SevenBridge Financial Group LLC Reduces Stock Position in Abbott Laboratories (NYSE:ABT)

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SevenBridge Financial Group LLC cut its position in shares of Abbott Laboratories (NYSE:ABT) by 0.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,988 shares of the healthcare product maker’s stock after selling 276 shares during the period. Abbott Laboratories comprises 1.5% of SevenBridge Financial Group LLC’s portfolio, making the stock its 22nd biggest position. SevenBridge Financial Group LLC’s holdings in Abbott Laboratories were worth $2,760,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in Abbott Laboratories by 3.8% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 3,176 shares of the healthcare product maker’s stock worth $267,000 after purchasing an additional 116 shares in the last quarter. MCF Advisors LLC boosted its position in Abbott Laboratories by 4.1% during the second quarter. MCF Advisors LLC now owns 2,972 shares of the healthcare product maker’s stock worth $250,000 after purchasing an additional 118 shares in the last quarter. Institute for Wealth Management LLC. raised its holdings in shares of Abbott Laboratories by 2.3% during the second quarter. Institute for Wealth Management LLC. now owns 5,379 shares of the healthcare product maker’s stock valued at $452,000 after acquiring an additional 122 shares during the last quarter. M&R Capital Management Inc. raised its holdings in shares of Abbott Laboratories by 0.5% during the second quarter. M&R Capital Management Inc. now owns 26,084 shares of the healthcare product maker’s stock valued at $2,193,000 after acquiring an additional 126 shares during the last quarter. Finally, Advantage Investment Management LLC raised its holdings in shares of Abbott Laboratories by 4.6% during the second quarter. Advantage Investment Management LLC now owns 2,906 shares of the healthcare product maker’s stock valued at $244,000 after acquiring an additional 128 shares during the last quarter. 73.71% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have commented on ABT shares. Jefferies Financial Group increased their target price on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. ValuEngine cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley increased their price target on Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Raymond James increased their price target on Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, Bank of America reaffirmed a “buy” rating and issued a $81.00 price target on shares of Abbott Laboratories in a report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $86.74.

In related news, SVP Michael J. Pederson sold 23,008 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $86.39, for a total value of $1,987,661.12. Following the transaction, the senior vice president now owns 104,228 shares in the company, valued at approximately $9,004,256.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joseph J. Manning sold 47,226 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $85.14, for a total value of $4,020,821.64. Following the completion of the transaction, the senior vice president now owns 97,755 shares in the company, valued at approximately $8,322,860.70. The disclosure for this sale can be found here. Insiders have sold 181,497 shares of company stock worth $15,701,810 in the last quarter. Insiders own 0.70% of the company’s stock.

NYSE:ABT traded up $0.66 during midday trading on Wednesday, reaching $79.17. The company had a trading volume of 57,846 shares, compared to its average volume of 5,358,529. The firm has a market capitalization of $144.91 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 2.31 and a beta of 1.13. The stock’s fifty day simple moving average is $83.43 and its 200-day simple moving average is $81.66. Abbott Laboratories has a 12-month low of $65.44 and a 12-month high of $88.76. 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 results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The company had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8 billion. During the same period last year, the firm earned $0.73 earnings per share. Abbott Laboratories’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Abbott Laboratories will post 3.24 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, October 11th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 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.

Read More: Capital Gains Distribution

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

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