Hartford Investment Management Co. trimmed its holdings in Abbott Laboratories (NYSE:ABT) by 8.3% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 408,133 shares of the healthcare product maker’s stock after selling 37,065 shares during the period. Hartford Investment Management Co.’s holdings in Abbott Laboratories were worth $19,839,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Cypress Capital Management LLC WY raised its holdings in shares of Abbott Laboratories by 37.9% in the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock valued at $112,000 after buying an additional 696 shares during the last quarter. Feltz Wealth PLAN Inc. acquired a new position in shares of Abbott Laboratories during the first quarter worth about $112,000. V Wealth Management LLC acquired a new position in shares of Abbott Laboratories during the second quarter worth about $127,000. Atwood & Palmer Inc. increased its stake in shares of Abbott Laboratories by 157.5% during the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after acquiring an additional 2,000 shares during the period. Finally, Independent Portfolio Consultants Inc. increased its stake in shares of Abbott Laboratories by 9.3% during the first quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after acquiring an additional 292 shares during the period. 71.66% of the stock is owned by institutional investors and hedge funds.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.14% on Friday, reaching $51.76. 6,699,659 shares of the company’s stock traded hands. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $52.60. The firm has a market capitalization of $89.93 billion, a price-to-earnings ratio of 72.49 and a beta of 1.06. The company has a 50 day moving average price of $50.01 and a 200 day moving average price of $46.93.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The business’s revenue was up 24.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. On average, equities research analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 2.05%. Abbott Laboratories’s dividend payout ratio is currently 149.30%.
In other news, insider Hubert L. Allen sold 4,600 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total value of $233,634.00. Following the transaction, the insider now directly owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian J. Blaser sold 15,000 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total transaction of $750,000.00. Following the completion of the transaction, the insider now directly owns 143,154 shares in the company, valued at $7,157,700. The disclosure for this sale can be found here. Insiders sold a total of 218,150 shares of company stock worth $10,811,179 in the last ninety days. Corporate insiders own 0.76% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Citigroup Inc. assumed coverage on shares of Abbott Laboratories in a research note on Thursday, August 17th. They set a “neutral” rating and a $53.00 price target on the stock. Jefferies Group LLC reiterated a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a research note on Friday, June 16th. BTIG Research assumed coverage on shares of Abbott Laboratories in a research note on Wednesday, June 21st. They set a “buy” rating and a $56.00 price target on the stock. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Wednesday, June 14th. Finally, BidaskClub upgraded shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $52.50.
Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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