Pettee Investors Inc. Has $2.49 Million Position in Abbott Laboratories (NYSE:ABT)

Pettee Investors Inc. cut its position in Abbott Laboratories (NYSE:ABT) by 20.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,981 shares of the healthcare product maker’s stock after selling 6,036 shares during the period. Abbott Laboratories comprises about 1.2% of Pettee Investors Inc.’s portfolio, making the stock its 29th largest position. Pettee Investors Inc.’s holdings in Abbott Laboratories were worth $2,492,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABT. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the 2nd quarter worth approximately $28,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Abbott Laboratories during the first quarter worth $30,000. Richardson Financial Services Inc. bought a new stake in Abbott Laboratories in the 4th quarter valued at $29,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the 4th quarter worth $29,000. Finally, True Wealth Design LLC increased its holdings in Abbott Laboratories by 1,677.8% during the 4th 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 in the last quarter. 75.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Citigroup boosted their price target on Abbott Laboratories from $119.00 to $127.00 and gave the company 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 set a “buy” rating and a $121.00 price target for the company. Evercore ISI lowered their price objective 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. Barclays increased their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 price target on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $121.80.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $114.55 on Wednesday. The company has a fifty day moving average price of $107.31 and a two-hundred day moving average price of $108.72. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64. The stock has a market cap of $199.28 billion, a P/E ratio of 35.72, a P/E/G ratio of 2.82 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

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

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.92%. Abbott Laboratories’s payout ratio is presently 68.54%.

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.