Seven Eight Capital LP Purchases 25,878 Shares of Abbott Laboratories (NYSE:ABT)

Seven Eight Capital LP lifted its position in Abbott Laboratories (NYSE:ABT) by 185.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 39,850 shares of the healthcare product maker’s stock after buying an additional 25,878 shares during the quarter. Seven Eight Capital LP’s holdings in Abbott Laboratories were worth $4,141,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ABT. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the second quarter worth approximately $28,000. Transcendent Capital Group LLC bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $29,000. Richardson Financial Services Inc. bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $29,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories during the first quarter worth approximately $30,000. Finally, True Wealth Design LLC boosted its position in Abbott Laboratories by 1,677.8% during the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after purchasing an additional 302 shares during the period. Institutional investors own 75.18% of the company’s stock.

Insiders Place Their Bets

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the completion of the transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABT. Barclays upped their target price on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Evercore ISI reduced their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, Citigroup increased their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $121.80.

Abbott Laboratories Stock Performance

Shares of NYSE ABT opened at $118.13 on Wednesday. The business has a fifty day simple moving average of $109.88 and a 200 day simple moving average of $108.56. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $205.50 billion, a price-to-earnings ratio of 36.80, a PEG ratio of 2.90 and a beta of 0.72. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64.

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

About Abbott Laboratories

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.