Westwood Holdings Group Inc. Cuts Stock Position in Abbott Laboratories (NYSE:ABT)

Westwood Holdings Group Inc. lessened its stake in Abbott Laboratories (NYSE:ABT) by 49.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,141,769 shares of the healthcare product maker’s stock after selling 1,123,727 shares during the quarter. Abbott Laboratories makes up about 1.0% of Westwood Holdings Group Inc.’s portfolio, making the stock its 18th biggest holding. Westwood Holdings Group Inc. owned 0.06% of Abbott Laboratories worth $96,024,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Manchester Financial Inc. purchased a new stake in shares of Abbott Laboratories during the second quarter worth $30,000. Front Row Advisors LLC grew its holdings in shares of Abbott Laboratories by 790.9% during the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after buying an additional 348 shares in the last quarter. Weaver Consulting Group purchased a new stake in shares of Abbott Laboratories during the first quarter worth $33,000. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Abbott Laboratories during the second quarter worth $33,000. Finally, Pearl River Capital LLC purchased a new stake in shares of Abbott Laboratories during the second quarter worth $41,000. 73.72% of the stock is owned by institutional investors.

A number of equities research analysts have recently issued reports on ABT shares. BMO Capital Markets upped their target price on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Raymond James upped their target price on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Bank of America reaffirmed a “buy” rating and set a $81.00 target price on shares of Abbott Laboratories in a report on Thursday, June 13th. Cowen upped their target price on shares of Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Finally, Morgan Stanley upped their target price on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. 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’s stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus price target of $86.38.



In other news, CFO Brian B. Yoor sold 43,763 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the sale, the chief financial officer now owns 125,781 shares of the company’s stock, valued at $10,788,236.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 71,000 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $84.00, for a total transaction of $5,964,000.00. Following the sale, the executive vice president now directly owns 167,148 shares in the company, valued at approximately $14,040,432. The disclosure for this sale can be found here. Insiders have sold 252,497 shares of company stock worth $21,665,810 in the last three months. Corporate insiders own 0.70% of the company’s stock.

NYSE ABT traded up $0.24 during trading hours on Friday, reaching $83.47. The company had a trading volume of 3,890,444 shares, compared to its average volume of 3,938,709. The stock has a 50-day moving average of $84.74 and a 200 day moving average of $81.31. Abbott Laboratories has a 1-year low of $65.44 and a 1-year 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. The stock has a market capitalization of $147.10 billion, a P/E ratio of 28.98, a price-to-earnings-growth ratio of 2.35 and a beta of 1.14.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The company had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8 billion. During the same quarter in the prior year, the company posted $0.73 earnings per share. Abbott Laboratories’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Abbott Laboratories will post 3.24 EPS for the current year.

The firm also recently declared 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. The ex-dividend date is Friday, October 11th. This represents a $1.28 annualized dividend and a dividend yield of 1.53%. Abbott Laboratories’s dividend payout ratio is presently 44.44%.

Abbott Laboratories Company Profile

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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