Mackay Shields LLC Has $32.36 Million Stake in Abbott Laboratories (NYSE:ABT)

Mackay Shields LLC lowered its holdings in shares of Abbott Laboratories (NYSE:ABT) by 19.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 279,109 shares of the healthcare product maker’s stock after selling 67,794 shares during the quarter. Mackay Shields LLC’s holdings in Abbott Laboratories were worth $32,357,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Abbott Laboratories by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 147,844,584 shares of the healthcare product maker’s stock valued at $17,139,623,000 after purchasing an additional 1,276,670 shares in the last quarter. Capital International Investors lifted its holdings in shares of Abbott Laboratories by 1.8% during the 1st quarter. Capital International Investors now owns 54,559,742 shares of the healthcare product maker’s stock valued at $6,538,418,000 after purchasing an additional 968,271 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Abbott Laboratories by 2.4% during the 1st quarter. Morgan Stanley now owns 27,328,989 shares of the healthcare product maker’s stock valued at $3,275,107,000 after purchasing an additional 641,577 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Abbott Laboratories by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 26,437,355 shares of the healthcare product maker’s stock valued at $3,054,988,000 after purchasing an additional 454,618 shares in the last quarter. Finally, Polen Capital Management LLC lifted its holdings in shares of Abbott Laboratories by 6.1% during the 2nd quarter. Polen Capital Management LLC now owns 21,985,004 shares of the healthcare product maker’s stock valued at $2,548,722,000 after purchasing an additional 1,272,680 shares in the last quarter. Institutional investors and hedge funds own 72.05% of the company’s stock.

NYSE ABT traded up $0.32 on Thursday, reaching $117.32. The stock had a trading volume of 107,160 shares, compared to its average volume of 5,370,625. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.79 and a quick ratio of 1.36. The firm has a fifty day moving average of $123.59 and a two-hundred day moving average of $119.60. Abbott Laboratories has a 1-year low of $103.13 and a 1-year high of $129.70. The company has a market cap of $207.99 billion, a P/E ratio of 32.96, a price-to-earnings-growth ratio of 2.45 and a beta of 0.66.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.15. The firm had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $9.67 billion. Abbott Laboratories had a return on equity of 26.75% and a net margin of 15.85%. The company’s revenue was up 41.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. Research analysts predict that Abbott Laboratories will post 4.42 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. Abbott Laboratories’s payout ratio is 49.32%.

In other Abbott Laboratories news, SVP Michael J. Pederson sold 23,008 shares of the business’s stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $129.05, for a total transaction of $2,969,182.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew H. Lane sold 135,925 shares of the company’s stock in a transaction on Friday, August 27th. The shares were sold at an average price of $125.47, for a total transaction of $17,054,509.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,883 shares of company stock valued at $27,964,400. Corporate insiders own 1.50% of the company’s stock.

Several equities research analysts have commented on the company. BTIG Research boosted their target price on Abbott Laboratories from $126.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, August 31st. Raymond James boosted their target price on Abbott Laboratories from $116.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, July 23rd. Wells Fargo & Company boosted their target price on Abbott Laboratories from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Monday, July 12th. Credit Suisse Group boosted their target price on Abbott Laboratories from $120.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, July 23rd. Finally, Cowen restated a “buy” rating and issued a $140.00 target price on shares of Abbott Laboratories in a research note on Friday, October 8th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $130.52.

Abbott Laboratories Company Profile

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.

Further Reading: Initial Coin Offering (ICO)

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

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