Summit Global Investments Trims Stock Holdings in Abbott Laboratories (NYSE:ABT)

Summit Global Investments reduced its stake in Abbott Laboratories (NYSE:ABT) by 7.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,799 shares of the healthcare product maker’s stock after selling 304 shares during the period. Summit Global Investments’ holdings in Abbott Laboratories were worth $430,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Groupama Asset Managment grew its holdings in Abbott Laboratories by 22.2% during the 3rd quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock valued at $26,000 after buying an additional 41,557 shares in the last quarter. Noble Wealth Management PBC purchased a new position in Abbott Laboratories during the fourth quarter valued at approximately $26,000. NewSquare Capital LLC increased its holdings in Abbott Laboratories by 78.4% during the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock worth $27,000 after acquiring an additional 105 shares during the period. Rialto Wealth Management LLC purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $29,000. Finally, Wingate Wealth Advisors Inc. bought a new position in Abbott Laboratories in the 4th quarter valued at $34,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Abbott Laboratories

In related news, EVP Lisa D. Earnhardt sold 91,167 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $133.82, for a total value of $12,199,967.94. Following the completion of the sale, the executive vice president now owns 71,928 shares of the company’s stock, valued at $9,625,404.96. This trade represents a 55.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Andrea F. Wainer sold 949 shares of Abbott Laboratories stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $138.17, for a total transaction of $131,123.33. Following the completion of the sale, the executive vice president now owns 74,381 shares in the company, valued at approximately $10,277,222.77. This trade represents a 1.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,449 shares of company stock valued at $15,463,316 in the last 90 days. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock opened at $127.31 on Tuesday. The stock has a market capitalization of $220.79 billion, a P/E ratio of 16.64, a price-to-earnings-growth ratio of 2.52 and a beta of 0.70. Abbott Laboratories has a one year low of $99.71 and a one year high of $141.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The business’s 50 day simple moving average is $128.79 and its two-hundred day simple moving average is $120.04.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 EPS for the quarter, meeting analysts’ consensus estimates of $1.34. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $11.03 billion. During the same period in the prior year, the business posted $1.19 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Analysts forecast that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.85%. Abbott Laboratories’s dividend payout ratio is presently 30.85%.

Analyst Upgrades and Downgrades

ABT has been the topic of a number of recent analyst reports. Evercore ISI increased their price objective on Abbott Laboratories to $136.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Bank of America lifted their price target on Abbott Laboratories from $133.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, March 10th. StockNews.com downgraded shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group boosted their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $135.00 price objective on shares of Abbott Laboratories in a report on Tuesday, January 21st. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $137.94.

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.