Parsons Capital Management Inc. RI Reduces Stock Position in Abbott Laboratories (NYSE:ABT)

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Parsons Capital Management Inc. RI cut its stake in Abbott Laboratories (NYSE:ABT) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,462 shares of the healthcare product maker’s stock after selling 3,702 shares during the quarter. Abbott Laboratories comprises about 1.0% of Parsons Capital Management Inc. RI’s holdings, making the stock its 21st biggest holding. Parsons Capital Management Inc. RI’s holdings in Abbott Laboratories were worth $8,785,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Abbott Laboratories in the 4th quarter worth about $1,239,454,000. FMR LLC grew its position in Abbott Laboratories by 118.2% during the 4th quarter. FMR LLC now owns 23,762,285 shares of the healthcare product maker’s stock valued at $1,718,726,000 after purchasing an additional 12,871,418 shares during the last quarter. Ronna Sue Cohen grew its position in Abbott Laboratories by 7,636.6% during the 1st quarter. Ronna Sue Cohen now owns 6,248,957 shares of the healthcare product maker’s stock valued at $6,249,000 after purchasing an additional 6,168,186 shares during the last quarter. Geode Capital Management LLC grew its position in Abbott Laboratories by 8.7% during the 4th quarter. Geode Capital Management LLC now owns 22,133,985 shares of the healthcare product maker’s stock valued at $1,598,270,000 after purchasing an additional 1,778,840 shares during the last quarter. Finally, Thoroughbred Financial Services LLC grew its position in Abbott Laboratories by 8,669.5% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,401,282 shares of the healthcare product maker’s stock valued at $140,128,000 after purchasing an additional 1,385,303 shares during the last quarter. Institutional investors and hedge funds own 73.42% of the company’s stock.

ABT has been the topic of several recent analyst reports. BMO Capital Markets increased their price objective on shares of Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research report on Friday, June 7th. Cowen increased their price objective on shares of Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Bank of America reissued a “buy” rating and set a $81.00 price objective on shares of Abbott Laboratories in a research report on Thursday, June 13th. Finally, Wells Fargo & Co increased their price objective on shares of Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $85.82.

In other news, insider Brian J. Blaser sold 450,062 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the completion of the sale, the insider now directly owns 295,745 shares of the company’s stock, valued at $22,334,662.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael J. Pederson sold 23,008 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $86.39, for a total transaction of $1,987,661.12. Following the sale, the senior vice president now directly owns 104,228 shares of the company’s stock, valued at $9,004,256.92. The disclosure for this sale can be found here. Insiders have sold 885,102 shares of company stock valued at $71,110,429 over the last ninety days. 0.70% of the stock is owned by insiders.

ABT traded up $0.34 during trading hours on Thursday, hitting $84.28. The company’s stock had a trading volume of 156,483 shares, compared to its average volume of 5,327,106. The firm has a 50-day moving average of $85.77. Abbott Laboratories has a 12 month low of $63.07 and a 12 month high of $88.76. The firm has a market cap of $149.58 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, topping the consensus estimate of $0.80 by $0.02. The company had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. Abbott Laboratories’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 earnings per share. As a group, equities analysts predict that Abbott Laboratories will post 3.24 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Friday, July 12th. Abbott Laboratories’s payout ratio is 44.44%.

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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines 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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