Coho Partners Ltd. Reduces Position in Abbott Laboratories (ABT)

Coho Partners Ltd. lowered its stake in shares of Abbott Laboratories (NYSE:ABT) by 25.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,507,575 shares of the healthcare product maker’s stock after selling 853,475 shares during the quarter. Abbott Laboratories comprises approximately 3.9% of Coho Partners Ltd.’s holdings, making the stock its 11th largest holding. Coho Partners Ltd. owned 0.14% of Abbott Laboratories worth $150,254,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ABT. Somerset Trust Co boosted its stake in Abbott Laboratories by 2.6% during the fourth quarter. Somerset Trust Co now owns 33,979 shares of the healthcare product maker’s stock worth $1,939,000 after buying an additional 851 shares in the last quarter. Rench Wealth Management Inc. boosted its stake in Abbott Laboratories by 1.8% during the fourth quarter. Rench Wealth Management Inc. now owns 48,149 shares of the healthcare product maker’s stock worth $2,748,000 after buying an additional 863 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in Abbott Laboratories by 11.2% during the fourth quarter. Rehmann Capital Advisory Group now owns 8,886 shares of the healthcare product maker’s stock worth $507,000 after buying an additional 892 shares in the last quarter. Reik & CO. LLC boosted its stake in Abbott Laboratories by 17.3% during the fourth quarter. Reik & CO. LLC now owns 6,115 shares of the healthcare product maker’s stock worth $349,000 after buying an additional 900 shares in the last quarter. Finally, Buckley Wealth Management LLC boosted its stake in Abbott Laboratories by 15.6% during the first quarter. Buckley Wealth Management LLC now owns 6,839 shares of the healthcare product maker’s stock worth $410,000 after buying an additional 923 shares in the last quarter. 72.09% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have weighed in on ABT. Barclays lifted their price target on shares of Abbott Laboratories from $66.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Guggenheim reiterated a “buy” rating and set a $72.00 price target on shares of Abbott Laboratories in a research note on Thursday, January 25th. Royal Bank of Canada restated a “buy” rating and issued a $67.00 target price on shares of Abbott Laboratories in a research note on Thursday, January 25th. Leerink Swann restated a “market perform” rating and issued a $68.00 target price (up previously from $60.00) on shares of Abbott Laboratories in a research note on Thursday, January 25th. Finally, Citigroup boosted their target price on shares of Abbott Laboratories from $59.00 to $64.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $68.35.

Shares of NYSE ABT opened at $61.39 on Wednesday. The stock has a market cap of $108.89 billion, a P/E ratio of 24.56, a P/E/G ratio of 1.78 and a beta of 1.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.24 and a current ratio of 1.66. Abbott Laboratories has a 12-month low of $43.40 and a 12-month high of $64.60.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, April 18th. The healthcare product maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The business had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.28 billion. Abbott Laboratories had a net margin of 1.67% and a return on equity of 14.54%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS. sell-side analysts forecast that Abbott Laboratories will post 2.86 earnings per share for the current fiscal year.

In related news, Director Daniel J. Starks purchased 40,037 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average price of $60.67 per share, for a total transaction of $2,429,044.79. Following the transaction, the director now directly owns 6,943,348 shares in the company, valued at $421,252,923.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jared Watkin sold 996 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $58.87, for a total transaction of $58,634.52. Following the transaction, the senior vice president now owns 69,511 shares in the company, valued at approximately $4,092,112.57. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,516 shares of company stock worth $1,976,970. 0.74% of the stock is owned by corporate insiders.

Abbott Laboratories Company Profile

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.

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

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