State of New Jersey Common Pension Fund D reduced its holdings in Abbott Laboratories (NYSE:ABT) by 4.2% during the 3rd quarter, Holdings Channel reports. The fund owned 1,170,206 shares of the healthcare product maker’s stock after selling 51,847 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Abbott Laboratories were worth $127,354,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Price Wealth LLC raised its position in shares of Abbott Laboratories by 63.6% during the 3rd quarter. Price Wealth LLC now owns 306 shares of the healthcare product maker’s stock valued at $33,000 after acquiring an additional 119 shares during the last quarter. RPG Investment Advisory LLC raised its position in shares of Abbott Laboratories by 113.4% during the 2nd quarter. RPG Investment Advisory LLC now owns 382 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 203 shares during the last quarter. Crewe Advisors LLC raised its position in shares of Abbott Laboratories by 278.4% during the 3rd quarter. Crewe Advisors LLC now owns 367 shares of the healthcare product maker’s stock valued at $40,000 after acquiring an additional 270 shares during the last quarter. Bay Harbor Wealth Management LLC raised its position in shares of Abbott Laboratories by 159.9% during the 2nd quarter. Bay Harbor Wealth Management LLC now owns 447 shares of the healthcare product maker’s stock valued at $41,000 after acquiring an additional 275 shares during the last quarter. Finally, Islay Capital Management LLC bought a new stake in shares of Abbott Laboratories during the 2nd quarter valued at $46,000. 73.09% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on the stock. Argus boosted their price target on shares of Abbott Laboratories from $110.00 to $125.00 in a report on Thursday, July 23rd. SVB Leerink lifted their price target on Abbott Laboratories from $110.00 to $115.00 and gave the company a “market perform” rating in a research note on Thursday, October 22nd. Morgan Stanley boosted their price target on Abbott Laboratories from $112.00 to $117.00 and gave the company an “overweight” rating in a report on Thursday, October 22nd. The Goldman Sachs Group set a $94.00 price objective on Abbott Laboratories and gave the stock a “sell” rating in a report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Abbott Laboratories from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $115.29.
In related news, SVP Roger Bird sold 6,290 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $108.73, for a total transaction of $683,911.70. Following the transaction, the senior vice president now directly owns 56,630 shares in the company, valued at $6,157,379.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Andrea F. Wainer sold 3,650 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $102.47, for a total transaction of $374,015.50. Following the transaction, the executive vice president now owns 44,080 shares in the company, valued at $4,516,877.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,252 shares of company stock worth $18,352,259. 1.70% of the stock is owned by corporate insiders.
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 12-month low of $61.61 and a 12-month high of $114.19. The company has a market capitalization of $185.91 billion, a PE ratio of 55.56, a price-to-earnings-growth ratio of 2.46 and a beta of 0.92. The firm’s 50 day moving average is $106.86 and its 200-day moving average is $98.24.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.53 billion. Abbott Laboratories had a net margin of 10.50% and a return on equity of 18.30%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. As a group, sell-side analysts expect that Abbott Laboratories will post 3.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $1.44 dividend on an annualized basis and a yield of 1.37%. Abbott Laboratories’s payout ratio is 44.44%.
About Abbott Laboratories
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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