Partner Fund Management L.P. Has $81.56 Million Position in Abbott Laboratories (ABT)

Partner Fund Management L.P. lowered its stake in Abbott Laboratories (NYSE:ABT) by 23.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,337,288 shares of the healthcare product maker’s stock after selling 419,508 shares during the quarter. Abbott Laboratories makes up 1.3% of Partner Fund Management L.P.’s investment portfolio, making the stock its 23rd largest holding. Partner Fund Management L.P.’s holdings in Abbott Laboratories were worth $81,561,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ABT. Engineers Gate Manager LP increased its stake in Abbott Laboratories by 78.4% in the 1st quarter. Engineers Gate Manager LP now owns 66,060 shares of the healthcare product maker’s stock worth $3,958,000 after purchasing an additional 29,034 shares in the last quarter. Montag A & Associates Inc. increased its stake in Abbott Laboratories by 2.4% in the 1st quarter. Montag A & Associates Inc. now owns 63,432 shares of the healthcare product maker’s stock worth $3,801,000 after purchasing an additional 1,500 shares in the last quarter. ING Groep NV increased its stake in Abbott Laboratories by 61.8% in the 1st quarter. ING Groep NV now owns 189,378 shares of the healthcare product maker’s stock worth $11,348,000 after purchasing an additional 72,345 shares in the last quarter. American International Group Inc. increased its stake in Abbott Laboratories by 1.3% in the 1st quarter. American International Group Inc. now owns 720,404 shares of the healthcare product maker’s stock worth $43,167,000 after purchasing an additional 9,579 shares in the last quarter. Finally, Fiduciary Trust Co. increased its stake in Abbott Laboratories by 1.7% in the 1st quarter. Fiduciary Trust Co. now owns 378,939 shares of the healthcare product maker’s stock worth $22,706,000 after purchasing an additional 6,211 shares in the last quarter. 72.48% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on ABT shares. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Sanford C. Bernstein started coverage on Abbott Laboratories in a research note on Wednesday, June 27th. They issued an “outperform” rating and a $73.00 price target on the stock. Stifel Nicolaus lifted their price target on Abbott Laboratories from $71.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $70.00 target price on shares of Abbott Laboratories in a research note on Thursday, July 19th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $69.88.

In related news, insider Andrew H. Lane sold 9,097 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $67.11, for a total value of $610,499.67. Following the completion of the sale, the insider now owns 35,576 shares of the company’s stock, valued at approximately $2,387,505.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Brian J. Blaser sold 15,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.96, for a total value of $965,796.00. Following the completion of the sale, the executive vice president now directly owns 151,718 shares of the company’s stock, valued at approximately $9,703,883.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,389 shares of company stock worth $5,995,012. Company insiders own 0.74% of the company’s stock.

NYSE:ABT opened at $68.42 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.16 and a current ratio of 1.58. Abbott Laboratories has a fifty-two week low of $51.37 and a fifty-two week high of $68.82. The stock has a market cap of $117.49 billion, a price-to-earnings ratio of 27.37, a price-to-earnings-growth ratio of 1.87 and a beta of 1.48.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Abbott Laboratories had a return on equity of 15.30% and a net margin of 3.13%. The company had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.71 billion. During the same quarter in the previous year, the business posted $0.62 EPS. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. equities analysts forecast that Abbott Laboratories will post 2.88 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.12 annualized dividend and a yield of 1.64%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.

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 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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