Sit Investment Associates Inc. Has $26.89 Million Stake in Abbott Laboratories (ABT)

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Sit Investment Associates Inc. lessened its stake in shares of Abbott Laboratories (NYSE:ABT) by 35.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 371,735 shares of the healthcare product maker’s stock after selling 204,350 shares during the quarter. Abbott Laboratories makes up approximately 0.9% of Sit Investment Associates Inc.’s portfolio, making the stock its 23rd biggest position. Sit Investment Associates Inc.’s holdings in Abbott Laboratories were worth $26,888,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Csenge Advisory Group purchased a new stake in Abbott Laboratories in the third quarter worth $31,000. Signature Estate & Investment Advisors LLC purchased a new stake in Abbott Laboratories in the third quarter worth $103,000. Atlantic Trust LLC purchased a new stake in Abbott Laboratories in the second quarter worth $104,000. Stelac Advisory Services LLC purchased a new stake in Abbott Laboratories in the third quarter worth $134,000. Finally, Highwater Wealth Management LLC purchased a new stake in Abbott Laboratories in the fourth quarter worth $143,000. 72.75% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Jared Watkin sold 65,000 shares of Abbott Laboratories stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $71.00, for a total value of $4,615,000.00. Following the completion of the sale, the insider now directly owns 128,640 shares in the company, valued at approximately $9,133,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Miles D. White sold 142,341 shares of Abbott Laboratories stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $72.35, for a total value of $10,298,371.35. Following the completion of the sale, the chairman now owns 3,459,185 shares of the company’s stock, valued at $250,272,034.75. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.

A number of analysts recently commented on the company. Morgan Stanley raised their price target on Abbott Laboratories from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 4th. Goldman Sachs Group upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $81.00 in a report on Friday, November 30th. Citigroup downgraded Abbott Laboratories from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $72.00 to $68.00 in a report on Wednesday, January 2nd. Zacks Investment Research downgraded Abbott Laboratories from a “hold” rating to a “sell” rating in a report on Monday, October 8th. Finally, Cowen increased their price objective on Abbott Laboratories from $72.00 to $86.00 and gave the stock an “average” rating in a report on Friday, October 5th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Abbott Laboratories has an average rating of “Buy” and a consensus target price of $76.86.

Shares of NYSE:ABT traded down $0.86 on Monday, hitting $68.47. 160,215 shares of the company traded hands, compared to its average volume of 8,115,916. Abbott Laboratories has a 52 week low of $55.58 and a 52 week high of $74.92. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.42 and a quick ratio of 1.13. The company has a market capitalization of $121.96 billion, a PE ratio of 27.37, a PEG ratio of 1.86 and a beta of 1.24.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, meeting the consensus estimate of $0.75. Abbott Laboratories had a return on equity of 16.05% and a net margin of 2.91%. The firm had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the company earned $0.66 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts anticipate that Abbott Laboratories will post 2.89 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, January 14th. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 1.87%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.

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Abbott Laboratories Company Profile

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.

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

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