Birmingham Capital Management Co. Inc. AL cut its holdings in Abbott Laboratories (NYSE:ABT) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,544 shares of the healthcare product maker’s stock after selling 1,350 shares during the quarter. Birmingham Capital Management Co. Inc. AL’s holdings in Abbott Laboratories were worth $1,737,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Otter Creek Advisors LLC grew its position in Abbott Laboratories by 55.3% during the 1st quarter. Otter Creek Advisors LLC now owns 273,352 shares of the healthcare product maker’s stock valued at $12,140,000 after purchasing an additional 97,352 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Abbott Laboratories during the 1st quarter valued at about $4,616,000. Investment Centers of America Inc. grew its position in Abbott Laboratories by 9.5% during the 1st quarter. Investment Centers of America Inc. now owns 52,264 shares of the healthcare product maker’s stock valued at $2,310,000 after purchasing an additional 4,553 shares during the last quarter. AQR Capital Management LLC grew its position in Abbott Laboratories by 264.8% during the 1st quarter. AQR Capital Management LLC now owns 634,391 shares of the healthcare product maker’s stock valued at $28,173,000 after purchasing an additional 460,477 shares during the last quarter. Finally, Shelton Capital Management grew its position in Abbott Laboratories by 17.0% during the 1st quarter. Shelton Capital Management now owns 162,626 shares of the healthcare product maker’s stock valued at $7,222,000 after purchasing an additional 23,586 shares during the last quarter. 71.15% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Brian J. Blaser sold 23,866 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $55.55, for a total value of $1,325,756.30. Following the transaction, the insider now owns 146,387 shares in the company, valued at approximately $8,131,797.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $56.21, for a total transaction of $5,430,054.63. Following the completion of the transaction, the executive vice president now owns 142,082 shares in the company, valued at approximately $7,986,429.22. The disclosure for this sale can be found here. Insiders have sold a total of 501,172 shares of company stock worth $27,533,150 in the last 90 days. Company insiders own 0.76% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The business had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 EPS. equities research analysts forecast that Abbott Laboratories will post 2.5 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, January 11th. This represents a $1.12 annualized dividend and a yield of 1.90%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.27. Abbott Laboratories’s dividend payout ratio is currently 87.60%.
ABT has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Tuesday, October 10th. Jefferies Group reissued a “buy” rating and set a $65.00 price objective on shares of Abbott Laboratories in a research report on Thursday, October 19th. Cowen reissued a “buy” rating on shares of Abbott Laboratories in a research report on Sunday, September 24th. Bank of America reissued a “buy” rating and set a $60.00 price objective (up from $56.00) on shares of Abbott Laboratories in a research report on Wednesday, October 4th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $59.59.
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Abbott Laboratories Company 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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