Meeder Asset Management Inc. lifted its holdings in Abbott Laboratories (NYSE:ABT) by 193.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,216 shares of the healthcare product maker’s stock after acquiring an additional 39,698 shares during the quarter. Meeder Asset Management Inc.’s holdings in Abbott Laboratories were worth $7,218,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Morgan Stanley boosted its stake in shares of Abbott Laboratories by 5.2% during the 4th quarter. Morgan Stanley now owns 26,687,412 shares of the healthcare product maker’s stock worth $2,922,006,000 after acquiring an additional 1,316,343 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Abbott Laboratories by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 21,322,955 shares of the healthcare product maker’s stock valued at $2,334,649,000 after purchasing an additional 572,841 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Abbott Laboratories by 1.2% in the 4th quarter. Wells Fargo & Company MN now owns 20,057,853 shares of the healthcare product maker’s stock worth $2,196,135,000 after buying an additional 229,413 shares during the last quarter. FMR LLC boosted its holdings in Abbott Laboratories by 20.3% in the 4th quarter. FMR LLC now owns 18,139,806 shares of the healthcare product maker’s stock worth $1,986,127,000 after buying an additional 3,058,593 shares during the last quarter. Finally, Norges Bank acquired a new stake in Abbott Laboratories in the 4th quarter worth about $1,881,512,000. Institutional investors own 72.58% of the company’s stock.
A number of brokerages have issued reports on ABT. Raymond James boosted their target price on Abbott Laboratories from $126.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, March 17th. Credit Suisse Group boosted their price objective on Abbott Laboratories from $118.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 28th. BTIG Research upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and set a $140.00 price objective for the company in a research note on Thursday, January 28th. William Blair reiterated an “outperform” rating on shares of Abbott Laboratories in a research note on Tuesday, April 20th. Finally, Morgan Stanley boosted their price objective on Abbott Laboratories from $136.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, April 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and an average target price of $126.06.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. Abbott Laboratories had a net margin of 10.50% and a return on equity of 18.19%. The firm had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.72 billion. During the same period in the previous year, the firm earned $0.65 earnings per share. Abbott Laboratories’s revenue was up 35.2% compared to the same quarter last year. As a group, research analysts expect that Abbott Laboratories will post 3.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, May 17th. Investors of record on Thursday, April 15th will be issued a $0.45 dividend. The ex-dividend date is Wednesday, April 14th. This represents a $1.80 dividend on an annualized basis and a yield of 1.53%. Abbott Laboratories’s payout ratio is 55.56%.
In other Abbott Laboratories news, EVP Andrea F. Wainer sold 6,200 shares of the business’s stock in a transaction that occurred on Wednesday, March 3rd. The shares were sold at an average price of $121.79, for a total transaction of $755,098.00. Following the completion of the sale, the executive vice president now directly owns 51,550 shares in the company, valued at $6,278,274.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mary K. Moreland sold 505 shares of the business’s stock in a transaction that occurred on Tuesday, February 16th. The stock was sold at an average price of $128.49, for a total transaction of $64,887.45. Following the sale, the executive vice president now owns 63,878 shares of the company’s stock, valued at $8,207,684.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,726 shares of company stock valued at $1,064,230. 1.70% of the stock is owned by insiders.
About Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, MÃ©niÃ¨re's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.
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