Convergence Financial LLC Decreases Stake in Abbott Laboratories (NYSE:ABT)

Convergence Financial LLC decreased its position in Abbott Laboratories (NYSE:ABT) by 7.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,875 shares of the healthcare product maker’s stock after selling 317 shares during the period. Convergence Financial LLC’s holdings in Abbott Laboratories were worth $438,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Abbott Laboratories by 3.1% during the third quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker’s stock worth $8,746,896,000 after purchasing an additional 2,323,807 shares during the period. Geode Capital Management LLC raised its position in Abbott Laboratories by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 34,903,198 shares of the healthcare product maker’s stock valued at $3,963,974,000 after purchasing an additional 488,764 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Abbott Laboratories by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 25,810,977 shares of the healthcare product maker’s stock worth $2,942,709,000 after buying an additional 280,441 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Abbott Laboratories by 25.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock valued at $1,518,539,000 after buying an additional 2,711,586 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in shares of Abbott Laboratories by 5.6% during the third quarter. Fisher Asset Management LLC now owns 11,102,204 shares of the healthcare product maker’s stock valued at $1,265,762,000 after acquiring an additional 585,915 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

ABT opened at $135.94 on Thursday. The company’s 50-day simple moving average is $122.13 and its two-hundred day simple moving average is $117.43. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $136.59. The stock has a market capitalization of $235.76 billion, a P/E ratio of 17.77, a P/E/G ratio of 2.52 and a beta of 0.75. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.34. The company had revenue of $10.97 billion for the quarter, compared to analysts’ expectations of $11.03 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.19 earnings per share. As a group, analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.59 per share. The ex-dividend date is Tuesday, April 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.74%. Abbott Laboratories’s dividend payout ratio is currently 30.85%.

Insider Activity

In related news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $128.50, for a total value of $3,054,573.50. Following the transaction, the executive vice president now directly owns 125,697 shares of the company’s stock, valued at approximately $16,152,064.50. This trade represents a 15.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABT. Stifel Nicolaus lifted their price target on shares of Abbott Laboratories from $130.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Evercore ISI boosted their price target on shares of Abbott Laboratories to $136.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. StockNews.com lowered shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $135.00 target price on shares of Abbott Laboratories in a research report on Tuesday, January 21st. Finally, Argus upgraded Abbott Laboratories to a “strong-buy” rating in a research report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.06.

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.