Jarislowsky Fraser Ltd increased its position in Abbott Laboratories (NYSE:ABT) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,386,531 shares of the healthcare product maker’s stock after buying an additional 56,500 shares during the period. Jarislowsky Fraser Ltd owned 0.14% of Abbott Laboratories worth $116,009,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Capital Guardian Trust Co. increased its position in Abbott Laboratories by 31.8% in the fourth quarter. Capital Guardian Trust Co. now owns 4,583 shares of the healthcare product maker’s stock worth $176,000 after buying an additional 1,105 shares in the last quarter. Pinnacle Financial Partners Inc. increased its position in Abbott Laboratories by 5.4% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 19,164 shares of the healthcare product maker’s stock worth $736,000 after buying an additional 975 shares in the last quarter. RB Capital Management LLC acquired a new position in Abbott Laboratories during the fourth quarter worth approximately $248,000. Lebenthal Asset Management LLC increased its position in Abbott Laboratories by 6.1% in the fourth quarter. Lebenthal Asset Management LLC now owns 168,603 shares of the healthcare product maker’s stock worth $6,476,000 after buying an additional 9,721 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Abbott Laboratories during the fourth quarter worth approximately $25,112,000. 70.98% of the stock is owned by institutional investors and hedge funds.
Shares of Abbott Laboratories (NYSE:ABT) opened at 48.88 on Wednesday. The company’s 50 day moving average is $49.10 and its 200-day moving average is $45.36. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $51.13. The company has a market capitalization of $84.82 billion, a PE ratio of 68.46 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a return on equity of 3.44% and a net margin of 4.07%. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.55 earnings per share. On average, analysts expect that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Wednesday, July 12th. Abbott Laboratories’s payout ratio is presently 149.30%.
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A number of research firms have commented on ABT. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Monday, May 15th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Abbott Laboratories in a report on Friday, June 16th. BTIG Research started coverage on shares of Abbott Laboratories in a report on Wednesday, June 21st. They issued a “buy” rating and a $56.00 price objective for the company. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research note on Wednesday, June 14th. Finally, BidaskClub upgraded Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Abbott Laboratories presently has a consensus rating of “Buy” and an average price target of $51.93.
In other news, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction 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 transaction, the insider now owns 221,488 shares of the company’s stock, valued at $10,188,448. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jared Watkin sold 552 shares of the company’s stock in a transaction 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 in the company, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders have sold 218,702 shares of company stock worth $10,149,733 in the last 90 days. Company insiders own 0.76% of the company’s stock.
About Abbott Laboratories
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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