First Foundation Advisors Purchases 3,613 Shares of Abbott Laboratories (NYSE:ABT)

by · The Cerbat Gem

First Foundation Advisors increased its position in Abbott Laboratories (NYSE:ABT – Free Report) by 27.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 16,914 shares of the healthcare product maker’s stock after buying an additional 3,613 shares during the period. First Foundation Advisors’ holdings in Abbott Laboratories were worth $1,844,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Treasurer of the State of North Carolina boosted its holdings in Abbott Laboratories by 0.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 825,519 shares of the healthcare product maker’s stock worth $89,998,000 after buying an additional 5,336 shares during the period. Buckingham Strategic Partners boosted its holdings in shares of Abbott Laboratories by 35.4% during the 2nd quarter. Buckingham Strategic Partners now owns 5,766 shares of the healthcare product maker’s stock valued at $629,000 after purchasing an additional 1,509 shares during the last quarter. Old West Investment Management LLC boosted its holdings in shares of Abbott Laboratories by 4.9% during the 2nd quarter. Old West Investment Management LLC now owns 14,003 shares of the healthcare product maker’s stock valued at $1,527,000 after purchasing an additional 655 shares during the last quarter. Union Savings Bank bought a new position in shares of Abbott Laboratories during the 2nd quarter valued at about $1,067,000. Finally, Graves Light Lenhart Wealth Inc. bought a new position in shares of Abbott Laboratories during the 2nd quarter valued at about $487,000. Institutional investors own 73.70% of the company’s stock.

Abbott Laboratories Price Performance

NYSE ABT opened at $104.70 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.23 and a current ratio of 1.74. The firm’s 50 day moving average price is $97.15 and its 200-day moving average price is $102.36. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $115.83. The company has a market cap of $181.77 billion, a PE ratio of 35.49, a P/E/G ratio of 2.62 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT – Get Free Report) last released its quarterly earnings data on Wednesday, October 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 firm had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $9.82 billion. Abbott Laboratories had a net margin of 12.92% and a return on equity of 20.15%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $1.15 earnings per share. Sell-side analysts forecast that Abbott Laboratories will post 4.44 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th were paid a dividend of $0.51 per share. The ex-dividend date was Thursday, October 12th. This represents a $2.04 annualized dividend and a dividend yield of 1.95%. Abbott Laboratories’s payout ratio is currently 69.39%.

Insider Transactions at Abbott Laboratories

In other news, Director Daniel J. Starks sold 50,000 shares of Abbott Laboratories stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $94.05, for a total transaction of $4,702,500.00. Following the completion of the sale, the director now directly owns 6,725,316 shares in the company, valued at $632,515,969.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ABT shares. Jefferies Financial Group dropped their price objective on shares of Abbott Laboratories from $120.00 to $112.00 in a report on Monday, October 2nd. StockNews.com initiated coverage on shares of Abbott Laboratories in a report on Thursday, October 5th. They issued a “buy” rating for the company. Morgan Stanley lowered their price target on shares of Abbott Laboratories from $112.00 to $107.00 and set an “equal weight” rating for the company in a report on Thursday, October 19th. UBS Group lowered their price target on shares of Abbott Laboratories from $130.00 to $118.00 in a report on Thursday, October 19th. Finally, Wells Fargo & Company lowered their price target on shares of Abbott Laboratories from $136.00 to $116.00 and set an “overweight” rating for the company in a report on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Abbott Laboratories currently has an average rating of “Moderate Buy” and an average target price of $117.47.

Check Out Our Latest Research Report on ABT

Abbott Laboratories Company Profile

(Free Report)

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 Established Pharmaceutical Products segment 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.

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