Evergreen Capital Management LLC Cuts Stock Position in Abbott Laboratories (NYSE:ABT)

Evergreen Capital Management LLC trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 8.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,861 shares of the healthcare product maker’s stock after selling 1,430 shares during the quarter. Evergreen Capital Management LLC’s holdings in Abbott Laboratories were worth $1,648,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Abbott Laboratories by 5.6% during the first quarter. Vanguard Group Inc. now owns 165,301,921 shares of the healthcare product maker’s stock valued at $18,788,216,000 after acquiring an additional 8,834,840 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of Abbott Laboratories by 9.5% during the 4th quarter. Capital Research Global Investors now owns 86,588,614 shares of the healthcare product maker’s stock valued at $9,530,825,000 after purchasing an additional 7,527,778 shares during the last quarter. Capital International Investors boosted its position in shares of Abbott Laboratories by 9.1% in the 1st quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock worth $7,976,382,000 after purchasing an additional 5,882,780 shares in the last quarter. Wellington Management Group LLP grew its stake in Abbott Laboratories by 3.3% during the 4th quarter. Wellington Management Group LLP now owns 32,236,101 shares of the healthcare product maker’s stock worth $3,548,228,000 after buying an additional 1,027,390 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Abbott Laboratories by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 9,922,170 shares of the healthcare product maker’s stock valued at $1,092,133,000 after buying an additional 228,039 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $113.39 on Wednesday. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. 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 stock has a market cap of $197.26 billion, a PE ratio of 35.32, a price-to-earnings-growth ratio of 2.90 and a beta of 0.72. The business has a 50-day simple moving average of $110.95 and a 200-day simple moving average of $108.36.

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

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.94%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 68.54%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Piper Sandler initiated coverage on Abbott Laboratories in a research note on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 target price on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Citigroup raised their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Piper Sandler Companies initiated coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price for the company. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.33.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.10% of the company’s stock.

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.