Sit Investment Associates Inc. Has $33.43 Million Position in Abbott Laboratories (NYSE:ABT)

Sit Investment Associates Inc. boosted its position in shares of Abbott Laboratories (NYSE:ABT) by 10.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 687,608 shares of the healthcare product maker’s stock after buying an additional 65,878 shares during the period. Abbott Laboratories accounts for about 0.8% of Sit Investment Associates Inc.’s portfolio, making the stock its 25th largest position. Sit Investment Associates Inc.’s holdings in Abbott Laboratories were worth $33,425,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Chevy Chase Trust Holdings Inc. raised its stake in shares of Abbott Laboratories by 19.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 1,611,080 shares of the healthcare product maker’s stock valued at $71,546,000 after buying an additional 258,152 shares in the last quarter. Bridges Investment Management Inc. raised its stake in shares of Abbott Laboratories by 14.2% in the first quarter. Bridges Investment Management Inc. now owns 38,002 shares of the healthcare product maker’s stock valued at $1,687,000 after buying an additional 4,725 shares in the last quarter. McQueen Ball & Associates Inc. raised its stake in shares of Abbott Laboratories by 0.4% in the first quarter. McQueen Ball & Associates Inc. now owns 46,104 shares of the healthcare product maker’s stock valued at $2,047,000 after buying an additional 197 shares in the last quarter. Foundry Partners LLC bought a new stake in shares of Abbott Laboratories during the first quarter valued at approximately $12,572,000. Finally, First Financial Bank N.A. Trust Division raised its stake in shares of Abbott Laboratories by 1.4% in the first quarter. First Financial Bank N.A. Trust Division now owns 167,695 shares of the healthcare product maker’s stock valued at $7,448,000 after buying an additional 2,389 shares in the last quarter. 70.86% of the stock is currently owned by institutional investors.

Shares of Abbott Laboratories (ABT) opened at 48.74 on Friday. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $51.13. The company has a market capitalization of $84.68 billion, a price-to-earnings ratio of 68.26 and a beta of 1.07. The company’s 50-day moving average is $49.15 and its 200-day moving average is $45.95.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm’s quarterly revenue was up 24.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.55 EPS. Analysts predict that Abbott Laboratories will post $2.49 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, July 12th. Abbott Laboratories’s payout ratio is currently 149.30%.

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ABT has been the topic of several research reports. Cowen and Company reaffirmed an “outperform” rating and issued a $48.00 price objective on shares of Abbott Laboratories in a research report on Saturday, April 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $51.00 target price (up previously from $50.00) on shares of Abbott Laboratories in a research note on Friday, May 12th. Royal Bank Of Canada reiterated a “buy” rating on shares of Abbott Laboratories in a research note on Monday, May 15th. Goldman Sachs Group, Inc. (The) began coverage on shares of Abbott Laboratories in a research note on Tuesday, May 16th. They issued a “neutral” rating and a $45.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Tuesday, May 16th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $52.14.

In other news, insider Jared Watkin sold 552 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $47.97, for a total transaction of $26,479.44. Following the completion of the transaction, the insider now directly owns 47,090 shares in the company, valued at approximately $2,258,907.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total value of $9,041,300.00. Following the transaction, the insider now owns 221,488 shares of the company’s stock, valued at $10,188,448. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 415,252 shares of company stock valued at $19,878,958. 0.76% of the stock is owned by company insiders.

Abbott Laboratories Company Profile

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

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

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