Kistler Tiffany Companies LLC lowered its stake in Abbott Laboratories (NYSE:ABT) by 18.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,589 shares of the healthcare product maker’s stock after selling 1,070 shares during the quarter. Kistler Tiffany Companies LLC’s holdings in Abbott Laboratories were worth $223,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Grove Bank & Trust increased its stake in shares of Abbott Laboratories by 40.4% in the second quarter. Grove Bank & Trust now owns 20,442 shares of the healthcare product maker’s stock valued at $993,000 after buying an additional 5,882 shares during the period. Stewart & Patten Co. LLC increased its stake in shares of Abbott Laboratories by 1.8% in the second quarter. Stewart & Patten Co. LLC now owns 306,771 shares of the healthcare product maker’s stock valued at $14,913,000 after buying an additional 5,571 shares during the period. Bessemer Group Inc. increased its stake in shares of Abbott Laboratories by 12.3% in the second quarter. Bessemer Group Inc. now owns 55,874 shares of the healthcare product maker’s stock valued at $2,716,000 after buying an additional 6,131 shares during the period. Birmingham Capital Management Co. Inc. AL increased its stake in shares of Abbott Laboratories by 1.8% in the second quarter. Birmingham Capital Management Co. Inc. AL now owns 33,894 shares of the healthcare product maker’s stock valued at $1,648,000 after buying an additional 600 shares during the period. Finally, Lee Financial Co increased its stake in shares of Abbott Laboratories by 1.7% in the second quarter. Lee Financial Co now owns 3,388 shares of the healthcare product maker’s stock valued at $165,000 after buying an additional 57 shares during the period. 71.50% of the stock is owned by hedge funds and other institutional investors.
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In other news, insider Hubert L. Allen sold 4,600 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 221,488 shares in the company, valued at $10,963,656. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 333,310 shares of company stock worth $16,857,255. Corporate insiders own 0.76% of the company’s stock.
Several research firms have recently issued reports on ABT. J P Morgan Chase & Co began coverage on Abbott Laboratories in a research note on Friday, October 6th. They issued a “neutral” rating and a $60.00 price objective for the company. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Tuesday. Bank of America Corporation reissued a “buy” rating and set a $60.00 target price (up previously from $56.00) on shares of Abbott Laboratories in a research report on Wednesday, October 4th. BMO Capital Markets reissued a “hold” rating and set a $53.00 target price on shares of Abbott Laboratories in a research report on Monday, October 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $54.94.
Abbott Laboratories (NYSE:ABT) opened at 54.44 on Thursday. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $55.43. The firm’s 50-day moving average price is $52.20 and its 200 day moving average price is $48.00. The company has a market capitalization of $94.59 billion, a PE ratio of 76.25 and a beta of 1.06.
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 the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 earnings per share. Equities research analysts expect 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. Stockholders of record on Friday, October 13th will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s payout ratio is currently 149.30%.
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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