reaching $127.32. 5,452,663 shares of the company were exchanged, compared to its average volume of 7,710,759. The company has a market cap of $221.52 billion, a P/E ratio of 15.95, a PEG ratio of 2.41 and a beta of 0.70. Abbott Laboratories has a 52-week low of $107.11 and a 52-week high of $141.23. The stock's 50 day moving average price is $131.78 and its 200 day moving average price is $130.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.27 and a current ratio of 1.82.

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

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date 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 presently 29.57%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ABT shares. Barclays raised their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a report on Thursday, April 17th. Stifel Nicolaus raised their price objective on shares of Abbott Laboratories from $135.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Leerink Partners assumed coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They set a "market perform" rating and a $143.00 price target on the stock. Finally, Mizuho lifted their price target 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. 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 stock. According to MarketBeat, Abbott Laboratories 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.