First Citizens Bank & Trust Co. cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,266 shares of the healthcare product maker’s stock after selling 8,386 shares during the period. First Citizens Bank & Trust Co.’s holdings in Abbott Laboratories were worth $4,637,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Heritage Trust Co lifted its holdings in shares of Abbott Laboratories by 10.1% during the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock worth $106,000 after purchasing an additional 200 shares during the period. Tributary Capital Management LLC acquired a new stake in shares of Abbott Laboratories during the third quarter worth $106,000. Thompson Davis & CO. Inc. lifted its holdings in shares of Abbott Laboratories by 17.7% during the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock worth $120,000 after purchasing an additional 370 shares during the period. JFS Wealth Advisors LLC lifted its holdings in shares of Abbott Laboratories by 349.0% during the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock worth $131,000 after purchasing an additional 2,094 shares during the period. Finally, Motco lifted its holdings in shares of Abbott Laboratories by 213.7% during the second quarter. Motco now owns 2,880 shares of the healthcare product maker’s stock worth $140,000 after purchasing an additional 1,962 shares during the period. Institutional investors and hedge funds own 71.22% of the company’s stock.
ABT has been the subject of several recent research reports. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Jefferies Group reaffirmed a “buy” rating and set a $65.00 price target on shares of Abbott Laboratories in a report on Thursday, October 19th. Royal Bank of Canada increased their price target on Abbott Laboratories from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, October 19th. Stifel Nicolaus increased their price target on Abbott Laboratories from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Finally, Cowen set a $68.00 price target on Abbott Laboratories and gave the stock a “buy” rating in a report on Thursday, October 19th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $65.47.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, January 24th. The healthcare product maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. Abbott Laboratories had a return on equity of 13.80% and a net margin of 1.74%. The company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.38 billion. During the same quarter last year, the company earned $0.65 earnings per share. Abbott Laboratories’s quarterly revenue was up 42.3% compared to the same quarter last year. equities research analysts expect that Abbott Laboratories will post 2.86 EPS for the current 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 $0.28 dividend. 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 1.99%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.27. Abbott Laboratories’s dividend payout ratio (DPR) is 430.79%.
In other Abbott Laboratories news, EVP Stephen R. Fussell sold 13,313 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $62.84, for a total value of $836,588.92. Following the completion of the sale, the executive vice president now owns 152,343 shares of the company’s stock, valued at $9,573,234.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Brian J. Blaser sold 27,733 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $62.26, for a total value of $1,726,656.58. Following the completion of the sale, the insider now directly owns 156,587 shares of the company’s stock, valued at approximately $9,749,106.62. The disclosure for this sale can be found here. In the last three months, insiders sold 445,615 shares of company stock valued at $24,666,341. 0.76% of the stock is owned by corporate insiders.
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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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