Cullinan Associates Inc Lowers stake in Abbott Laboratories (ABT)

Abbott Laboratories (ABT) : Cullinan Associates Inc reduced its stake in Abbott Laboratories by 3.96% during the most recent quarter end. The investment management company now holds a total of 295,750 shares of Abbott Laboratories which is valued at $11,693,955 after selling 12,200 shares in Abbott Laboratories , the firm said in a disclosure report filed with the SEC on Jul 1, 2016.Abbott Laboratories makes up approximately 0.95% of Cullinan Associates Inc’s portfolio.

Other Hedge Funds, Including , Toth Financial Advisory Corp reduced its stake in ABT by selling 3,187 shares or 2.25% in the most recent quarter. The Hedge Fund company now holds 138,352 shares of ABT which is valued at $5,470,438. Abbott Laboratories makes up approx 1.67% of Toth Financial Advisory Corp’s portfolio.

Abbott Laboratories opened for trading at $39.31 and hit $39.71 on the upside on Friday, eventually ending the session at $39.54, with a gain of 0.59% or 0.23 points. The heightened volatility saw the trading volume jump to 69,04,578 shares. Company has a market cap of $58,090 M.

On the company’s financial health, Abbott Laboratories reported $0.41 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $0.39. The company had revenue of $4885.00 million for the quarter, compared to analysts expectations of $4777.68 million. The company’s revenue was down -.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.47 EPS.

Investors should note that on Jun 10, 2016, Abbott Laboratories announced a cash dividend of $0.2600. The company’s management has announced Jul 13, 2016 as the ex-dividend date and fixed the record date on Jul 15, 2016. The payable date has been fixed on Aug 15, 2016.

Many Wall Street Analysts have commented on Abbott Laboratories. Abbott Laboratories was Upgraded by Edward Jones to ” Buy” on Jun 21, 2016. 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 .

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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