Jennison Associates LLC Reduces Holdings in Abbott Laboratories (NYSE:ABT)

Jennison Associates LLC decreased its position in Abbott Laboratories (NYSE:ABTFree Report) by 41.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 233,222 shares of the healthcare product maker’s stock after selling 166,885 shares during the period. Jennison Associates LLC’s holdings in Abbott Laboratories were worth $26,508,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ABT. Harbour Investments Inc. boosted its position in shares of Abbott Laboratories by 1.0% during the 3rd quarter. Harbour Investments Inc. now owns 20,132 shares of the healthcare product maker’s stock worth $1,950,000 after purchasing an additional 202 shares during the period. Financial Gravity Asset Management Inc. boosted its position in shares of Abbott Laboratories by 1,713.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 4,824 shares of the healthcare product maker’s stock worth $467,000 after purchasing an additional 4,558 shares during the period. Revisor Wealth Management LLC purchased a new position in shares of Abbott Laboratories during the 3rd quarter worth approximately $330,000. Resources Management Corp CT ADV boosted its position in shares of Abbott Laboratories by 1.1% during the 3rd quarter. Resources Management Corp CT ADV now owns 64,912 shares of the healthcare product maker’s stock worth $6,287,000 after purchasing an additional 738 shares during the period. Finally, Tompkins Financial Corp boosted its position in shares of Abbott Laboratories by 8.4% during the 3rd quarter. Tompkins Financial Corp now owns 92,440 shares of the healthcare product maker’s stock worth $8,953,000 after purchasing an additional 7,181 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $101.64 on Wednesday. The company’s fifty day moving average price is $104.18 and its 200 day moving average price is $109.85. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market capitalization of $176.82 billion, a P/E ratio of 31.66, a P/E/G ratio of 2.50 and a beta of 0.72.

Abbott Laboratories (NYSE:ABTGet Free Report) last announced its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. The firm had revenue of $9.96 billion for the quarter, compared to analyst estimates of $9.88 billion. During the same period last year, the business earned $1.03 EPS. Abbott Laboratories’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Monday, July 15th. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analyst Weigh In

ABT has been the topic of a number of research reports. Citigroup reduced their target price on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Barclays reduced their target price on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. The Goldman Sachs Group initiated coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They set a “buy” rating and a $121.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. Finally, Raymond James reiterated a “buy” rating and set a $124.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 24th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $120.18.

View Our Latest Research Report on Abbott Laboratories

Insider Activity

In other news, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total value of $2,428,025.00. Following the sale, the executive vice president now owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the transaction, the executive vice president now owns 61,462 shares of the company’s stock, valued at approximately $6,530,337.50. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Abbott Laboratories Profile

(Free Report)

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 company 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.

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

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