Diamond Hill Capital Management Inc. Decreases Stake in Abbott Laboratories (ABT)

Diamond Hill Capital Management Inc. lowered its stake in shares of Abbott Laboratories (NYSE:ABT) by 12.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,906,108 shares of the healthcare product maker’s stock after selling 1,210,817 shares during the period. Abbott Laboratories accounts for 3.3% of Diamond Hill Capital Management Inc.’s investment portfolio, making the stock its 2nd biggest holding. Diamond Hill Capital Management Inc. owned approximately 0.51% of Abbott Laboratories worth $653,352,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of ABT. Signature Estate & Investment Advisors LLC purchased a new position in Abbott Laboratories in the 3rd quarter valued at approximately $103,000. Atlantic Trust LLC purchased a new position in Abbott Laboratories in the 2nd quarter valued at approximately $104,000. Fort L.P. purchased a new position in Abbott Laboratories in the 2nd quarter valued at approximately $119,000. Security National Bank of SO Dak grew its stake in Abbott Laboratories by 72.0% in the 2nd quarter. Security National Bank of SO Dak now owns 2,098 shares of the healthcare product maker’s stock valued at $128,000 after buying an additional 878 shares in the last quarter. Finally, Mainstay Capital Management LLC ADV grew its stake in Abbott Laboratories by 1,069.5% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 4,374 shares of the healthcare product maker’s stock valued at $131,000 after buying an additional 4,000 shares in the last quarter. Institutional investors own 72.83% of the company’s stock.

In other news, SVP Sharon J. Bracken sold 1,732 shares of Abbott Laboratories stock in a transaction on Friday, September 28th. The shares were sold at an average price of $73.35, for a total transaction of $127,042.20. Following the completion of the sale, the senior vice president now directly owns 39,229 shares of the company’s stock, valued at approximately $2,877,447.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Miles D. White sold 142,341 shares of Abbott Laboratories stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $72.35, for a total transaction of $10,298,371.35. Following the sale, the chairman now directly owns 3,459,185 shares of the company’s stock, valued at $250,272,034.75. The disclosure for this sale can be found here. Insiders have sold a total of 272,273 shares of company stock valued at $19,410,942 over the last ninety days. 0.74% of the stock is currently owned by insiders.

Shares of NYSE:ABT opened at $69.95 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.42 and a debt-to-equity ratio of 0.62. Abbott Laboratories has a one year low of $54.33 and a one year high of $74.92. The firm has a market capitalization of $125.65 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 2.13 and a beta of 1.40.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The firm had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the firm earned $0.66 EPS. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities analysts expect that Abbott Laboratories will post 2.89 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Monday, October 15th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 44.80%.

ABT has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Tuesday, September 18th. Barclays initiated coverage on shares of Abbott Laboratories in a research note on Monday, October 15th. They issued an “overweight” rating and a $80.00 price objective for the company. Morgan Stanley lifted their price objective on shares of Abbott Laboratories from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Abbott Laboratories from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, October 8th. Finally, Royal Bank of Canada raised their price target on shares of Abbott Laboratories to $77.00 and gave the company an “outperform” rating in a report on Thursday, October 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $76.00.

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About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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