Sawgrass Asset Management LLC Trims Holdings in Abbott Laboratories (NYSE:ABT)

Sawgrass Asset Management LLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,350 shares of the healthcare product maker's stock after selling 3,183 shares during the quarter. Abbott Laboratories makes up approximately 1.5% of Sawgrass Asset Management LLC's investment portfolio, making the stock its 20th largest position. Sawgrass Asset Management LLC's holdings in Abbott Laboratories were worth $11,852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ABT. Redwood Park Advisors LLC bought a new position in Abbott Laboratories in the 4th quarter worth about $25,000. Noble Wealth Management PBC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at approximately $26,000. NewSquare Capital LLC increased its holdings in Abbott Laboratories by 78.4% during the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker's stock worth $27,000 after purchasing an additional 105 shares during the period. WealthTrak Capital Management LLC bought a new stake in Abbott Laboratories during the 4th quarter valued at $28,000. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Abbott Laboratories in the 4th quarter worth $29,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Stock Up 0.4%

ABT stock opened at $132.88 on Monday. The stock has a market capitalization of $231.20 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.53 and a beta of 0.73. Abbott Laboratories has a 52 week low of $99.71 and a 52 week high of $141.23. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $132.19 and a 200 day moving average of $127.03.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, topping the consensus estimate of $1.07 by $0.02. Abbott Laboratories had a net margin of 31.89% and a return on equity of 19.01%. The business had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.38 billion. Sell-side analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio (DPR) is 30.61%.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total transaction of $337,116.00. Following the completion of the sale, the director now directly owns 34,058 shares in the company, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ABT shares. Royal Bank Of Canada lifted their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Bank of America boosted their price target on shares of Abbott Laboratories from $133.00 to $150.00 and gave the company a "buy" rating in a report on Monday, March 10th. Jefferies Financial Group increased their price objective on shares of Abbott Laboratories from $135.00 to $137.00 and gave the company a "hold" rating in a research note on Thursday, April 17th. Citigroup boosted their price objective on shares of Abbott Laboratories from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company increased their target price on Abbott Laboratories from $136.00 to $147.00 and gave the company an "overweight" rating in a research report on Thursday, April 17th. Six equities research 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $142.61.

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.

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