Groesbeck Investment Management Corp NJ Trims Stake in Abbott Laboratories (ABT)

Groesbeck Investment Management Corp NJ trimmed its position in Abbott Laboratories (NYSE:ABT) by 5.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,244 shares of the healthcare product maker’s stock after selling 1,904 shares during the quarter. Abbott Laboratories makes up approximately 1.2% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 28th largest position. Groesbeck Investment Management Corp NJ’s holdings in Abbott Laboratories were worth $1,567,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. State Street Corp grew its stake in shares of Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after acquiring an additional 12,806,535 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after acquiring an additional 3,344,508 shares during the last quarter. Boston Partners grew its stake in shares of Abbott Laboratories by 28.1% in the second quarter. Boston Partners now owns 10,516,502 shares of the healthcare product maker’s stock worth $511,207,000 after acquiring an additional 2,304,467 shares during the last quarter. Independent Franchise Partners LLP boosted its stake in Abbott Laboratories by 0.8% during the second quarter. Independent Franchise Partners LLP now owns 9,828,141 shares of the healthcare product maker’s stock worth $477,745,000 after buying an additional 76,935 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Abbott Laboratories by 33.8% during the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock worth $391,841,000 after buying an additional 2,231,316 shares in the last quarter. 70.64% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have weighed in on ABT shares. Stifel Nicolaus reiterated a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a research note on Friday, July 21st. Barclays PLC restated an “overweight” rating and issued a $57.00 target price (up previously from $52.00) on shares of Abbott Laboratories in a research note on Saturday, July 22nd. BidaskClub cut Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $58.00 price objective on shares of Abbott Laboratories in a report on Thursday, August 3rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $56.81.

In related news, insider Stephen R. Fussell sold 196,550 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total value of $9,729,225.00. Following the transaction, the insider now directly owns 221,488 shares of the company’s stock, valued at approximately $10,963,656. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jaime Contreras sold 52,700 shares of the firm’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $51.97, for a total value of $2,738,819.00. Following the completion of the transaction, the insider now directly owns 58,739 shares in the company, valued at $3,052,665.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 408,313 shares of company stock worth $21,205,356. Company insiders own 0.76% of the company’s stock.

Abbott Laboratories (NYSE ABT) opened at $55.30 on Tuesday. Abbott Laboratories has a 52-week low of $37.38 and a 52-week high of $56.69. The stock has a market capitalization of $95,384.93, a P/E ratio of 22.74, a PEG ratio of 2.05 and a beta of 1.06. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.69 and a quick ratio of 2.26.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.01. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The company had revenue of $6.83 billion during the quarter, compared to analyst estimates of $6.72 billion. During the same quarter last year, the company earned $0.59 EPS. The firm’s revenue for the quarter was up 28.8% on a year-over-year basis. research analysts expect that Abbott Laboratories will post 2.5 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.265 per share. The ex-dividend date is Thursday, October 12th. This represents a $1.06 annualized dividend and a yield of 1.92%. Abbott Laboratories’s dividend payout ratio is 83.47%.

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Abbott Laboratories Company Profile

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

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

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