State of New Jersey Common Pension Fund D lifted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 8.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,004,850 shares of the healthcare product maker’s stock after acquiring an additional 80,000 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of Abbott Laboratories worth $53,619,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ABT. Heritage Trust Co boosted its position in Abbott Laboratories by 10.1% in the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock valued at $106,000 after buying an additional 200 shares during the last quarter. Tributary Capital Management LLC purchased a new stake in Abbott Laboratories in the third quarter valued at approximately $106,000. Winfield Associates Inc. boosted its position in Abbott Laboratories by 3.9% in the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after buying an additional 89 shares during the last quarter. Thompson Davis & CO. Inc. boosted its position in Abbott Laboratories by 17.7% in the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock valued at $120,000 after buying an additional 370 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its position in Abbott Laboratories by 349.0% in the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock valued at $131,000 after buying an additional 2,094 shares during the last quarter. Institutional investors and hedge funds own 71.12% of the company’s stock.
In related news, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $52.95, for a total value of $3,307,257.00. Following the completion of the transaction, the insider now directly owns 113,426 shares of the company’s stock, valued at approximately $6,005,906.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alejandro D. Wellisch sold 2,153 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $55.86, for a total value of $120,266.58. Following the completion of the transaction, the insider now directly owns 10,256 shares of the company’s stock, valued at $572,900.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 563,632 shares of company stock valued at $30,840,407. Corporate insiders own 0.76% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The business had revenue of $6.83 billion during the quarter, compared to the consensus estimate of $6.72 billion. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The business’s quarterly revenue was up 28.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 EPS. research analysts anticipate that Abbott Laboratories will post 2.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.97%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Thursday, January 11th. Abbott Laboratories’s dividend payout ratio is presently 83.47%.
A number of equities research analysts recently commented on the company. Barclays upped their target price on Abbott Laboratories from $57.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 28th. Zacks Investment Research lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. BMO Capital Markets restated a “hold” rating and issued a $53.00 price objective on shares of Abbott Laboratories in a research report on Monday, October 2nd. Stifel Nicolaus upped their price objective on Abbott Laboratories from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. Finally, Cowen restated a “buy” rating on shares of Abbott Laboratories in a research report on Sunday, September 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $57.56.
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Abbott Laboratories Profile
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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