Tradition Capital Management Lowers stake in Abbott Laboratories (ABT)

Abbott Laboratories (ABT) : Tradition Capital Management reduced its stake in Abbott Laboratories by 1.97% during the most recent quarter end. The investment management company now holds a total of 109,932 shares of Abbott Laboratories which is valued at $4,941,443 after selling 2,214 shares in Abbott Laboratories , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Abbott Laboratories makes up approximately 1.61% of Tradition Capital Management’s portfolio.

Other Hedge Funds, Including , Klingenstein Fields Co reduced its stake in ABT by selling 13,165 shares or 24.3% in the most recent quarter. The Hedge Fund company now holds 41,012 shares of ABT which is valued at $1,843,489. Abbott Laboratories makes up approx 0.08% of Klingenstein Fields Co’s portfolio.Sit Investment Associates Inc reduced its stake in ABT by selling 354,900 shares or 44.63% in the most recent quarter. The Hedge Fund company now holds 440,380 shares of ABT which is valued at $19,707,005. Abbott Laboratories makes up approx 0.51% of Sit Investment Associates Inc’s portfolio.Stonebridge Capital Management Inc reduced its stake in ABT by selling 500 shares or 2.59% in the most recent quarter. The Hedge Fund company now holds 18,833 shares of ABT which is valued at $822,437. Abbott Laboratories makes up approx 0.36% of Stonebridge Capital Management Inc’s portfolio. Miller Howard Investments Inc Ny added ABT to its portfolio by purchasing 1,653,145 company shares during the most recent quarter which is valued at $71,366,270. Abbott Laboratories makes up approx 1.25% of Miller Howard Investments Inc Ny’s portfolio.

Abbott Laboratories closed down -0.14 points or -0.31% at $44.81 with 65,83,457 shares getting traded on Thursday. Post opening the session at $45.06, the shares hit an intraday low of $44.78 and an intraday high of $45.09 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Abbott Laboratories reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $0.53. The company had revenue of $5333.00 million for the quarter, compared to analysts expectations of $5244.94 million. The company’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS.

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

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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