Cypress Asset Management Inc. TX Boosts Stake in Abbott Laboratories (NYSE:ABT)

Cypress Asset Management Inc. TX raised its holdings in shares of Abbott Laboratories (NYSE:ABT) by 15.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,967 shares of the healthcare product maker’s stock after buying an additional 3,661 shares during the quarter. Cypress Asset Management Inc. TX’s holdings in Abbott Laboratories were worth $3,196,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABT. Signature Resources Capital Management LLC purchased a new position in Abbott Laboratories during the fourth quarter worth about $29,000. Transcendent Capital Group LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth about $29,000. Richardson Financial Services Inc. purchased a new position in shares of Abbott Laboratories in the 4th quarter worth about $29,000. Redmont Wealth Advisors LLC purchased a new position in shares of Abbott Laboratories in the 1st quarter worth about $30,000. Finally, True Wealth Design LLC boosted its holdings in shares of Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after purchasing an additional 302 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Up 1.1 %

Shares of Abbott Laboratories stock traded up $1.16 during midday trading on Friday, hitting $111.31. The company had a trading volume of 9,885,690 shares, compared to its average volume of 8,385,752. 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 stock has a market capitalization of $193.67 billion, a P/E ratio of 34.68, a P/E/G ratio of 2.74 and a beta of 0.72. The company has a 50 day moving average of $104.22 and a 200 day moving average of $109.06. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64.

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

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.20 annualized dividend and a yield of 1.98%. Abbott Laboratories’s dividend payout ratio is 68.54%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABT. Evercore ISI cut their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup lowered their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research note on Wednesday, May 22nd. Raymond James reissued a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Finally, 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 for the company. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $121.00.

Insider Buying and Selling at Abbott Laboratories

In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares in the company, valued at approximately $6,530,337.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares in the company, valued at $6,530,337.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the transaction, the executive vice president now owns 211,341 shares in the company, valued at $22,099,928.37. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Abbott Laboratories Profile

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.