Somerset Trust Co Increases Stock Position in Abbott Laboratories (NYSE:ABT)

Somerset Trust Co boosted its stake in Abbott Laboratories (NYSE:ABT) by 5.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,094 shares of the healthcare product maker’s stock after purchasing an additional 2,097 shares during the quarter. Abbott Laboratories comprises approximately 2.0% of Somerset Trust Co’s portfolio, making the stock its 11th biggest holding. Somerset Trust Co’s holdings in Abbott Laboratories were worth $3,757,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Bamco Inc. NY grew its holdings in shares of Abbott Laboratories by 37.2% in the fourth quarter. Bamco Inc. NY now owns 9,596 shares of the healthcare product maker’s stock worth $834,000 after purchasing an additional 2,600 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Abbott Laboratories by 1,199.2% in the first quarter. Fisher Asset Management LLC now owns 3,563,878 shares of the healthcare product maker’s stock worth $281,226,000 after purchasing an additional 3,289,573 shares during the last quarter. Capital Wealth Planning LLC boosted its holdings in Abbott Laboratories by 6.3% in the fourth quarter. Capital Wealth Planning LLC now owns 529,600 shares of the healthcare product maker’s stock valued at $46,001,000 after acquiring an additional 31,200 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Abbott Laboratories by 4.5% in the fourth quarter. Alliancebernstein L.P. now owns 14,072,375 shares of the healthcare product maker’s stock valued at $1,222,326,000 after acquiring an additional 610,015 shares in the last quarter. Finally, Alerus Financial NA boosted its holdings in Abbott Laboratories by 8.5% in the first quarter. Alerus Financial NA now owns 60,465 shares of the healthcare product maker’s stock valued at $4,771,000 after acquiring an additional 4,746 shares in the last quarter. 73.59% of the stock is currently owned by institutional investors and hedge funds.

NYSE:ABT traded up $1.72 during mid-day trading on Friday, reaching $98.12. The company’s stock had a trading volume of 91,641 shares, compared to its average volume of 4,876,170. Abbott Laboratories has a 12-month low of $61.61 and a 12-month high of $100.00. The firm’s fifty day moving average price is $91.32 and its two-hundred day moving average price is $87.47. The company has a current ratio of 1.43, a quick ratio of 1.01 and a debt-to-equity ratio of 0.55. The stock has a market cap of $173.59 billion, a P/E ratio of 49.32, a PEG ratio of 3.97 and a beta of 0.97.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 16th. The healthcare product maker reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.15. Abbott Laboratories had a return on equity of 18.61% and a net margin of 11.15%. The business had revenue of $7.33 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the firm earned $0.82 EPS. Abbott Laboratories’s revenue was down 8.2% on a year-over-year basis. Analysts predict that Abbott Laboratories will post 2.84 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a $1.44 annualized dividend and a dividend yield of 1.47%. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.08. Abbott Laboratories’s dividend payout ratio is presently 44.44%.

ABT has been the topic of several recent analyst reports. Raymond James lifted their price target on shares of Abbott Laboratories from $92.00 to $102.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Goldman Sachs Group cut shares of Abbott Laboratories from a “neutral” rating to a “sell” rating and set a $84.00 price target on the stock. in a report on Sunday, May 31st. SVB Leerink boosted their target price on shares of Abbott Laboratories from $97.00 to $110.00 and gave the company a “market perform” rating in a report on Friday. Stifel Nicolaus boosted their target price on shares of Abbott Laboratories from $85.00 to $108.00 in a report on Friday, April 17th. Finally, Cfra boosted their target price on shares of Abbott Laboratories from $99.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $101.81.

In related news, EVP John F. Ginascol sold 63,200 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $96.00, for a total transaction of $6,067,200.00. Following the completion of the transaction, the executive vice president now directly owns 129,645 shares in the company, valued at approximately $12,445,920. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Randel William Woodgrift sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $93.18, for a total value of $347,002.32. Following the completion of the transaction, the senior vice president now owns 48,767 shares of the company’s stock, valued at $4,544,109.06. The disclosure for this sale can be found here. Insiders have sold a total of 148,210 shares of company stock valued at $13,893,200 in the last ninety days. Insiders own 1.70% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.

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

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