6 Meridian Sells 11,183 Shares of Abbott Laboratories (NYSE:ABT)

6 Meridian lowered its holdings in Abbott Laboratories (NYSE:ABT) by 12.5% during the third quarter, HoldingsChannel.com reports. The fund owned 78,018 shares of the healthcare product maker’s stock after selling 11,183 shares during the period. 6 Meridian’s holdings in Abbott Laboratories were worth $6,528,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Arcadia Investment Management Corp MI grew its stake in Abbott Laboratories by 5.7% during the third quarter. Arcadia Investment Management Corp MI now owns 10,669 shares of the healthcare product maker’s stock worth $893,000 after buying an additional 575 shares during the last quarter. State of Michigan Retirement System grew its stake in Abbott Laboratories by 0.6% during the third quarter. State of Michigan Retirement System now owns 424,943 shares of the healthcare product maker’s stock worth $35,555,000 after buying an additional 2,600 shares during the last quarter. Miramar Capital LLC grew its stake in Abbott Laboratories by 32.4% during the third quarter. Miramar Capital LLC now owns 31,680 shares of the healthcare product maker’s stock worth $2,587,000 after buying an additional 7,756 shares during the last quarter. Tandem Investment Advisors Inc. grew its stake in Abbott Laboratories by 8.1% during the third quarter. Tandem Investment Advisors Inc. now owns 388,727 shares of the healthcare product maker’s stock worth $32,525,000 after buying an additional 29,004 shares during the last quarter. Finally, Woodard & Co. Asset Management Group Inc. ADV grew its stake in Abbott Laboratories by 8.0% during the third quarter. Woodard & Co. Asset Management Group Inc. ADV now owns 8,140 shares of the healthcare product maker’s stock worth $681,000 after buying an additional 600 shares during the last quarter. 73.78% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CFO Brian B. Yoor sold 43,763 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $85.77, for a total value of $3,753,552.51. Following the transaction, the chief financial officer now directly owns 125,781 shares in the company, valued at $10,788,236.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sally E. Blount sold 2,500 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total transaction of $219,125.00. Following the completion of the transaction, the director now owns 26,266 shares in the company, valued at $2,302,214.90. The disclosure for this sale can be found here. Insiders sold 116,497 shares of company stock worth $9,981,160 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Several analysts have weighed in on the stock. William Blair reaffirmed an “underperform” rating on shares of Abbott Laboratories in a research note on Thursday, October 17th. Raymond James decreased their price objective on shares of Abbott Laboratories from $93.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group upped their price objective on shares of Abbott Laboratories from $80.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. BMO Capital Markets upped their price objective on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 target price on the stock. in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $87.61.

Shares of ABT stock opened at $80.54 on Wednesday. Abbott Laboratories has a 1 year low of $65.44 and a 1 year high of $88.76. The firm’s 50 day moving average is $82.64 and its 200-day moving average is $81.81. The firm has a market capitalization of $144.31 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 2.36 and a beta of 1.13. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 16th. The healthcare product maker reported $0.84 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.84. Abbott Laboratories had a net margin of 10.50% and a return on equity of 17.76%. The company had revenue of $8.08 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the business earned $0.75 earnings per share. Abbott Laboratories’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities research analysts forecast that Abbott Laboratories will post 3.25 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.59%. Abbott Laboratories’s payout ratio is 44.44%.

About Abbott Laboratories

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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