Alpha Cubed Investments LLC boosted its stake in shares of Abbott Laboratories (NYSE:ABT) by 2.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,506 shares of the healthcare product maker’s stock after buying an additional 374 shares during the period. Alpha Cubed Investments LLC’s holdings in Abbott Laboratories were worth $733,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Macquarie Group Ltd. increased its position in Abbott Laboratories by 11.5% in the fourth quarter. Macquarie Group Ltd. now owns 19,694,052 shares of the healthcare product maker’s stock valued at $756,449,000 after buying an additional 2,025,512 shares in the last quarter. Norges Bank purchased a new position in Abbott Laboratories during the fourth quarter valued at approximately $598,897,000. UBS Asset Management Americas Inc. increased its position in Abbott Laboratories by 57.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 6,525,001 shares of the healthcare product maker’s stock valued at $250,625,000 after buying an additional 2,370,573 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Abbott Laboratories by 17.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,824,117 shares of the healthcare product maker’s stock valued at $214,239,000 after buying an additional 723,545 shares in the last quarter. Finally, Westwood Holdings Group Inc. purchased a new position in Abbott Laboratories during the fourth quarter valued at approximately $168,455,000. Hedge funds and other institutional investors own 71.05% of the company’s stock.
Shares of Abbott Laboratories (NYSE ABT) opened at 48.43 on Thursday. The company’s 50-day moving average price is $46.26 and its 200 day moving average price is $43.65. The firm has a market cap of $84.04 billion, a PE ratio of 50.40 and a beta of 1.07. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $49.59. Abbott Laboratories also was the target of some unusual options trading on Tuesday. Stock traders bought 10,515 call options on the company. This is an increase of approximately 419% compared to the typical volume of 2,026 call options.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, April 19th. The healthcare product maker reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.05. The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $6.16 billion. Abbott Laboratories had a return on equity of 14.91% and a net margin of 6.74%. Abbott Laboratories’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 EPS. On average, analysts predict that Abbott Laboratories will post $2.47 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Wednesday, July 12th. Abbott Laboratories’s payout ratio is 110.42%.
Several equities analysts have commented on ABT shares. Cowen and Company reiterated an “outperform” rating and issued a $48.00 target price on shares of Abbott Laboratories in a research report on Saturday, April 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $58.00 target price on shares of Abbott Laboratories in a research report on Thursday, June 29th. TheStreet upgraded Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, May 31st. Finally, Stifel Nicolaus increased their target price on Abbott Laboratories from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, May 31st. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $51.57.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the completion of the transaction, the insider now owns 221,488 shares of the company’s stock, valued at approximately $10,188,448. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jared Watkin sold 552 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total value of $26,479.44. Following the transaction, the insider now directly owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders have sold a total of 206,902 shares of company stock valued at $9,497,761 in the last ninety days. 0.76% of the stock is currently owned by corporate insiders.
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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