Harfst & Associates Inc. grew its holdings in shares of Abbott Laboratories (NYSE:ABT) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,760 shares of the healthcare product maker’s stock after buying an additional 652 shares during the quarter. Harfst & Associates Inc.’s holdings in Abbott Laboratories were worth $1,131,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Abbott Laboratories by 0.5% in the 1st quarter. BlackRock Inc. now owns 134,074,306 shares of the healthcare product maker’s stock valued at $16,067,466,000 after buying an additional 647,496 shares during the period. Capital International Investors increased its stake in Abbott Laboratories by 1.8% during the first quarter. Capital International Investors now owns 54,559,742 shares of the healthcare product maker’s stock worth $6,538,418,000 after purchasing an additional 968,271 shares during the period. Morgan Stanley increased its stake in shares of Abbott Laboratories by 2.4% during the first quarter. Morgan Stanley now owns 27,328,989 shares of the healthcare product maker’s stock worth $3,275,107,000 after buying an additional 641,577 shares during the period. Geode Capital Management LLC boosted its holdings in Abbott Laboratories by 1.3% in the first quarter. Geode Capital Management LLC now owns 25,982,737 shares of the healthcare product maker’s stock valued at $3,104,280,000 after purchasing an additional 341,890 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Abbott Laboratories by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 21,608,777 shares of the healthcare product maker’s stock valued at $2,589,595,000 after acquiring an additional 285,822 shares during the period. Institutional investors and hedge funds own 72.05% of the company’s stock.
ABT has been the topic of several recent analyst reports. Cowen upped their price objective on shares of Abbott Laboratories from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, August 23rd. Citigroup reaffirmed a “buy” rating and set a $125.00 price target (down from $138.00) on shares of Abbott Laboratories in a research note on Wednesday, June 2nd. Wells Fargo & Company boosted their price target on Abbott Laboratories from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Monday, July 12th. Barclays cut their target price on Abbott Laboratories from $150.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, June 2nd. Finally, Morgan Stanley increased their target price on Abbott Laboratories from $126.00 to $136.00 and gave the stock an “overweight” rating in a report on Friday, July 23rd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of “Buy” and an average target price of $128.93.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.15. The business had revenue of $10.22 billion during the quarter, compared to analyst estimates of $9.67 billion. Abbott Laboratories had a return on equity of 26.75% and a net margin of 15.85%. The company’s revenue was up 41.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. As a group, analysts anticipate that Abbott Laboratories will post 4.42 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Shareholders of record on Friday, October 15th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.44%. The ex-dividend date is Thursday, October 14th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 49.32%.
In other news, SVP Randel William Woodgrift sold 6,350 shares of the company’s stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $129.00, for a total value of $819,150.00. Following the completion of the sale, the senior vice president now owns 50,093 shares in the company, valued at approximately $6,461,997. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $129.05, for a total value of $2,969,182.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 222,883 shares of company stock worth $27,964,400. 1.50% of the stock is owned by insiders.
Abbott Laboratories Company Profile
Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.
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