Principal Financial Group Inc. Cuts Holdings in Abbott Laboratories (NYSE:ABT)

Principal Financial Group Inc. decreased its stake in Abbott Laboratories (NYSE:ABT) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 4,294,472 shares of the healthcare product maker’s stock after selling 53,144 shares during the period. Principal Financial Group Inc.’s holdings in Abbott Laboratories were worth $485,748,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Insight Folios Inc raised its position in Abbott Laboratories by 3.3% in the third quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock worth $307,000 after acquiring an additional 87 shares during the period. Sfmg LLC raised its position in shares of Abbott Laboratories by 1.9% in the third quarter. Sfmg LLC now owns 4,622 shares of the healthcare product maker’s stock valued at $527,000 after purchasing an additional 88 shares during the period. River Street Advisors LLC raised its position in shares of Abbott Laboratories by 1.2% in the fourth quarter. River Street Advisors LLC now owns 7,370 shares of the healthcare product maker’s stock valued at $834,000 after purchasing an additional 88 shares during the period. Silicon Valley Capital Partners increased its holdings in Abbott Laboratories by 8.7% during the 3rd quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock worth $126,000 after acquiring an additional 89 shares during the period. Finally, John G Ullman & Associates Inc. increased its holdings in Abbott Laboratories by 0.3% during the 3rd quarter. John G Ullman & Associates Inc. now owns 30,617 shares of the healthcare product maker’s stock worth $3,491,000 after acquiring an additional 90 shares during the period. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.9 %

Shares of ABT opened at $130.63 on Monday. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $132.65. The company has a market capitalization of $226.56 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 2.39 and a beta of 0.75. The stock has a fifty day simple moving average of $118.97 and a two-hundred day simple moving average of $116.07. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.34. The business had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $11.03 billion. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 EPS. As a group, equities analysts forecast that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Wednesday, January 15th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.81%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, January 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 30.85%.

Insider Activity at Abbott Laboratories

In other news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of Abbott Laboratories stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $128.50, for a total value of $3,054,573.50. Following the completion of the transaction, the executive vice president now owns 125,697 shares in the company, valued at approximately $16,152,064.50. This trade represents a 15.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays reaffirmed an “overweight” rating and set a $158.00 target price (up previously from $149.00) on shares of Abbott Laboratories in a report on Monday, January 27th. Stifel Nicolaus boosted their price target on shares of Abbott Laboratories from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $135.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, January 21st. UBS Group increased their price target on shares of Abbott Laboratories from $146.00 to $148.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Abbott Laboratories from $133.00 to $136.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories has an average rating of “Moderate Buy” and a consensus target price of $133.06.

Abbott Laboratories Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière’s disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.