Griffin Asset Management Inc. Sells 2,135 Shares of Abbott Laboratories (ABT)

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Griffin Asset Management Inc. lessened its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.7% in the third quarter, Holdings Channel reports. The institutional investor owned 125,600 shares of the healthcare product maker’s stock after selling 2,135 shares during the quarter. Abbott Laboratories makes up 1.4% of Griffin Asset Management Inc.’s portfolio, making the stock its 14th largest holding. Griffin Asset Management Inc.’s holdings in Abbott Laboratories were worth $9,214,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the stock. Signature Estate & Investment Advisors LLC acquired a new position in Abbott Laboratories during the 3rd quarter valued at about $103,000. Atlantic Trust LLC acquired a new position in Abbott Laboratories during the 2nd quarter valued at about $104,000. Fort L.P. acquired a new position in Abbott Laboratories during the 2nd quarter valued at about $119,000. Security National Bank of SO Dak boosted its stake in Abbott Laboratories by 72.0% during 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 purchasing an additional 878 shares during the period. Finally, Mainstay Capital Management LLC ADV boosted its stake in Abbott Laboratories by 1,069.5% during 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 purchasing an additional 4,000 shares during the period. 72.82% of the stock is owned by institutional investors and hedge funds.

A number of research firms have issued reports on ABT. Credit Suisse Group began coverage on shares of Abbott Laboratories in a research note on Monday. They set an “outperform” rating and a $82.00 target price for the company. BTIG Research reissued a “hold” rating on shares of Abbott Laboratories in a research note on Thursday, October 18th. Goldman Sachs Group raised shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and set a $74.10 target price for the company in a research note on Sunday, December 9th. Raymond James boosted their target price on shares of Abbott Laboratories from $72.00 to $77.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. Finally, UBS Group began coverage on shares of Abbott Laboratories in a research note on Tuesday, November 27th. They set a “buy” rating and a $83.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $75.96.

In other news, Chairman Miles D. White sold 142,341 shares of the company’s stock in a transaction that occurred on Wednesday, November 28th. The shares were sold at an average price of $72.35, for a total value of $10,298,371.35. Following the completion of the sale, the chairman now directly owns 3,459,185 shares of the company’s stock, valued at approximately $250,272,034.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian J. Blaser sold 58,200 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $68.79, for a total transaction of $4,003,578.00. Following the completion of the sale, the insider now directly owns 184,918 shares of the company’s stock, valued at $12,720,509.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 272,273 shares of company stock valued at $19,410,942. Company insiders own 0.74% of the company’s stock.

Shares of NYSE:ABT opened at $70.08 on Wednesday. The company has a market capitalization of $122.50 billion, a PE ratio of 28.03, a P/E/G ratio of 2.07 and a beta of 1.40. Abbott Laboratories has a twelve month low of $55.58 and a twelve month high of $74.92. 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 (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.75. The company had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.65 billion. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.66 EPS. Equities analysts forecast that Abbott Laboratories will post 2.89 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be paid a $0.32 dividend. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, January 14th. Abbott Laboratories’s dividend payout ratio is currently 44.80%.

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Abbott Laboratories Company Profile

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Cardiovascular and Neuromodulation Products, and Other.

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

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