Abbott Laboratories (NYSE:ABT) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 8.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 587,107 shares of the healthcare product maker’s stock after selling 52,459 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Abbott Laboratories were worth $77,880,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Hughes Financial Services LLC acquired a new position in Abbott Laboratories in the 1st quarter valued at $27,000. Abound Financial LLC acquired a new position in Abbott Laboratories in the 1st quarter valued at $28,000. Wormser Freres Gestion acquired a new position in Abbott Laboratories in the 4th quarter valued at $32,000. JCIC Asset Management Inc. acquired a new position in Abbott Laboratories in the 1st quarter valued at $32,000. Finally, Vision Financial Markets LLC acquired a new position in Abbott Laboratories in the 1st quarter valued at $33,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $129.37 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. The firm has a 50-day moving average of $131.44 and a two-hundred day moving average of $131.15. The stock has a market cap of $225.16 billion, a P/E ratio of 16.21, a PEG ratio of 2.45 and a beta of 0.70. Abbott Laboratories has a 1-year low of $109.76 and a 1-year high of $141.23.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company had revenue of $11.14 billion during the quarter, compared to analysts’ expectations of $11.01 billion. During the same period in the prior year, the company posted $1.14 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, research analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 29.57%.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $134.55, for a total value of $746,752.50. Following the transaction, the chief financial officer owned 51,003 shares of the company’s stock, valued at $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ABT shares. William Blair upgraded Abbott Laboratories to a “strong-buy” rating in a report on Thursday, July 17th. Leerink Partners began coverage on Abbott Laboratories in a report on Monday, June 16th. They set a “market perform” rating and a $143.00 price objective for the company. Piper Sandler reiterated an “overweight” rating and issued a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. BTIG Research lowered their price target on Abbott Laboratories from $148.00 to $145.00 and set a “buy” rating for the company in a research report on Friday, July 18th. Finally, Stifel Nicolaus upped their price target on Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.47.

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.