CCLA Investment Management Has $89.56 Million Stock Position in Abbott Laboratories (NYSE:ABT)

CCLA Investment Management grew its holdings in Abbott Laboratories (NYSE:ABT) by 8.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 856,914 shares of the healthcare product maker’s stock after purchasing an additional 65,090 shares during the quarter. CCLA Investment Management’s holdings in Abbott Laboratories were worth $89,556,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Unique Wealth Strategies LLC acquired a new stake in Abbott Laboratories during the 2nd quarter worth $28,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories in the first quarter valued at about $30,000. Richardson Financial Services Inc. acquired a new position in Abbott Laboratories in the fourth quarter valued at about $29,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories during the 4th quarter worth about $29,000. Finally, True Wealth Design LLC raised its position in shares of Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 302 shares during the period. 75.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Evercore ISI cut their target price on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. 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. Citigroup increased their price target on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. The Goldman Sachs Group started coverage on Abbott Laboratories in a research report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective for the company. Finally, Barclays lifted their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $121.80.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $118.13 on Wednesday. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The company’s fifty day simple moving average is $109.88 and its 200-day simple moving average is $108.56. The firm has a market cap of $205.50 billion, a PE ratio of 36.80, a P/E/G ratio of 2.90 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. During the same quarter in the prior year, the company posted $1.08 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. Equities research analysts expect that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the sale, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Abbott Laboratories 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 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.