Piedmont Investment Advisors LLC boosted its stake in Abbott Laboratories (NYSE:ABT) by 116.7% during the first quarter, Holdings Channel reports. The firm owned 669,533 shares of the healthcare product maker’s stock after buying an additional 360,508 shares during the period. Piedmont Investment Advisors LLC’s holdings in Abbott Laboratories were worth $29,734,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of ABT. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Abbott Laboratories during the first quarter valued at about $13,403,000. Ballentine Partners LLC boosted its stake in shares of Abbott Laboratories by 9.1% in the first quarter. Ballentine Partners LLC now owns 8,215 shares of the healthcare product maker’s stock valued at $366,000 after buying an additional 683 shares during the period. Palisades Hudson Asset Management L.P. boosted its stake in shares of Abbott Laboratories by 24.2% in the first quarter. Palisades Hudson Asset Management L.P. now owns 7,629 shares of the healthcare product maker’s stock valued at $339,000 after buying an additional 1,485 shares during the period. Pointe Capital Management LLC purchased a new stake in shares of Abbott Laboratories during the first quarter valued at about $310,000. Finally, Stonebridge Capital Advisors LLC purchased a new stake in shares of Abbott Laboratories during the first quarter valued at about $235,000. 70.86% of the stock is currently owned by hedge funds and other institutional investors.
Abbott Laboratories (ABT) remained flat at $49.81 on Thursday. 2,086,680 shares of the company traded hands. The stock has a 50 day moving average of $49.12 and a 200 day moving average of $45.87. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $51.13. The company has a market cap of $86.54 billion, a PE ratio of 69.76 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The business’s revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.55 EPS. Analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were issued a dividend of $0.265 per share. The ex-dividend date was Wednesday, July 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.13%. Abbott Laboratories’s dividend payout ratio is currently 149.30%.
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Several equities research analysts have recently issued reports on the company. Citigroup Inc. assumed coverage on Abbott Laboratories in a report on Thursday. They issued a “neutral” rating and a $53.00 target price on the stock. Cowen and Company reaffirmed a “buy” rating and issued a $55.00 target price on shares of Abbott Laboratories in a report on Thursday. BidaskClub cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Sunday, August 6th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $58.00 target price on shares of Abbott Laboratories in a report on Thursday, August 3rd. Finally, Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $52.14.
In other news, insider Brian J. Blaser sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $50.00, for a total transaction of $750,000.00. Following the completion of the sale, the insider now owns 143,154 shares in the company, valued at approximately $7,157,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen R. Fussell sold 196,550 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the sale, the insider now owns 221,488 shares of the company’s stock, valued at approximately $10,188,448. The disclosure for this sale can be found here. Insiders have sold a total of 218,702 shares of company stock valued at $10,149,733 in the last 90 days. Insiders own 0.76% of the company’s stock.
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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