BlueMountain Capital Management LLC Buys New Holdings in Abbott Laboratories (ABT)

BlueMountain Capital Management LLC bought a new position in shares of Abbott Laboratories (NYSE:ABT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 12,452 shares of the healthcare product maker’s stock, valued at approximately $759,000.

Several other hedge funds also recently made changes to their positions in ABT. Charles Schwab Investment Advisory Inc. bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $275,697,000. American Century Companies Inc. boosted its holdings in shares of Abbott Laboratories by 417.9% during the 2nd quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock worth $340,697,000 after buying an additional 4,507,553 shares during the period. BlackRock Inc. boosted its holdings in shares of Abbott Laboratories by 3.7% during the 2nd quarter. BlackRock Inc. now owns 116,149,740 shares of the healthcare product maker’s stock worth $7,083,972,000 after buying an additional 4,153,157 shares during the period. Swedbank bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $101,535,000. Finally, Ceredex Value Advisors LLC bought a new stake in shares of Abbott Laboratories during the 1st quarter worth about $97,236,000. 72.48% of the stock is owned by institutional investors and hedge funds.

In other news, insider Andrew H. Lane sold 9,097 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $67.11, for a total transaction of $610,499.67. Following the completion of the sale, the insider now owns 35,576 shares of the company’s stock, valued at approximately $2,387,505.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jaime Contreras sold 64,268 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $66.84, for a total transaction of $4,295,673.12. Following the sale, the senior vice president now directly owns 125,471 shares of the company’s stock, valued at approximately $8,386,481.64. The disclosure for this sale can be found here. Insiders sold a total of 90,389 shares of company stock valued at $5,995,012 in the last three months. Insiders own 0.74% of the company’s stock.

NYSE ABT opened at $68.42 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $117.49 billion, a price-to-earnings ratio of 27.37, a price-to-earnings-growth ratio of 1.87 and a beta of 1.48. Abbott Laboratories has a 12-month low of $51.37 and a 12-month high of $68.82.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 18th. The healthcare product maker reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. The firm had revenue of $7.77 billion during the quarter, compared to the consensus estimate of $7.71 billion. Abbott Laboratories had a net margin of 3.13% and a return on equity of 15.30%. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 EPS. research analysts forecast that Abbott Laboratories will post 2.88 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Friday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 44.80%.

Several analysts recently commented on the stock. Royal Bank of Canada reaffirmed a “buy” rating and set a $70.00 target price on shares of Abbott Laboratories in a report on Thursday, July 19th. Stifel Nicolaus lifted their target price on shares of Abbott Laboratories from $71.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, July 19th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Finally, Sanford C. Bernstein assumed coverage on shares of Abbott Laboratories in a report on Wednesday, June 27th. They set an “outperform” rating and a $73.00 target price for the company. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $69.88.

Abbott Laboratories 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.

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

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