Bank of New York Mellon Corp Lowers Holdings in Abbott Laboratories (ABT)

Bank of New York Mellon Corp decreased its stake in Abbott Laboratories (NYSE:ABT) by 0.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,690,313 shares of the healthcare product maker’s stock after selling 106,556 shares during the period. Bank of New York Mellon Corp owned 1.94% of Abbott Laboratories worth $1,637,684,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp raised its position in Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after acquiring an additional 12,806,535 shares during the period. Boston Partners raised its position in Abbott Laboratories by 28.1% in the second quarter. Boston Partners now owns 10,516,502 shares of the healthcare product maker’s stock worth $511,207,000 after acquiring an additional 2,304,467 shares during the period. Independent Franchise Partners LLP raised its position in Abbott Laboratories by 0.8% in the second quarter. Independent Franchise Partners LLP now owns 9,828,141 shares of the healthcare product maker’s stock worth $477,745,000 after acquiring an additional 76,935 shares during the period. Ameriprise Financial Inc. raised its position in Abbott Laboratories by 33.8% in the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock worth $391,841,000 after acquiring an additional 2,231,316 shares during the period. Finally, Legal & General Group Plc raised its position in Abbott Laboratories by 20.1% in the first quarter. Legal & General Group Plc now owns 8,550,357 shares of the healthcare product maker’s stock worth $379,731,000 after acquiring an additional 1,433,093 shares during the period. 71.35% of the stock is currently owned by institutional investors and hedge funds.

In other Abbott Laboratories news, insider Jaime Contreras sold 52,700 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $51.97, for a total transaction of $2,738,819.00. Following the completion of the sale, the insider now directly owns 58,739 shares of the company’s stock, valued at approximately $3,052,665.83. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $56.21, for a total transaction of $5,430,054.63. Following the sale, the executive vice president now directly owns 142,082 shares of the company’s stock, valued at $7,986,429.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 408,313 shares of company stock worth $21,205,356. 0.76% of the stock is owned by company insiders.

Several analysts have commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Abbott Laboratories in a research report on Thursday, October 19th. Royal Bank Of Canada lifted their target price on shares of Abbott Laboratories from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, October 19th. Stifel Nicolaus lifted their target price on shares of Abbott Laboratories from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Cowen and Company set a $68.00 target price on shares of Abbott Laboratories and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Abbott Laboratories in a research note on Thursday, October 19th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $56.81.

Abbott Laboratories (NYSE:ABT) opened at 54.29 on Tuesday. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $56.69. The stock has a market cap of $94.33 billion, a PE ratio of 76.04 and a beta of 1.06. The company’s 50-day moving average is $53.88 and its 200 day moving average is $49.09.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. Abbott Laboratories had a net margin of 8.37% and a return on equity of 14.50%. The company had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. During the same quarter last year, the business earned $0.59 EPS. The firm’s revenue was up 28.8% compared to the same quarter last year. On average, analysts expect that Abbott Laboratories will post $2.50 earnings per share for the current fiscal 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 1.95%. The ex-dividend date of this dividend is Thursday, October 12th. Abbott Laboratories’s payout ratio is 83.47%.

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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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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