Corbyn Investment Management Inc. MD Reduces Position in Abbott Laboratories (NYSE:ABT)

Corbyn Investment Management Inc. MD reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 1.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 11,223 shares of the healthcare product maker’s stock after selling 183 shares during the quarter. Corbyn Investment Management Inc. MD’s holdings in Abbott Laboratories were worth $1,166,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ABT. International Assets Investment Management LLC increased its position in Abbott Laboratories by 28.4% during the fourth quarter. International Assets Investment Management LLC now owns 12,257 shares of the healthcare product maker’s stock worth $1,349,000 after purchasing an additional 2,714 shares during the last quarter. Gilbert & Cook Inc. increased its position in shares of Abbott Laboratories by 17.4% during the fourth quarter. Gilbert & Cook Inc. now owns 7,556 shares of the healthcare product maker’s stock valued at $832,000 after acquiring an additional 1,120 shares during the last quarter. Accretive Wealth Partners LLC increased its position in shares of Abbott Laboratories by 1.2% during the fourth quarter. Accretive Wealth Partners LLC now owns 13,322 shares of the healthcare product maker’s stock valued at $1,466,000 after acquiring an additional 152 shares during the last quarter. Aveo Capital Partners LLC increased its position in shares of Abbott Laboratories by 13.3% during the fourth quarter. Aveo Capital Partners LLC now owns 3,525 shares of the healthcare product maker’s stock valued at $388,000 after acquiring an additional 413 shares during the last quarter. Finally, Gryphon Financial Partners LLC increased its position in shares of Abbott Laboratories by 3.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 111,176 shares of the healthcare product maker’s stock valued at $12,252,000 after acquiring an additional 3,767 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Up 0.7 %

Shares of Abbott Laboratories stock opened at $113.86 on Friday. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The company has a 50 day moving average of $107.87 and a 200 day moving average of $108.73. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $198.07 billion, a P/E ratio of 35.47, a P/E/G ratio of 2.82 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. As a group, research analysts forecast that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were paid a $0.55 dividend. The ex-dividend date was Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.93%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Analyst Upgrades and Downgrades

ABT has been the subject of a number of recent analyst reports. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Barclays lifted their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $125.00 price target on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Citigroup lifted their price objective on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Finally, The Goldman Sachs Group started coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $121.80.

Abbott Laboratories Company 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.