Renaissance Investment Group Lowers stake in Abbott Laboratories (ABT)

Abbott Laboratories (ABT) : Renaissance Investment Group reduced its stake in Abbott Laboratories by 2.85% during the most recent quarter end. The investment management company now holds a total of 7,430 shares of Abbott Laboratories which is valued at $313,472 after selling 218 shares in Abbott Laboratories according to a report filed by the company on Apr 1, 2016 with the SEC.Abbott Laboratories makes up approximately 0.16% of Renaissance Investment Group’s portfolio.

Other Hedge Funds, Including , Beacon Financial Group boosted its stake in ABT in the latest quarter, The investment management firm added 3,506 additional shares and now holds a total of 14,112 shares of Abbott Laboratories which is valued at $595,385. Abbott Laboratories makes up approx 0.13% of Beacon Financial Group’s portfolio.

On the company’s financial health, Abbott Laboratories reported $0.62 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jan 28, 2016. Analyst had a consensus of $0.61. The company had revenue of $5188.00 million for the quarter, compared to analysts expectations of $5254.57 million. The company’s revenue was down -3.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.71 EPS.

Investors should note that on Feb 19, 2016, Abbott Laboratories announced a cash dividend of $0.2600. The company’s management has announced Apr 13, 2016 as the ex-dividend date and fixed the record date on Apr 15, 2016. The payable date has been fixed on May 16, 2016.

Many Wall Street Analysts have commented on Abbott Laboratories. Company shares were Reiterated by RBC Capital Mkts on Apr 11, 2016 to “Outperform”, Firm has raised the Price Target to $ 48 from a previous price target of $45 .Shares were Reiterated by RBC Capital Mkts on Jan 29, 2016 to “Outperform” and Lowered the Price Target to $ 45 from a previous price target of $51 .Abbott Laboratories was Downgraded by Morgan Stanley to ” Equal-Weight” on Jan 4, 2016.

Abbott Laboratories opened for trading at $42.47 and hit $42.88 on the upside on Monday, eventually ending the session at $42.48, with a gain of 0.26% or 0.11 points. The heightened volatility saw the trading volume jump to 39,48,803 shares. Company has a market cap of $62,583 M.

Abbott Laboratories (Abbott) is engaged in the discovery development manufacture and sale of a range of health care products. Abbott operates in four business segments: Established Pharmaceutical Products Diagnostic Products Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products. The Diagnostic Products segment includes the sales of a line of adult and pediatric nutritional products. The Nutritional Products includes the sales of diagnostic systems and tests for blood banks hospitals commercial laboratories and alternate-care testing sites. The Vascular Products includes the sales of coronary endovascular structural heart vessel closure and other medical device products.

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