Healthcare of Ontario Pension Plan Trust Fund Sells 355,705 Shares of Abbott Laboratories (NYSE:ABT)

Posted by Defense World Staff on Sep 11th, 2023

Healthcare of Ontario Pension Plan Trust Fund decreased its position in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 75.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 118,600 shares of the healthcare product maker’s stock after selling 355,705 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Abbott Laboratories were worth $12,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Intact Investment Management Inc. boosted its stake in Abbott Laboratories by 88.5% in the first quarter. Intact Investment Management Inc. now owns 9,800 shares of the healthcare product maker’s stock valued at $992,000 after acquiring an additional 4,600 shares during the last quarter. Mogy Joel R Investment Counsel Inc. raised its holdings in shares of Abbott Laboratories by 0.3% in the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 64,093 shares of the healthcare product maker’s stock valued at $6,490,000 after purchasing an additional 211 shares during the period. Mission Creek Capital Partners Inc. raised its holdings in shares of Abbott Laboratories by 14.9% in the 1st quarter. Mission Creek Capital Partners Inc. now owns 13,215 shares of the healthcare product maker’s stock valued at $1,338,000 after purchasing an additional 1,712 shares during the period. Seven Eight Capital LP bought a new position in Abbott Laboratories in the 1st quarter valued at about $1,576,000. Finally, Sand Hill Global Advisors LLC grew its position in shares of Abbott Laboratories by 0.8% during the 1st quarter. Sand Hill Global Advisors LLC now owns 78,627 shares of the healthcare product maker’s stock worth $7,962,000 after purchasing an additional 628 shares in the last quarter. Institutional investors and hedge funds own 73.70% of the company’s stock.

Insiders Place Their Bets

In other Abbott Laboratories news, Director Daniel J. Starks sold 50,000 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $113.76, for a total value of $5,688,000.00. Following the completion of the transaction, the director now directly owns 6,775,316 shares in the company, valued at approximately $770,759,948.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Daniel J. Starks sold 50,000 shares of the stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $113.76, for a total value of $5,688,000.00. Following the completion of the transaction, the director now directly owns 6,775,316 shares in the company, valued at approximately $770,759,948.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrea F. Wainer sold 10,400 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $105.03, for a total transaction of $1,092,312.00. Following the completion of the transaction, the executive vice president now owns 65,027 shares of the company’s stock, valued at $6,829,785.81. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wolfe Research raised shares of Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 21st. Mizuho lifted their target price on shares of Abbott Laboratories from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Barclays raised their price target on shares of Abbott Laboratories from $127.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday, July 24th. StockNews.com initiated coverage on shares of Abbott Laboratories in a report on Thursday, August 17th. They issued a “buy” rating for the company. Finally, Morgan Stanley restated an “equal weight” rating and issued a $112.00 price target on shares of Abbott Laboratories in a report on Friday, July 21st. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.82.

Check Out Our Latest Research Report on Abbott Laboratories

Abbott Laboratories Price Performance

ABT stock opened at $100.73 on Monday. Abbott Laboratories has a one year low of $93.25 and a one year high of $115.83. The stock has a market cap of $174.80 billion, a PE ratio of 34.38, a P/E/G ratio of 4.50 and a beta of 0.68. The firm has a 50 day simple moving average of $106.64 and a two-hundred day simple moving average of $105.19. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.64 and a quick ratio of 1.16.

Abbott Laboratories (NYSE:ABT – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.03. The business had revenue of $9.98 billion during the quarter, compared to analysts’ expectations of $9.71 billion. Abbott Laboratories had a net margin of 12.83% and a return on equity of 20.50%. The firm’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.43 EPS. On average, analysts predict that Abbott Laboratories will post 4.4 EPS for the current fiscal year.

About Abbott Laboratories

(Free Report)

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 Established Pharmaceutical Products segment 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.