GQG Partners LLC Cuts Position in Abbott Laboratories (NYSE:ABT)

GQG Partners LLC trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 99.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,248 shares of the healthcare product maker’s stock after selling 12,805,537 shares during the period. GQG Partners LLC’s holdings in Abbott Laboratories were worth $3,039,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its stake in Abbott Laboratories by 160.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,401,508 shares of the healthcare product maker’s stock valued at $1,246,517,000 after purchasing an additional 6,413,312 shares during the last quarter. Flossbach Von Storch AG boosted its holdings in shares of Abbott Laboratories by 34.3% in the second quarter. Flossbach Von Storch AG now owns 6,264,572 shares of the healthcare product maker’s stock valued at $726,252,000 after acquiring an additional 1,600,139 shares during the period. Jennison Associates LLC boosted its holdings in shares of Abbott Laboratories by 1,221.0% in the second quarter. Jennison Associates LLC now owns 1,506,437 shares of the healthcare product maker’s stock valued at $174,641,000 after acquiring an additional 1,392,401 shares during the period. Steadfast Capital Management LP acquired a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $158,654,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Abbott Laboratories by 0.9% in the second quarter. Vanguard Group Inc. now owns 147,844,584 shares of the healthcare product maker’s stock valued at $17,139,623,000 after acquiring an additional 1,276,670 shares during the period. Hedge funds and other institutional investors own 72.05% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price objective on Abbott Laboratories from $126.00 to $136.00 and gave the company an “overweight” rating in a report on Friday, July 23rd. Citigroup increased their price target on Abbott Laboratories from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, October 1st. Zacks Investment Research raised Abbott Laboratories from a “strong sell” rating to a “hold” rating and set a $127.00 price target for the company in a report on Tuesday, August 3rd. Wells Fargo & Company increased their price target on Abbott Laboratories from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday, July 12th. Finally, Cowen reiterated a “buy” rating and issued a $140.00 price objective on shares of Abbott Laboratories in a research report on Friday, October 8th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $130.52.

Abbott Laboratories stock traded up $0.49 during midday trading on Thursday, hitting $117.49. 71,086 shares of the company were exchanged, compared to its average volume of 5,370,625. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.79 and a quick ratio of 1.36. Abbott Laboratories has a fifty-two week low of $103.13 and a fifty-two week high of $129.70. The company’s fifty day moving average price is $123.59 and its 200-day moving average price is $119.60. The company has a market cap of $208.29 billion, a PE ratio of 32.96, a price-to-earnings-growth ratio of 2.45 and a beta of 0.66.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.15. Abbott Laboratories had a return on equity of 26.75% and a net margin of 15.85%. The business had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $9.67 billion. During the same period in the previous year, the business earned $0.57 EPS. The business’s quarterly revenue was up 41.2% on a year-over-year basis. On average, analysts expect that Abbott Laboratories will post 4.42 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Investors of record on Friday, October 15th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, October 14th. This represents a $1.80 dividend on an annualized basis and a yield of 1.53%. Abbott Laboratories’s dividend payout ratio is currently 49.32%.

In other Abbott Laboratories news, SVP Sammy Karam sold 8,000 shares of the business’s stock in a transaction on Tuesday, August 3rd. The stock was sold at an average price of $122.50, for a total transaction of $980,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael J. Pederson sold 23,008 shares of the business’s stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $129.05, for a total value of $2,969,182.40. The disclosure for this sale can be found here. Insiders have sold a total of 222,883 shares of company stock valued at $27,964,400 in the last 90 days. Insiders own 1.50% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.

Further Reading: Stocks Increasing Dividends

Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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