Mark Sheptoff Financial Planning LLC lifted its stake in Abbott Laboratories (NYSE:ABT) by 8.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,563 shares of the healthcare product maker’s stock after purchasing an additional 3,729 shares during the period. Abbott Laboratories accounts for 1.5% of Mark Sheptoff Financial Planning LLC’s portfolio, making the stock its 18th largest position. Mark Sheptoff Financial Planning LLC’s holdings in Abbott Laboratories were worth $2,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of ABT. Cypress Capital Management LLC WY grew its holdings in Abbott Laboratories by 37.9% during the 1st quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock worth $112,000 after acquiring an additional 696 shares during the period. Feltz Wealth PLAN Inc. acquired a new stake in Abbott Laboratories during the 1st quarter worth $112,000. First Command Financial Services Inc. grew its holdings in Abbott Laboratories by 10.2% during the 1st quarter. First Command Financial Services Inc. now owns 2,787 shares of the healthcare product maker’s stock worth $124,000 after acquiring an additional 257 shares during the period. Atwood & Palmer Inc. grew its holdings in Abbott Laboratories by 157.5% during the 1st quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after acquiring an additional 2,000 shares during the period. Finally, Independent Portfolio Consultants Inc. grew its holdings in Abbott Laboratories by 9.3% during the 1st quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after acquiring an additional 292 shares during the period. 71.66% of the stock is owned by institutional investors and hedge funds.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $49.50, for a total transaction of $9,729,225.00. Following the completion of the sale, the insider now directly owns 221,488 shares of the company’s stock, valued at approximately $10,963,656. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Hubert L. Allen sold 4,600 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total transaction of $233,634.00. Following the sale, the insider now directly owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 218,150 shares of company stock worth $10,811,179. 0.76% of the stock is owned by company insiders.
ABT has been the subject of a number of analyst reports. Wells Fargo & Company reaffirmed an “outperform” rating and set a $54.00 target price (up previously from $47.50) on shares of Abbott Laboratories in a report on Friday, June 30th. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Barclays PLC reissued an “overweight” rating and issued a $57.00 price target (up previously from $52.00) on shares of Abbott Laboratories in a report on Saturday, July 22nd. BMO Capital Markets reissued a “hold” rating and issued a $48.00 price target on shares of Abbott Laboratories in a report on Tuesday, July 11th. Finally, Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $52.50.
Abbott Laboratories (NYSE ABT) traded up 0.14% on Friday, hitting $51.76. 6,699,659 shares of the stock traded hands. The firm has a market capitalization of $89.93 billion, a PE ratio of 72.49 and a beta of 1.06. The stock has a 50 day moving average of $50.01 and a 200 day moving average of $46.93. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $52.60.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The company had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. During the same quarter last year, the business earned $0.55 EPS. The firm’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 year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Thursday, October 12th. Abbott Laboratories’s payout ratio is 149.30%.
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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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