Quantitative Investment Management LLC purchased a new stake in Abbott Laboratories (NYSE:ABT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 733,800 shares of the healthcare product maker’s stock, valued at approximately $32,588,000. Abbott Laboratories makes up 0.5% of Quantitative Investment Management LLC’s investment portfolio, making the stock its 29th largest holding.
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.
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. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $52.60. The stock has a 50 day moving average of $50.01 and a 200 day moving average of $46.93.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating 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 firm had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. During the same period last year, the firm posted $0.55 earnings per share. Abbott Laboratories’s revenue for the quarter 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
In related news, insider Hubert L. Allen sold 4,600 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $50.79, for a total value of $233,634.00. Following the completion of the sale, the insider now directly owns 105,479 shares in the company, valued at $5,357,278.41. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stephen R. Fussell sold 196,550 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total value of $9,729,225.00. Following the completion of the sale, the insider now owns 221,488 shares of the company’s stock, valued at $10,963,656. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,150 shares of company stock valued at $10,811,179. 0.76% of the stock is currently owned by insiders.
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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