Abbott Laboratories (NYSE:ABT) Shares Sold by Panagora Asset Management Inc.

Panagora Asset Management Inc. cut its position in Abbott Laboratories (NYSE:ABT) by 10.8% during the first quarter, HoldingsChannel.com reports. The fund owned 407,186 shares of the healthcare product maker’s stock after selling 49,515 shares during the period. Panagora Asset Management Inc.’s holdings in Abbott Laboratories were worth $48,797,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Banque Pictet & Cie SA lifted its position in Abbott Laboratories by 7.8% during the first quarter. Banque Pictet & Cie SA now owns 280,214 shares of the healthcare product maker’s stock worth $33,581,000 after buying an additional 20,359 shares in the last quarter. Fifth Third Bancorp lifted its position in Abbott Laboratories by 1.6% during the first quarter. Fifth Third Bancorp now owns 1,220,529 shares of the healthcare product maker’s stock worth $146,268,000 after buying an additional 18,803 shares in the last quarter. Wedbush Securities Inc. lifted its position in Abbott Laboratories by 20.5% during the first quarter. Wedbush Securities Inc. now owns 36,374 shares of the healthcare product maker’s stock worth $4,359,000 after buying an additional 6,178 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in Abbott Laboratories by 10.0% during the first quarter. Stratos Wealth Advisors LLC now owns 25,834 shares of the healthcare product maker’s stock worth $3,096,000 after buying an additional 2,344 shares in the last quarter. Finally, SeaCrest Wealth Management LLC lifted its position in Abbott Laboratories by 5.9% during the fourth quarter. SeaCrest Wealth Management LLC now owns 21,193 shares of the healthcare product maker’s stock worth $2,320,000 after buying an additional 1,179 shares in the last quarter. 73.03% of the stock is currently owned by hedge funds and other institutional investors.

ABT has been the topic of a number of research analyst reports. Morgan Stanley reduced their target price on Abbott Laboratories from $140.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 2nd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut their price objective on Abbott Laboratories from $138.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, June 2nd. Raymond James cut their price objective on Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating on the stock in a report on Wednesday, June 2nd. BTIG Research lowered their target price on Abbott Laboratories from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, June 2nd. Finally, Barclays lowered their target price on Abbott Laboratories from $150.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, June 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $122.00.

ABT remained flat at $$110.15 on Friday. The company’s stock had a trading volume of 39,122 shares, compared to its average volume of 5,708,611. The stock’s 50-day moving average price is $117.83. The company has a current ratio of 1.75, a quick ratio of 1.32 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $195.72 billion, a price-to-earnings ratio of 34.53, a PEG ratio of 1.92 and a beta of 0.69. Abbott Laboratories has a 12-month low of $86.16 and a 12-month high of $128.54.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. The business had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.72 billion. Abbott Laboratories had a return on equity of 24.02% and a net margin of 15.33%. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 EPS. Equities analysts forecast that Abbott Laboratories will post 4.35 earnings per share for the current fiscal year.

In other news, SVP Jared Watkin sold 94,576 shares of the stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $119.90, for a total transaction of $11,339,662.40. Following the completion of the transaction, the senior vice president now directly owns 59,783 shares of the company’s stock, valued at approximately $7,167,981.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.50% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories 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 Established Pharmaceutical Products segment 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.

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

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