Kentucky Retirement Systems Buys New Shares in Abbott Laboratories (NYSE:ABT)

Kentucky Retirement Systems bought a new stake in Abbott Laboratories (NYSE:ABT) during the 2nd quarter, HoldingsChannel reports. The firm bought 103,467 shares of the healthcare product maker’s stock, valued at approximately $11,995,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Capital International Investors lifted its holdings in Abbott Laboratories by 1.8% in the first quarter. Capital International Investors now owns 54,559,742 shares of the healthcare product maker’s stock valued at $6,538,418,000 after buying an additional 968,271 shares during the period. Morgan Stanley lifted its holdings in Abbott Laboratories by 2.4% in the first quarter. Morgan Stanley now owns 27,328,989 shares of the healthcare product maker’s stock valued at $3,275,107,000 after buying an additional 641,577 shares during the period. Geode Capital Management LLC lifted its holdings in Abbott Laboratories by 1.3% in the first quarter. Geode Capital Management LLC now owns 25,982,737 shares of the healthcare product maker’s stock valued at $3,104,280,000 after buying an additional 341,890 shares during the period. Bank of New York Mellon Corp lifted its holdings in Abbott Laboratories by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 21,608,777 shares of the healthcare product maker’s stock valued at $2,589,595,000 after buying an additional 285,822 shares during the period. Finally, Polen Capital Management LLC lifted its holdings in Abbott Laboratories by 1.1% in the first quarter. Polen Capital Management LLC now owns 20,712,324 shares of the healthcare product maker’s stock valued at $2,482,165,000 after buying an additional 220,118 shares during the period. Institutional investors and hedge funds own 72.05% of the company’s stock.

ABT stock traded down $2.82 during trading on Monday, reaching $121.55. The stock had a trading volume of 40,112 shares, compared to its average volume of 5,372,059. Abbott Laboratories has a one year low of $100.34 and a one year high of $129.70. The company has a quick ratio of 1.36, a current ratio of 1.79 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $124.24 and its two-hundred day moving average is $119.73. The company has a market capitalization of $215.49 billion, a price-to-earnings ratio of 35.03, a P/E/G ratio of 2.45 and a beta of 0.66.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.15. Abbott Laboratories had a net margin of 15.85% and a return on equity of 26.75%. The business had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $9.67 billion. During the same period in the prior year, the firm posted $0.57 EPS. The firm’s quarterly revenue was up 41.2% compared to the same quarter last year. As a group, research analysts predict that Abbott Laboratories will post 4.42 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend is Thursday, October 14th. Abbott Laboratories’s dividend payout ratio is currently 49.32%.

ABT has been the topic of several research reports. Raymond James upped their price objective on shares of Abbott Laboratories from $116.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. dropped their price objective on shares of Abbott Laboratories from $138.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, June 2nd. Zacks Investment Research upgraded shares of Abbott Laboratories from a “strong sell” rating to a “hold” rating and set a $127.00 price objective on the stock in a report on Tuesday, August 3rd. Wells Fargo & Company upped their price objective on shares of Abbott Laboratories from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Monday, July 12th. Finally, Barclays dropped their price objective on shares of Abbott Laboratories from $150.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, June 2nd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $128.93.

In related news, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $129.05, for a total transaction of $2,969,182.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew H. Lane sold 135,925 shares of the company’s stock in a transaction that occurred on Friday, August 27th. The shares were sold at an average price of $125.47, for a total transaction of $17,054,509.75. The disclosure for this sale can be found here. Insiders have sold a total of 222,883 shares of company stock valued at $27,964,400 over the last three months. Insiders own 1.50% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.

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

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