Abbott Laboratories (NYSE:ABT) Stake Raised by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lifted its stake in Abbott Laboratories (NYSE:ABT) by 19.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,158,903 shares of the healthcare product maker’s stock after purchasing an additional 1,014,421 shares during the period. Abbott Laboratories makes up 2.7% of Diamond Hill Capital Management Inc.’s investment portfolio, making the stock its 4th largest holding. Diamond Hill Capital Management Inc. owned 0.35% of Abbott Laboratories worth $639,972,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Diversify Wealth Management LLC acquired a new stake in Abbott Laboratories in the second quarter valued at $1,961,000. Williams Financial LLC purchased a new stake in shares of Abbott Laboratories in the 2nd quarter worth about $442,000. Guardian Wealth Management Inc. grew its stake in Abbott Laboratories by 0.7% in the 2nd quarter. Guardian Wealth Management Inc. now owns 26,949 shares of the healthcare product maker’s stock valued at $2,800,000 after acquiring an additional 192 shares during the last quarter. J.W. Cole Advisors Inc. increased its holdings in Abbott Laboratories by 14.5% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 23,702 shares of the healthcare product maker’s stock valued at $2,463,000 after acquiring an additional 3,010 shares in the last quarter. Finally, OV Management LLC raised its position in Abbott Laboratories by 1.5% during the second quarter. OV Management LLC now owns 13,600 shares of the healthcare product maker’s stock worth $1,413,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT opened at $116.40 on Friday. The firm has a market capitalization of $202.52 billion, a PE ratio of 36.26, a P/E/G ratio of 2.90 and a beta of 0.72. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The business has a 50-day moving average of $109.24 and a two-hundred day moving average of $108.65.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. The company had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. Abbott Laboratories’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.08 earnings per share. As a group, research analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ABT has been the topic of several research reports. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Citigroup raised their price target on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. The Goldman Sachs Group started coverage on Abbott Laboratories in a research report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective on the stock. Barclays lifted their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price target on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $121.80.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.