Sound Financial Strategies Group LLC Cuts Stake in Abbott Laboratories (NYSE:ABT)

Key Points

• Sound Financial Strategies Group LLC has reduced its stake in Abbott Laboratories by 28.7%, owning 5,526 shares worth $733,000 after selling 2,223 shares in the first quarter.
• Abbott Laboratories reported quarterly earnings of $1.26 per share, matching analysts' expectations, with a revenue increase of 7.4% year-over-year, totaling $11.14 billion.
• The company announced a $0.59 quarterly dividend with a yield of 1.9%, set to be paid on August 15th to stockholders of record.

Sound Financial Strategies Group LLC lowered its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 28.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,526 shares of the healthcare product maker's stock after selling 2,223 shares during the quarter. Sound Financial Strategies Group LLC's holdings in Abbott Laboratories were worth $733,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Cim LLC lifted its holdings in shares of Abbott Laboratories by 0.4% in the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock valued at $1,919,000 after buying an additional 73 shares during the period. Capital Square LLC lifted its holdings in shares of Abbott Laboratories by 2.7% in the 4th quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock valued at $368,000 after buying an additional 77 shares during the period. Consilium Wealth Advisory LLC lifted its holdings in shares of Abbott Laboratories by 2.1% in the 1st quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock valued at $507,000 after buying an additional 78 shares during the period. Mayflower Financial Advisors LLC lifted its holdings in shares of Abbott Laboratories by 0.5% in the 1st quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker's stock valued at $2,298,000 after buying an additional 78 shares during the period. Finally, Opes Wealth Management LLC lifted its holdings in shares of Abbott Laboratories by 2.9% in the 1st quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock valued at $379,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 75.18% of the company's stock.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock opened at $127.32 on Friday. The business has a 50 day simple moving average of $131.78 and a two-hundred day simple moving average of $130.49. Abbott Laboratories has a 12 month low of $107.11 and a 12 month high of $141.23. The stock has a market capitalization of $221.52 billion, a P/E ratio of 15.95, a PEG ratio of 2.41 and a beta of 0.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.27.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.26. The business 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 business's revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. As a group, analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $0.59 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.9%. Abbott Laboratories's dividend payout ratio is 29.57%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ABT. Mizuho upped their price target on Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Evercore ISI upped 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. Raymond James Financial reduced their price target on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Barclays upped 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, Morgan Stanley upped their price target on Abbott Laboratories from $127.00 to $137.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $144.47.

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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