New York State Common Retirement Fund decreased its stake in Abbott Laboratories (NYSE:ABT) by 2.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 4,697,968 shares of the healthcare product maker’s stock after selling 127,839 shares during the quarter. New York State Common Retirement Fund’s holdings in Abbott Laboratories were worth $250,684,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Zions Bancorporation lifted its stake in Abbott Laboratories by 6.8% in the 1st quarter. Zions Bancorporation now owns 8,356 shares of the healthcare product maker’s stock valued at $373,000 after purchasing an additional 532 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in Abbott Laboratories in the 1st quarter valued at about $205,000. Farmers National Bank lifted its stake in Abbott Laboratories by 1.5% in the 1st quarter. Farmers National Bank now owns 3,568 shares of the healthcare product maker’s stock valued at $158,000 after purchasing an additional 52 shares during the last quarter. Chemung Canal Trust Co. lifted its stake in Abbott Laboratories by 3.6% in the 1st quarter. Chemung Canal Trust Co. now owns 30,823 shares of the healthcare product maker’s stock valued at $1,369,000 after purchasing an additional 1,071 shares during the last quarter. Finally, Bank of Nova Scotia lifted its stake in Abbott Laboratories by 939.6% in the 1st quarter. Bank of Nova Scotia now owns 401,349 shares of the healthcare product maker’s stock valued at $17,824,000 after purchasing an additional 362,744 shares during the last quarter. Institutional investors own 71.15% of the company’s stock.
Shares of Abbott Laboratories (ABT) opened at $58.83 on Thursday. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $102,400.00, a P/E ratio of 48.62, a price-to-earnings-growth ratio of 1.88 and a beta of 1.55. Abbott Laboratories has a 1 year low of $39.25 and a 1 year high of $59.60.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, January 11th. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a yield of 1.90%. Abbott Laboratories’s dividend payout ratio (DPR) is 87.60%.
In other news, insider Alejandro D. Wellisch sold 2,153 shares of Abbott Laboratories stock in a transaction that occurred 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 sale, the insider now directly owns 10,256 shares in the company, valued at $572,900.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of Abbott Laboratories 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 completion of the sale, the executive vice president now owns 142,082 shares of the company’s stock, valued at $7,986,429.22. The disclosure for this sale can be found here. Insiders have sold 501,172 shares of company stock valued at $27,533,150 over the last 90 days. Company insiders own 0.76% of the company’s stock.
Several equities research analysts recently issued reports on ABT shares. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. JPMorgan Chase & Co. started coverage on shares of Abbott Laboratories in a research note on Friday, October 6th. They issued a “neutral” rating and a $60.00 target price for the company. Royal Bank of Canada reiterated a “buy” rating and issued a $55.00 target price on shares of Abbott Laboratories in a research note on Tuesday, October 3rd. Cowen set a $68.00 target price on shares of Abbott Laboratories and gave the company a “buy” rating in a research note on Thursday, October 19th. Finally, ValuEngine upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Wednesday, November 22nd. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Abbott Laboratories currently has a consensus rating of “Buy” and an average target price of $60.24.
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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