Jennison Associates LLC Sells 166,885 Shares of Abbott Laboratories (NYSE:ABT)

Jennison Associates LLC lowered its stake in shares of Abbott Laboratories (NYSE:ABTFree Report) by 41.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 233,222 shares of the healthcare product maker’s stock after selling 166,885 shares during the period. Jennison Associates LLC’s holdings in Abbott Laboratories were worth $26,508,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Signature Resources Capital Management LLC acquired a new position in shares of Abbott Laboratories during the 4th quarter worth about $29,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories during the fourth quarter worth approximately $29,000. Richardson Financial Services Inc. bought a new stake in Abbott Laboratories in the fourth quarter valued at approximately $29,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $30,000. Finally, True Wealth Design LLC lifted its position in shares of Abbott Laboratories by 1,677.8% in the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after buying an additional 302 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABT. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Raymond James reaffirmed a “buy” rating and issued a $124.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, April 24th. Citigroup cut their price objective on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. The Goldman Sachs Group assumed coverage on Abbott Laboratories in a research report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective for the company. Finally, Evercore ISI dropped their price target on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $120.18.

Check Out Our Latest Research Report on ABT

Abbott Laboratories Trading Down 0.5 %

Shares of ABT opened at $101.64 on Wednesday. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The business’s fifty day moving average is $104.18 and its 200-day moving average is $109.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a market cap of $176.82 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 2.50 and a beta of 0.72.

Abbott Laboratories (NYSE:ABTGet Free Report) last issued its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The company had revenue of $9.96 billion for the quarter, compared to analyst estimates of $9.88 billion. During the same quarter last year, the company posted $1.03 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities analysts anticipate that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.55 per share. The ex-dividend date is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.16%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Buying and Selling

In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares in the company, valued at approximately $22,099,928.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at approximately $6,530,337.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jr. Robert E. Funck sold 10,097 shares of Abbott Laboratories stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the transaction, the executive vice president now directly owns 211,341 shares in the company, valued at $22,099,928.37. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

About Abbott Laboratories

(Free Report)

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.

See Also

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

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