Argyle Capital Management Inc. cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 9.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,215 shares of the healthcare product maker’s stock after selling 1,233 shares during the quarter. Argyle Capital Management Inc.’s holdings in Abbott Laboratories were worth $1,329,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its position in shares of Abbott Laboratories by 5.2% during the 2nd quarter. BlackRock Inc. now owns 134,745,433 shares of the healthcare product maker’s stock valued at $12,319,776,000 after purchasing an additional 6,621,486 shares during the last quarter. State Street Corp grew its stake in shares of Abbott Laboratories by 0.7% during the 1st quarter. State Street Corp now owns 74,084,521 shares of the healthcare product maker’s stock worth $5,846,010,000 after acquiring an additional 528,871 shares during the period. Morgan Stanley grew its stake in shares of Abbott Laboratories by 11.3% during the 1st quarter. Morgan Stanley now owns 25,362,234 shares of the healthcare product maker’s stock worth $2,001,335,000 after acquiring an additional 2,578,161 shares during the period. GQG Partners LLC grew its stake in shares of Abbott Laboratories by 29.3% during the 2nd quarter. GQG Partners LLC now owns 12,533,323 shares of the healthcare product maker’s stock worth $1,146,169,000 after acquiring an additional 2,841,074 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in shares of Abbott Laboratories by 3.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 10,100,593 shares of the healthcare product maker’s stock worth $923,496,000 after acquiring an additional 359,477 shares during the period. 73.09% of the stock is owned by hedge funds and other institutional investors.
NYSE ABT opened at $105.00 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.57 and a debt-to-equity ratio of 0.59. Abbott Laboratories has a twelve month low of $61.61 and a twelve month high of $114.19. The firm has a market capitalization of $185.91 billion, a PE ratio of 55.56, a P/E/G ratio of 2.46 and a beta of 0.92. The stock’s 50 day moving average is $106.86 and its 200 day moving average is $98.24.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.08. Abbott Laboratories had a return on equity of 18.30% and a net margin of 10.50%. The company had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same period in the previous year, the company posted $0.84 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis. On average, research analysts anticipate that Abbott Laboratories will post 3.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be given a dividend of $0.36 per share. The ex-dividend date is Wednesday, October 14th. This represents a $1.44 annualized dividend and a dividend yield of 1.37%. Abbott Laboratories’s dividend payout ratio is presently 44.44%.
In other Abbott Laboratories news, SVP Randel William Woodgrift sold 2,500 shares of the business’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $105.28, for a total value of $263,200.00. Following the sale, the senior vice president now directly owns 46,267 shares of the company’s stock, valued at $4,870,989.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Roger Bird sold 6,290 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $108.73, for a total value of $683,911.70. Following the completion of the sale, the senior vice president now directly owns 56,630 shares in the company, valued at $6,157,379.90. The disclosure for this sale can be found here. Insiders have sold 168,252 shares of company stock worth $18,352,259 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
Several brokerages have commented on ABT. Jefferies Financial Group raised their target price on Abbott Laboratories from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. JPMorgan Chase & Co. lifted their price target on Abbott Laboratories from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Morgan Stanley lifted their price target on Abbott Laboratories from $112.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, October 22nd. BTIG Research reissued a “hold” rating on shares of Abbott Laboratories in a report on Thursday, August 27th. Finally, Wolfe Research assumed coverage on Abbott Laboratories in a report on Friday, September 11th. They set an “outperform” rating and a $124.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $115.29.
Abbott Laboratories Profile
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. Its Established Pharmaceutical Products segment offers generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; MÃ©niÃ¨re's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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