Parsons Capital Management Inc. RI Sells 3,702 Shares of Abbott Laboratories (NYSE:ABT)

Parsons Capital Management Inc. RI reduced its stake in Abbott Laboratories (NYSE:ABT) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 104,462 shares of the healthcare product maker’s stock after selling 3,702 shares during the quarter. Abbott Laboratories comprises 1.0% of Parsons Capital Management Inc. RI’s holdings, making the stock its 21st largest position. Parsons Capital Management Inc. RI’s holdings in Abbott Laboratories were worth $8,785,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ABT. Norges Bank bought a new position in Abbott Laboratories in the 4th quarter valued at about $1,239,454,000. FMR LLC grew its position in shares of Abbott Laboratories by 118.2% during the 4th quarter. FMR LLC now owns 23,762,285 shares of the healthcare product maker’s stock worth $1,718,726,000 after purchasing an additional 12,871,418 shares in the last quarter. Ronna Sue Cohen grew its position in shares of Abbott Laboratories by 7,636.6% during the 1st quarter. Ronna Sue Cohen now owns 6,248,957 shares of the healthcare product maker’s stock worth $6,249,000 after purchasing an additional 6,168,186 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Abbott Laboratories by 8.7% during the 4th quarter. Geode Capital Management LLC now owns 22,133,985 shares of the healthcare product maker’s stock worth $1,598,270,000 after purchasing an additional 1,778,840 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its position in shares of Abbott Laboratories by 8,669.5% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,401,282 shares of the healthcare product maker’s stock worth $140,128,000 after purchasing an additional 1,385,303 shares in the last quarter. 73.42% of the stock is currently owned by hedge funds and other institutional investors.

In other Abbott Laboratories news, Director Sally E. Blount sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total value of $219,125.00. Following the sale, the director now owns 26,266 shares in the company, valued at $2,302,214.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian B. Yoor sold 43,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the completion of the sale, the chief financial officer now owns 125,781 shares in the company, valued at approximately $10,788,236.37. The disclosure for this sale can be found here. Insiders have sold a total of 885,102 shares of company stock worth $71,110,429 in the last quarter. 0.70% of the stock is currently owned by company insiders.

Shares of NYSE ABT traded up $0.34 during trading hours on Thursday, hitting $84.28. 156,483 shares of the stock were exchanged, compared to its average volume of 5,327,106. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The firm has a market cap of $149.58 billion, a P/E ratio of 29.26, a PEG ratio of 2.38 and a beta of 1.12. The firm has a fifty day moving average of $85.77. Abbott Laboratories has a 1-year low of $63.07 and a 1-year high of $88.76.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The business had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $0.73 EPS. Equities analysts anticipate that Abbott Laboratories will post 3.24 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $1.28 annualized dividend and a dividend yield of 1.52%. Abbott Laboratories’s dividend payout ratio is 44.44%.

ABT has been the topic of a number of analyst reports. Raymond James increased their target price on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a research report on Friday, June 7th. Cowen increased their target price on shares of Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. William Blair restated an “outperform” rating on shares of Abbott Laboratories in a research report on Thursday, April 18th. Finally, Morgan Stanley increased their target price on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $85.82.

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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines 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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