CCM Investment Advisers LLC Has $12.81 Million Holdings in Abbott Laboratories (NYSE:ABT)

CCM Investment Advisers LLC cut its stake in Abbott Laboratories (NYSE:ABT) by 4.1% in the second quarter, HoldingsChannel.com reports. The fund owned 123,255 shares of the healthcare product maker’s stock after selling 5,267 shares during the period. CCM Investment Advisers LLC’s holdings in Abbott Laboratories were worth $12,807,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ABT. Signature Resources Capital Management LLC bought a new position in shares of Abbott Laboratories during the fourth quarter worth $29,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at about $29,000. Richardson Financial Services Inc. acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth about $29,000. Redmont Wealth Advisors LLC bought a new position in shares of Abbott Laboratories during the 1st quarter valued at about $30,000. Finally, True Wealth Design LLC raised its holdings in Abbott Laboratories by 1,677.8% during the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after buying an additional 302 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ABT shares. Citigroup lowered their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. The Goldman Sachs Group started coverage on Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Evercore ISI reduced their target price on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 price target on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $121.00.

Abbott Laboratories Stock Down 1.0 %

Shares of ABT traded down $1.05 during trading hours on Friday, hitting $108.71. The stock had a trading volume of 5,415,999 shares, compared to its average volume of 6,049,857. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The firm has a market capitalization of $189.12 billion, a P/E ratio of 33.87, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The firm has a 50 day simple moving average of $104.81 and a 200-day simple moving average of $108.93. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.11.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The firm had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. During the same quarter last year, the firm posted $1.08 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. Sell-side analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $2.20 annualized dividend and a yield of 2.02%. Abbott Laboratories’s payout ratio is 68.54%.

About Abbott Laboratories

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.