Main Street Research LLC increased its stake in shares of Abbott Laboratories (NYSE:ABT) by 5.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,675 shares of the healthcare product maker’s stock after buying an additional 316 shares during the period. Main Street Research LLC’s holdings in Abbott Laboratories were worth $252,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Israel Discount Bank of New York GFN bought a new stake in Abbott Laboratories during the fourth quarter valued at $218,000. Access Financial Services Inc. bought a new stake in Abbott Laboratories during the fourth quarter valued at $214,000. Westport Asset Management Inc. bought a new stake in Abbott Laboratories during the fourth quarter valued at $192,000. Norges Bank acquired a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $598,897,000. Finally, Sowell Financial Services LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $540,000. Hedge funds and other institutional investors own 70.86% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded down 1.12% during midday trading on Friday, reaching $48.74. 4,810,807 shares of the company traded hands. Abbott Laboratories has a one year low of $37.38 and a one year high of $51.13. The company has a 50 day moving average price of $49.15 and a 200-day moving average price of $45.95. The stock has a market capitalization of $84.68 billion, a P/E ratio of 68.26 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The company’s revenue was up 24.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. Analysts forecast that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were given a dividend of $0.265 per share. The ex-dividend date was Wednesday, July 12th. This represents a $1.06 annualized dividend and a dividend yield of 2.17%. Abbott Laboratories’s payout ratio is 149.30%.
A number of equities analysts recently 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 $51.00 target price (up previously from $50.00) on shares of Abbott Laboratories in a research report on Friday, May 12th. Royal Bank Of Canada reiterated a “buy” rating on shares of Abbott Laboratories in a research report on Monday, May 15th. Goldman Sachs Group, Inc. (The) started coverage on shares of Abbott Laboratories in a research report on Tuesday, May 16th. They issued a “neutral” rating and a $45.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, May 16th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $52.14.
In other news, insider Stephen R. Fussell sold 196,550 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were 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 approximately $10,188,448. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $47.97, for a total transaction 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. In the last three months, insiders have sold 415,252 shares of company stock worth $19,878,958. Corporate 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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