Longer Investments Inc. Lowers Stake in Abbott Laboratories (ABT)

Longer Investments Inc. cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 15.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 24,360 shares of the healthcare product maker’s stock after selling 4,413 shares during the quarter. Abbott Laboratories makes up 1.7% of Longer Investments Inc.’s holdings, making the stock its 25th biggest holding. Longer Investments Inc.’s holdings in Abbott Laboratories were worth $1,787,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Grassi Investment Management lifted its holdings in Abbott Laboratories by 0.6% in the 3rd quarter. Grassi Investment Management now owns 123,859 shares of the healthcare product maker’s stock worth $9,086,000 after buying an additional 776 shares in the last quarter. City Holding Co. lifted its holdings in Abbott Laboratories by 1.6% in the 2nd quarter. City Holding Co. now owns 50,654 shares of the healthcare product maker’s stock worth $3,089,000 after buying an additional 782 shares in the last quarter. Burns J W & Co. Inc. NY lifted its holdings in Abbott Laboratories by 3.2% in the 3rd quarter. Burns J W & Co. Inc. NY now owns 25,006 shares of the healthcare product maker’s stock worth $1,834,000 after buying an additional 785 shares in the last quarter. Fulton Bank N.A. lifted its holdings in Abbott Laboratories by 4.3% in the 3rd quarter. Fulton Bank N.A. now owns 19,375 shares of the healthcare product maker’s stock worth $1,421,000 after buying an additional 791 shares in the last quarter. Finally, Moody National Bank Trust Division lifted its holdings in Abbott Laboratories by 7.3% in the 2nd quarter. Moody National Bank Trust Division now owns 11,757 shares of the healthcare product maker’s stock worth $717,000 after buying an additional 795 shares in the last quarter. 72.23% of the stock is owned by institutional investors.

A number of equities analysts have commented on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $80.00 price objective on shares of Abbott Laboratories in a report on Thursday. Raymond James boosted their price objective on shares of Abbott Laboratories from $77.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a report on Thursday. Barclays assumed coverage on shares of Abbott Laboratories in a report on Monday, October 15th. They issued an “overweight” rating and a $80.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, October 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company’s stock. Abbott Laboratories presently has a consensus rating of “Buy” and an average price target of $75.22.

In other news, insider Sharon J. Bracken sold 615 shares of the company’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $65.16, for a total value of $40,073.40. Following the sale, the insider now owns 40,761 shares in the company, valued at approximately $2,655,986.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael J. Pederson sold 1,050 shares of the company’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $63.43, for a total transaction of $66,601.50. Following the completion of the sale, the insider now owns 79,467 shares in the company, valued at approximately $5,040,591.81. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,321 shares of company stock worth $10,492,583. Company insiders own 0.74% of the company’s stock.

Shares of Abbott Laboratories stock opened at $67.59 on Friday. The stock has a market capitalization of $119.54 billion, a PE ratio of 27.04, a P/E/G ratio of 1.90 and a beta of 1.49. The company has a current ratio of 1.58, a quick ratio of 1.16 and a debt-to-equity ratio of 0.64. Abbott Laboratories has a 1 year low of $53.61 and a 1 year high of $74.15.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.75. The business had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.65 billion. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.01%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 EPS. Sell-side analysts forecast that Abbott Laboratories will post 2.89 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.66%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.

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.

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

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