Abbott Laboratories (NYSE:ABT) Shares Sold by State Treasurer State of Michigan

State Treasurer State of Michigan lowered its stake in shares of Abbott Laboratories (NYSE:ABT) by 9.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 788,543 shares of the healthcare product maker’s stock after selling 84,500 shares during the quarter. State Treasurer State of Michigan’s holdings in Abbott Laboratories were worth $42,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Villere ST Denis J & Co. LLC grew its stake in shares of Abbott Laboratories by 2.3% during the second quarter. Villere ST Denis J & Co. LLC now owns 268,200 shares of the healthcare product maker’s stock worth $13,037,000 after purchasing an additional 5,950 shares in the last quarter. Private Bank & Trust Co. grew its stake in shares of Abbott Laboratories by 12.3% during the second quarter. Private Bank & Trust Co. now owns 30,322 shares of the healthcare product maker’s stock worth $1,473,000 after purchasing an additional 3,330 shares in the last quarter. Gratus Capital LLC grew its stake in shares of Abbott Laboratories by 0.9% during the second quarter. Gratus Capital LLC now owns 205,067 shares of the healthcare product maker’s stock worth $9,968,000 after purchasing an additional 1,869 shares in the last quarter. Comerica Securities Inc. acquired a new position in Abbott Laboratories in the first quarter valued at $2,833,000. Finally, AQR Capital Management LLC boosted its stake in Abbott Laboratories by 264.8% in the first quarter. AQR Capital Management LLC now owns 634,391 shares of the healthcare product maker’s stock valued at $28,173,000 after acquiring an additional 460,477 shares in the last quarter. 71.15% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have issued reports on the stock. BMO Capital Markets restated a “market perform” rating on shares of Abbott Laboratories in a research note on Thursday, October 19th. Barclays upped their price objective on shares of Abbott Laboratories from $57.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, September 28th. Bank of America restated a “buy” rating and issued a $60.00 price objective (up previously from $56.00) on shares of Abbott Laboratories in a research note on Wednesday, October 4th. ValuEngine downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Stifel Nicolaus upped their price objective on shares of Abbott Laboratories from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Abbott Laboratories presently has a consensus rating of “Buy” and a consensus price target of $60.24.

In related news, Chairman Miles D. White sold 276,886 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $54.41, for a total transaction of $15,065,367.26. Following the completion of the transaction, the chairman now directly owns 3,677,913 shares of the company’s stock, valued at $200,115,246.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $56.21, for a total transaction of $5,430,054.63. Following the transaction, the executive vice president now directly owns 142,082 shares of the company’s stock, valued at $7,986,429.22. The disclosure for this sale can be found here. Insiders sold 501,172 shares of company stock valued at $27,533,150 over the last ninety days. Corporate insiders own 0.76% of the company’s stock.

Shares of Abbott Laboratories (NYSE ABT) traded up $0.12 during trading hours on Thursday, hitting $58.95. 4,240,000 shares of the stock were exchanged, compared to its average volume of 6,600,000. Abbott Laboratories has a 1-year low of $39.25 and a 1-year high of $59.60. The company has a quick ratio of 2.26, a current ratio of 2.69 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $102,610.00, a PE ratio of 48.72, a price-to-earnings-growth ratio of 1.88 and a beta of 1.55.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The business had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.72 billion. During the same period in the prior year, the company earned $0.59 earnings per share. The business’s revenue was up 28.8% compared to the same quarter last year. equities research analysts forecast that Abbott Laboratories will post 2.5 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.90%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Thursday, January 11th. Abbott Laboratories’s dividend payout ratio is presently 87.60%.

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About Abbott Laboratories

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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