Pinnacle Associates Ltd. trimmed its position in Abbott Laboratories (NYSE:ABT) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,109 shares of the healthcare product maker’s stock after selling 3,022 shares during the period. Pinnacle Associates Ltd.’s holdings in Abbott Laboratories were worth $3,359,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Abbott Laboratories by 18.9% in the 1st quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after purchasing an additional 12,806,535 shares in the last quarter. Boston Partners lifted its holdings in Abbott Laboratories by 28.1% in the 2nd quarter. Boston Partners now owns 10,516,502 shares of the healthcare product maker’s stock valued at $511,207,000 after purchasing an additional 2,304,467 shares in the last quarter. Independent Franchise Partners LLP lifted its holdings in Abbott Laboratories by 0.8% in the 2nd quarter. Independent Franchise Partners LLP now owns 9,828,141 shares of the healthcare product maker’s stock valued at $477,745,000 after purchasing an additional 76,935 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Abbott Laboratories by 33.8% in the 1st quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock valued at $391,841,000 after purchasing an additional 2,231,316 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Abbott Laboratories by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,653,761 shares of the healthcare product maker’s stock valued at $420,685,000 after purchasing an additional 103,404 shares in the last quarter. Institutional investors own 69.99% of the company’s stock.

Abbott Laboratories (ABT) opened at $56.12 on Wednesday. The company has a market capitalization of $96,237.83, a P/E ratio of 22.94, a PEG ratio of 2.07 and a beta of 1.06. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 2.69. Abbott Laboratories has a one year low of $37.38 and a one year high of $56.69.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The company had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.72 billion. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The business’s revenue was up 28.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 EPS. sell-side analysts anticipate that Abbott Laboratories will post 2.49 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th were paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 1.89%. The ex-dividend date was Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 83.47%.

A number of research firms have recently commented on ABT. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Tuesday, October 31st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, October 3rd. Bank of America Corporation reissued a “buy” rating and set a $60.00 target price (up previously from $56.00) on shares of Abbott Laboratories in a research report on Wednesday, October 4th. Jefferies Group LLC reissued a “buy” rating and set a $65.00 target price on shares of Abbott Laboratories in a research report on Thursday, October 19th. Finally, Citigroup Inc. reissued a “neutral” rating on shares of Abbott Laboratories in a research report on Thursday, October 19th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Abbott Laboratories presently has an average rating of “Buy” and an average target price of $56.81.

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In other news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $56.21, for a total transaction of $5,430,054.63. Following the completion of the transaction, the executive vice president now directly owns 142,082 shares in the company, valued at approximately $7,986,429.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jaime Contreras sold 52,700 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $51.97, for a total value of $2,738,819.00. Following the transaction, the insider now owns 58,739 shares of the company’s stock, valued at $3,052,665.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 306,786 shares of company stock valued at $16,715,522. Company insiders own 0.76% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

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

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