Miracle Mile Advisors LLC Sells 42,050 Shares of Abbott Laboratories (NYSE:ABT)

Miracle Mile Advisors LLC decreased its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 81.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,584 shares of the healthcare product maker's stock after selling 42,050 shares during the period. Miracle Mile Advisors LLC's holdings in Abbott Laboratories were worth $1,089,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Signature Resources Capital Management LLC bought a new stake in shares of Abbott Laboratories during the fourth quarter worth $29,000. Richardson Financial Services Inc. acquired a new stake in shares of Abbott Laboratories during the 4th quarter worth approximately $29,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at approximately $29,000. True Wealth Design LLC boosted its stake in Abbott Laboratories by 1,677.8% in the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker's stock valued at $35,000 after acquiring an additional 302 shares during the last quarter. Finally, Stuart Chaussee & Associates Inc. grew its holdings in Abbott Laboratories by 236.0% during the 4th quarter. Stuart Chaussee & Associates Inc. now owns 336 shares of the healthcare product maker's stock worth $37,000 after acquiring an additional 236 shares during the period. 75.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the business's stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the transaction, the executive vice president now owns 211,341 shares of the company's stock, valued at approximately $22,099,928.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the completion of the transaction, the executive vice president now owns 61,462 shares in the company, valued at $6,530,337.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the firm's stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the sale, the executive vice president now directly owns 211,341 shares of the company's stock, valued at $22,099,928.37. The disclosure for this sale can be found here. Company insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ABT. Citigroup reduced their price target on Abbott Laboratories from $128.00 to $119.00 and set a "buy" rating on the stock in a research report on Wednesday, May 22nd. Barclays decreased their target price on Abbott Laboratories from $141.00 to $140.00 and set an "overweight" rating for the company in a research report on Monday, April 22nd. The Goldman Sachs Group initiated coverage on shares of Abbott Laboratories in a research report on Thursday, May 30th. They issued a "buy" rating and a $121.00 price target on the stock. Evercore ISI boosted their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $120.64.

Abbott Laboratories Stock Down 0.7 %

ABT stock traded down $0.71 during trading hours on Monday, reaching $103.20. 4,588,590 shares of the stock were exchanged, compared to its average volume of 5,698,602. The company has a market cap of $179.53 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 2.50 and a beta of 0.72. The firm's 50-day moving average is $104.79 and its 200-day moving average is $110.12. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The business had revenue of $9.96 billion for the quarter, compared to analyst estimates of $9.88 billion. During the same quarter last year, the firm earned $1.03 EPS. Abbott Laboratories's revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $0.55 per share. The ex-dividend date is Monday, July 15th. This represents a $2.20 annualized dividend and a yield of 2.13%. Abbott Laboratories's dividend payout ratio (DPR) is presently 68.54%.

Abbott Laboratories Company 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.