Sawgrass Asset Management LLC Reduces Stake in Abbott Laboratories

Sawgrass Asset Management LLC has reduced its stake in Abbott Laboratories (NYSE:ABT) by 5.0% in the fourth quarter. According to their latest Form 13F filing with the Securities and Exchange Commission, the firm now holds 92,533 shares of the healthcare product manufacturer after selling 4,824 shares during this period. As of the most recent filing, the value of Sawgrass Asset Management's holdings in Abbott Laboratories is approximately $10,466,000.

Other hedge funds and institutional investors have also made adjustments to their positions in Abbott Laboratories. For example, State Street Corp increased its holdings by 3.1% in the third quarter, acquiring an additional 2,323,807 shares, bringing their total ownership to 76,720,429 shares worth about $8.75 billion. Similarly, Geode Capital Management LLC expanded its stake by 1.4%, adding 488,764 shares, resulting in total holdings of 34,903,198 shares valued at approximately $3.96 billion.

Wellington Management Group LLP also bought more shares during the same period, increasing its stake by 1.1% for a total of 25,810,977 shares valued at around $2.94 billion. Massachusetts Financial Services Co. saw a more significant increase, with a 25.6% rise in its stock ownership, culminating in 13,319,347 shares worth about $1.52 billion after purchasing an additional 2,711,586 shares.

Fisher Asset Management LLC has also expanded its position in Abbott Laboratories by 5.6%, now owning 11,102,204 shares valued at approximately $1.27 billion after adding 585,915 shares during the period. Altogether, institutional investors and hedge funds now own about 75.18% of Abbott Laboratories' stock.

Price and Performance of Abbott Laboratories

The stock of Abbott Laboratories opened at $130.48 on Thursday. Its 50-day and 200-day moving averages are $118.05 and $115.60, respectively. The company has a current ratio of 1.60, a quick ratio of 1.14, and a debt-to-equity ratio of 0.32. Abbott Laboratories has experienced a 12-month low price of $99.71 and a high of $132.50. The company's market capitalization stands at $226.31 billion, with a price-to-earnings ratio of 17.06, a PEG ratio of 2.39, and a beta of 0.75.

Dividends and Financial Performance

Recently, Abbott Laboratories announced a quarterly dividend of $0.59 per share, which will be paid to shareholders on February 14th. This dividend represents an annualized figure of $2.36 and a yield of 1.81%, marking an increase from the previous $0.55 dividend. Currently, the dividend payout ratio is 30.85%.

Abbott Laboratories last reported its quarterly earnings on January 22nd, revealing earnings per share (EPS) of $1.34, which aligned with the consensus estimate. The company achieved a return on equity of 20.74% and a net margin of 31.95%. Total revenue for the quarter was recorded at $10.97 billion, slightly lower than the expected $11.03 billion. Year-over-year, revenue increased by 7.2%, with analysts projecting an EPS of 5.14 for the current year.

Analyst Ratings and Stock Insights

Several analysts have updated their ratings for Abbott Laboratories. Jefferies Financial Group has increased its price target from $120 to $125 and maintained a "hold" rating. UBS Group raised its target from $146 to $148, giving the company a "buy" rating. Royal Bank of Canada reiterated an "outperform" rating with a $135 price objective, while Evercore ISI adjusted its price target to $136 with a "buy" recommendation. Overall, out of analysts covering the stock, four have rated it as a hold, fourteen as a buy, and one as a strong buy. The average rating currently stands at "Moderate Buy" with a target price of $133.06.

In related news, Abbott Laboratories' Executive Vice President Daniel Gesua Sive Salvadori sold 23,771 shares at an average price of $128.50 on January 30th, resulting in a total transaction value of approximately $3,054,573.50. This sale reflected a 15.90% reduction in their holdings, leaving Salvadori with 125,697 shares valued around $16.15 million. Currently, company insiders hold about 1.10% of Abbott's stock.

Overview of Abbott Laboratories

Abbott Laboratories is a global company that discovers, develops, manufactures, and sells healthcare products. Its operations span four primary segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company's portfolio includes generic pharmaceuticals and various healthcare solutions designed for different health conditions.

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