Abbott Laboratories (NYSE:ABT) is Menlo Advisors LLC’s 10th Largest Position

Menlo Advisors LLC reduced its stake in Abbott Laboratories (NYSE:ABT) by 0.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 69,492 shares of the healthcare product maker’s stock after selling 95 shares during the quarter. Abbott Laboratories accounts for 4.0% of Menlo Advisors LLC’s investment portfolio, making the stock its 10th largest position. Menlo Advisors LLC’s holdings in Abbott Laboratories were worth $7,220,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in ABT. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories during the 2nd quarter worth about $28,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories in the fourth quarter valued at approximately $29,000. Richardson Financial Services Inc. purchased a new stake in Abbott Laboratories during the 4th quarter worth approximately $29,000. Redmont Wealth Advisors LLC acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $30,000. Finally, True Wealth Design LLC grew its stake in shares of Abbott Laboratories by 1,677.8% in the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after acquiring an additional 302 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 1.1 %

Shares of Abbott Laboratories stock opened at $117.63 on Tuesday. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The company has a market capitalization of $204.63 billion, a P/E ratio of 36.64, a P/E/G ratio of 2.90 and a beta of 0.72. The business has a 50 day moving average price of $109.55 and a 200 day moving average price of $108.57. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $10.38 billion for the quarter, compared to analyst estimates 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 was up 4.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.08 earnings per share. Sell-side analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Insider Transactions at Abbott Laboratories

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ABT shares. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Citigroup raised their price target on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Evercore ISI dropped their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. Barclays boosted their target price on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and an average target price of $121.80.

Abbott Laboratories 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.