Sawgrass Asset Management LLC Has $11.10 Million Stake in Abbott Laboratories (NYSE:ABT)

Sawgrass Asset Management LLC lessened its holdings in shares of Abbott Laboratories (NYSE:ABT) by 3.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,357 shares of the healthcare product maker’s stock after selling 3,576 shares during the period. Sawgrass Asset Management LLC’s holdings in Abbott Laboratories were worth $11,100,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ABT. Intech Investment Management LLC lifted its position in shares of Abbott Laboratories by 84.5% during the 1st quarter. Intech Investment Management LLC now owns 32,123 shares of the healthcare product maker’s stock valued at $3,651,000 after acquiring an additional 14,715 shares during the period. Acadian Asset Management LLC lifted its position in Abbott Laboratories by 45.3% during the first quarter. Acadian Asset Management LLC now owns 52,270 shares of the healthcare product maker’s stock worth $5,936,000 after purchasing an additional 16,300 shares during the period. Hillsdale Investment Management Inc. increased its holdings in Abbott Laboratories by 50.4% in the 1st quarter. Hillsdale Investment Management Inc. now owns 3,580 shares of the healthcare product maker’s stock valued at $407,000 after buying an additional 1,200 shares during the period. Davis R M Inc. raised its position in shares of Abbott Laboratories by 0.7% in the 1st quarter. Davis R M Inc. now owns 29,272 shares of the healthcare product maker’s stock valued at $3,327,000 after buying an additional 200 shares in the last quarter. Finally, Trustmark National Bank Trust Department lifted its holdings in shares of Abbott Laboratories by 10.5% during the 1st quarter. Trustmark National Bank Trust Department now owns 12,944 shares of the healthcare product maker’s stock worth $1,471,000 after acquiring an additional 1,229 shares during the period. 75.18% of the stock is owned by institutional investors.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. This trade represents a 39.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ABT has been the subject of several research analyst reports. Jefferies Financial Group boosted their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, October 17th. Piper Sandler upped their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays raised their price objective on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Evercore ISI increased their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, 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. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock opened at $115.90 on Friday. The stock has a market cap of $201.02 billion, a price-to-earnings ratio of 35.23, a P/E/G ratio of 2.72 and a beta of 0.72. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a twelve month low of $97.64 and a twelve month high of $121.64. The company’s fifty day moving average is $115.53 and its 200 day moving average is $109.52.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.14 earnings per share. Sell-side analysts forecast that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 66.87%.

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.