Essex Financial Services Inc. reduced its position in Abbott Laboratories (NYSE:ABT) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,601 shares of the healthcare product maker’s stock after selling 694 shares during the quarter. Essex Financial Services Inc.’s holdings in Abbott Laboratories were worth $1,359,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cypress Capital Management LLC WY raised its stake in Abbott Laboratories by 37.9% in the 1st quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock valued at $112,000 after purchasing an additional 696 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new stake in Abbott Laboratories in the 1st quarter valued at $112,000. First Command Financial Services Inc. grew its holdings in Abbott Laboratories by 10.2% in the 1st quarter. First Command Financial Services Inc. now owns 2,787 shares of the healthcare product maker’s stock valued at $124,000 after buying an additional 257 shares in the last quarter. Atwood & Palmer Inc. grew its holdings in Abbott Laboratories by 157.5% in the 1st quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock valued at $145,000 after buying an additional 2,000 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. grew its holdings in Abbott Laboratories by 9.3% in the 1st quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock valued at $152,000 after buying an additional 292 shares in the last quarter. 71.66% of the stock is owned by hedge funds and other institutional investors.
In other Abbott Laboratories news, insider Hubert L. Allen sold 4,600 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $50.79, for a total transaction of $233,634.00. Following the sale, the insider now owns 105,479 shares in the company, valued at $5,357,278.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $49.50, for a total value of $9,729,225.00. Following the sale, the insider now owns 221,488 shares in the company, valued at approximately $10,963,656. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,150 shares of company stock worth $10,811,179. Insiders own 0.76% of the company’s stock.
Abbott Laboratories (NYSE ABT) traded up 0.14% during midday trading on Friday, reaching $51.76. The company’s stock had a trading volume of 6,699,659 shares. The company has a market capitalization of $89.93 billion, a P/E ratio of 72.49 and a beta of 1.06. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $52.60. The company has a 50 day moving average of $50.01 and a 200-day moving average of $46.93.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The company had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.63 billion. During the same quarter in the prior year, the business earned $0.55 earnings per share. The company’s revenue was up 24.5% compared to the same quarter last year. Equities research analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 149.30%.
ABT has been the subject of several analyst reports. Wells Fargo & Company restated an “outperform” rating and issued a $54.00 target price (up from $47.50) on shares of Abbott Laboratories in a report on Friday, June 30th. TheStreet upgraded Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Barclays PLC reiterated an “overweight” rating and set a $57.00 price target (up from $52.00) on shares of Abbott Laboratories in a report on Saturday, July 22nd. BMO Capital Markets reiterated a “hold” rating and set a $48.00 price target on shares of Abbott Laboratories in a report on Tuesday, July 11th. Finally, Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Abbott Laboratories presently has a consensus rating of “Buy” and an average price target of $52.50.
Abbott Laboratories 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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