Seven Eight Capital LP Invests $1.58 Million in Abbott Laboratories (NYSE:ABT)

Seven Eight Capital LP bought a new position in Abbott Laboratories (NYSE:ABT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 15,566 shares of the healthcare product maker’s stock, valued at approximately $1,576,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ABT. Altshuler Shaham Ltd bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $28,000. Monumental Financial Group Inc. bought a new stake in shares of Abbott Laboratories during the 1st quarter valued at about $32,000. FWL Investment Management LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $33,000. True Wealth Design LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $33,000. Finally, Elequin Securities LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $36,000. Institutional investors own 73.70% of the company’s stock.

Insider Activity

In other news, Director Daniel J. Starks sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $113.76, for a total transaction of $5,688,000.00. Following the sale, the director now owns 6,775,316 shares in the company, valued at $770,759,948.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Andrea F. Wainer sold 10,400 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $105.03, for a total transaction of $1,092,312.00. Following the transaction, the executive vice president now owns 65,027 shares in the company, valued at approximately $6,829,785.81. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Daniel J. Starks sold 50,000 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $113.76, for a total transaction of $5,688,000.00. Following the transaction, the director now owns 6,775,316 shares in the company, valued at approximately $770,759,948.16. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ABT. Barclays boosted their price objective on shares of Abbott Laboratories from $127.00 to $132.00 and gave the company an “overweight” rating in a research report on Monday, July 24th. Morgan Stanley restated an “equal weight” rating and issued a $112.00 target price on shares of Abbott Laboratories in a research report on Friday, July 21st. StockNews.com started coverage on shares of Abbott Laboratories in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Wolfe Research upgraded shares of Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a research report on Friday, July 21st. Finally, Mizuho upped their target price on shares of Abbott Laboratories from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $120.82.

Abbott Laboratories Stock Up 0.1 %

ABT stock opened at $100.73 on Friday. Abbott Laboratories has a 12 month low of $93.25 and a 12 month high of $115.83. The firm has a market cap of $174.80 billion, a PE ratio of 34.38, a P/E/G ratio of 4.50 and a beta of 0.68. The firm has a 50 day simple moving average of $106.64 and a 200 day simple moving average of $105.17. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.64 and a quick ratio of 1.16.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. Abbott Laboratories had a net margin of 12.83% and a return on equity of 20.50%. The business had revenue of $9.98 billion for the quarter, compared to analyst estimates of $9.71 billion. During the same quarter in the previous year, the business earned $1.43 earnings per share. The firm’s revenue was down 11.4% compared to the same quarter last year. Equities research analysts forecast that Abbott Laboratories will post 4.4 earnings per share for the current fiscal year.

Abbott Laboratories Company Profile

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 Established Pharmaceutical Products segment 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.