Planning Capital Management Corp Has $47,000 Holdings in Abbott Laboratories (NYSE:ABT)

Planning Capital Management Corp cut its stake in Abbott Laboratories (NYSE:ABT) by 73.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415 shares of the healthcare product maker’s stock after selling 1,161 shares during the period. Planning Capital Management Corp’s holdings in Abbott Laboratories were worth $47,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ABT. Vanguard Group Inc. boosted its holdings in Abbott Laboratories by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 165,301,921 shares of the healthcare product maker’s stock valued at $18,788,216,000 after purchasing an additional 8,834,840 shares during the period. Capital International Investors lifted its holdings in shares of Abbott Laboratories by 9.1% during the 1st quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock worth $7,976,382,000 after acquiring an additional 5,882,780 shares during the period. Swedbank AB bought a new position in shares of Abbott Laboratories during the 1st quarter worth about $341,777,000. Sessa Capital IM L.P. bought a new position in shares of Abbott Laboratories during the 2nd quarter worth about $264,876,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Abbott Laboratories by 493.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,401,190 shares of the healthcare product maker’s stock worth $249,508,000 after acquiring an additional 1,996,320 shares during the period. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Down 0.6 %

Abbott Laboratories stock opened at $115.05 on Friday. The firm has a market capitalization of $199.55 billion, a price-to-earnings ratio of 34.97, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The firm’s fifty day moving average price is $115.45 and its two-hundred day moving average price is $109.39. Abbott Laboratories has a 1-year low of $96.92 and a 1-year high of $121.64. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The firm had revenue of $10.64 billion during the quarter, compared to analyst estimates of $10.55 billion. During the same quarter in the prior year, the business posted $1.14 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.91%. Abbott Laboratories’s payout ratio is presently 66.87%.

Insider Activity

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This represents a 39.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABT. Royal Bank of Canada lifted their price target on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Evercore ISI lifted their price target on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Mizuho lifted their price target on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Citigroup lifted their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $130.07.

Abbott Laboratories Company 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.