Abbott Laboratories (NYSE:ABT) Shares Sold by Torch Wealth Management LLC

Torch Wealth Management LLC cut its stake in Abbott Laboratories (NYSE:ABT) by 0.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 27,225 shares of the healthcare product maker’s stock after selling 199 shares during the period. Abbott Laboratories accounts for 1.4% of Torch Wealth Management LLC’s holdings, making the stock its 25th biggest holding. Torch Wealth Management LLC’s holdings in Abbott Laboratories were worth $2,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of ABT. Norges Bank acquired a new stake in Abbott Laboratories in the fourth quarter worth $1,239,454,000. FMR LLC grew its stake in shares of Abbott Laboratories by 118.2% in the fourth quarter. FMR LLC now owns 23,762,285 shares of the healthcare product maker’s stock worth $1,718,726,000 after purchasing an additional 12,871,418 shares in the last quarter. Ronna Sue Cohen grew its stake in shares of Abbott Laboratories by 7,636.6% in the first quarter. Ronna Sue Cohen now owns 6,248,957 shares of the healthcare product maker’s stock worth $6,249,000 after purchasing an additional 6,168,186 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Abbott Laboratories by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 22,133,985 shares of the healthcare product maker’s stock worth $1,598,270,000 after purchasing an additional 1,778,840 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its stake in shares of Abbott Laboratories by 8,669.5% in the second quarter. Thoroughbred Financial Services LLC now owns 1,401,282 shares of the healthcare product maker’s stock worth $140,128,000 after purchasing an additional 1,385,303 shares in the last quarter. 73.42% of the stock is currently owned by hedge funds and other institutional investors.

ABT stock traded up $0.20 during trading hours on Thursday, hitting $84.14. 223,513 shares of the stock traded hands, compared to its average volume of 5,327,106. The firm has a 50-day moving average of $85.77. Abbott Laboratories has a one year low of $63.07 and a one year high of $88.76. The firm has a market capitalization of $149.58 billion, a P/E ratio of 29.22, a P/E/G ratio of 2.38 and a beta of 1.12. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The business had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8 billion. During the same quarter last year, the business posted $0.73 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities research analysts anticipate that Abbott Laboratories will post 3.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.32 dividend. The ex-dividend date is Friday, July 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.52%. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.

In related news, SVP Michael J. Pederson sold 23,008 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $86.39, for a total value of $1,987,661.12. Following the completion of the transaction, the senior vice president now owns 104,228 shares in the company, valued at approximately $9,004,256.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian J. Blaser sold 450,062 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total value of $33,988,682.24. Following the completion of the transaction, the insider now owns 295,745 shares of the company’s stock, valued at approximately $22,334,662.40. The disclosure for this sale can be found here. Insiders sold a total of 885,102 shares of company stock valued at $71,110,429 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.

Several research analysts have recently issued reports on the company. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research note on Friday, June 7th. Bank of America reaffirmed a “buy” rating and set a $81.00 target price on shares of Abbott Laboratories in a research note on Thursday, June 13th. BMO Capital Markets raised their target price on Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Wells Fargo & Co raised their target price on Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Finally, Morgan Stanley raised their target price on Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $85.82.

About Abbott Laboratories

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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines 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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