Westend Capital Management LLC Increases Stock Position in Abbott Laboratories (NYSE:ABT)

Westend Capital Management LLC grew its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 134.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,889 shares of the healthcare product maker's stock after buying an additional 2,800 shares during the period. Abbott Laboratories accounts for approximately 0.2% of Westend Capital Management LLC's holdings, making the stock its 27th biggest holding. Westend Capital Management LLC's holdings in Abbott Laboratories were worth $649,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Three Seasons Wealth LLC purchased a new stake in Abbott Laboratories during the 4th quarter worth $1,428,000. Kelly Financial Services LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth $216,000. Voleon Capital Management LP purchased a new stake in Abbott Laboratories during the 4th quarter worth $273,000. Bank Julius Baer & Co. Ltd Zurich boosted its position in Abbott Laboratories by 5.5% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,095,443 shares of the healthcare product maker's stock worth $133,691,000 after purchasing an additional 57,499 shares during the period. Finally, Bank Pictet & Cie Europe AG boosted its position in Abbott Laboratories by 1.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker's stock worth $17,274,000 after purchasing an additional 2,774 shares during the period. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

ABT opened at $134.40 on Friday. The firm has a market cap of $233.83 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 2.54 and a beta of 0.73. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The company's 50-day moving average price is $132.82 and its 200 day moving average price is $127.56. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its earnings results 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 firm had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.38 billion. As a group, sell-side analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm 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 yield of 1.76%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's payout ratio is 30.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Leerink Partners assumed coverage on shares of Abbott Laboratories in a report on Monday, June 16th. They issued a "market perform" rating and a $143.00 price objective on the stock. Bank of America boosted their price objective on shares of Abbott Laboratories from $133.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Royal Bank Of Canada boosted their price objective on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $117.00 to $127.00 and gave the stock an "equal weight" rating in a report on Thursday, April 17th. Finally, Raymond James Financial boosted their price objective on shares of Abbott Laboratories from $132.00 to $142.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Six research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Abbott Laboratories currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.61.

Insider Buying and Selling

In related news, Director Sally E. Blount sold 2,600 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the sale, the director now owns 34,058 shares in the company, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by insiders.

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.

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