Abbott Laboratories (NYSE:ABT) Shares Sold by Legato Capital Management LLC

Legato Capital Management LLC lowered its position in Abbott Laboratories (NYSE:ABT) by 25.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,155 shares of the healthcare product maker’s stock after selling 3,391 shares during the quarter. Legato Capital Management LLC’s holdings in Abbott Laboratories were worth $1,055,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new stake in Abbott Laboratories during the 2nd quarter worth about $28,000. Signature Resources Capital Management LLC purchased a new stake in Abbott Laboratories during the 4th quarter worth about $29,000. Transcendent Capital Group LLC purchased a new stake in Abbott Laboratories during the 4th quarter worth about $29,000. Richardson Financial Services Inc. purchased a new stake in Abbott Laboratories during the 4th quarter worth about $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Citigroup raised their price target on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Evercore ISI reduced their price target on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. The Goldman Sachs Group began coverage on Abbott Laboratories in a research note on Thursday, May 30th. They issued a “buy” rating and a $121.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Finally, Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories currently has an average rating of “Moderate Buy” and an average price target of $121.80.

Abbott Laboratories Stock Performance

Abbott Laboratories stock traded up $0.05 during midday trading on Tuesday, reaching $112.75. 1,394,429 shares of the company’s stock were exchanged, compared to its average volume of 5,936,233. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.11 and a current ratio of 1.68. The firm has a market cap of $196.14 billion, a price-to-earnings ratio of 35.09, a P/E/G ratio of 2.74 and a beta of 0.72. The stock’s 50-day simple moving average is $106.34 and its 200 day simple moving average is $108.68.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. During the same quarter last year, the company posted $1.08 earnings per share. Abbott Laboratories’s quarterly revenue was up 4.0% on a year-over-year basis. On average, analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a dividend of $0.55 per share. The ex-dividend date was Monday, July 15th. This represents a $2.20 annualized dividend and a yield of 1.95%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

About Abbott Laboratories

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.