Putnam FL Investment Management Co. Takes Position in Abbott Laboratories (ABT)

Putnam FL Investment Management Co. bought a new position in shares of Abbott Laboratories (NYSE:ABT) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 109,153 shares of the healthcare product maker’s stock, valued at approximately $5,824,000.

Several other institutional investors have also recently bought and sold shares of the business. Davidson & Garrard Inc. raised its holdings in shares of Abbott Laboratories by 23.5% in the 3rd quarter. Davidson & Garrard Inc. now owns 27,378 shares of the healthcare product maker’s stock worth $1,461,000 after purchasing an additional 5,205 shares during the period. Financial Engines Advisors L.L.C. raised its holdings in shares of Abbott Laboratories by 8.6% in the 3rd quarter. Financial Engines Advisors L.L.C. now owns 167,272 shares of the healthcare product maker’s stock worth $8,926,000 after purchasing an additional 13,210 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Abbott Laboratories by 1.9% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 112,689 shares of the healthcare product maker’s stock worth $6,013,000 after purchasing an additional 2,116 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Abbott Laboratories by 1.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 180,515 shares of the healthcare product maker’s stock worth $9,632,000 after purchasing an additional 3,388 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Abbott Laboratories by 29.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,068,498 shares of the healthcare product maker’s stock worth $110,370,000 after purchasing an additional 467,025 shares during the period. 71.15% of the stock is currently owned by hedge funds and other institutional investors.

ABT has been the topic of a number of research reports. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Friday, September 22nd. Cowen reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Sunday, September 24th. Wells Fargo & Co lifted their price target on shares of Abbott Laboratories from $57.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, September 28th. Barclays lifted their price target on shares of Abbott Laboratories from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, September 28th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $53.00 price target on shares of Abbott Laboratories in a report on Monday, October 2nd. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $60.24.

Shares of Abbott Laboratories (NYSE:ABT) opened at $58.84 on Friday. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Abbott Laboratories has a 1-year low of $39.25 and a 1-year high of $59.60. The stock has a market cap of $102,416.96, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The business had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. The business’s revenue for the quarter was up 28.8% compared to the same quarter last year. equities research analysts forecast that Abbott Laboratories will post 2.5 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be issued a dividend of $0.28 per share. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $1.12 dividend on an annualized basis and a yield of 1.90%. Abbott Laboratories’s payout ratio is presently 88.19%.

In other Abbott Laboratories news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the business’s stock in a transaction 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 owns 142,082 shares of the company’s stock, valued at approximately $7,986,429.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Miles D. White sold 276,886 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $54.41, for a total transaction of $15,065,367.26. Following the sale, the chairman now directly owns 3,677,913 shares in the company, valued at approximately $200,115,246.33. 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 three months. Insiders own 0.76% of the company’s stock.

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

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