Private Trust Co. NA Boosts Stake in Abbott Laboratories (ABT)

Private Trust Co. NA lifted its stake in Abbott Laboratories (NYSE:ABT) by 40.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,882 shares of the healthcare product maker’s stock after acquiring an additional 18,574 shares during the quarter. Private Trust Co. NA’s holdings in Abbott Laboratories were worth $3,153,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of ABT. State Street Corp increased its stake in shares of Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after acquiring an additional 12,806,535 shares during the last quarter. Boston Partners boosted its holdings in Abbott Laboratories by 5,663.7% in the first quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock worth $364,696,000 after purchasing an additional 8,069,557 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after purchasing an additional 3,344,508 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Abbott Laboratories by 33.8% in the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock worth $391,841,000 after purchasing an additional 2,231,316 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Abbott Laboratories by 45.3% in the first quarter. Swiss National Bank now owns 6,528,788 shares of the healthcare product maker’s stock worth $289,943,000 after purchasing an additional 2,035,170 shares in the last quarter. 71.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of Abbott Laboratories (ABT) traded up 1.19% during midday trading on Friday, hitting $52.04. 2,890,400 shares of the company were exchanged. The firm has a market capitalization of $90.42 billion, a price-to-earnings ratio of 72.89 and a beta of 1.06. Abbott Laboratories has a one year low of $37.38 and a one year high of $52.60. The firm’s 50 day moving average price is $50.14 and its 200 day moving average price is $47.04.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The business had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. During the same quarter in the previous year, the firm earned $0.55 EPS. Abbott Laboratories’s revenue was up 24.5% on a year-over-year basis. Analysts forecast that Abbott Laboratories will post $2.49 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 149.30%.

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A number of brokerages recently issued reports on ABT. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Friday. BMO Capital Markets restated a “hold” rating and set a $53.00 price target on shares of Abbott Laboratories in a report on Friday, September 1st. Citigroup Inc. started coverage on shares of Abbott Laboratories in a report on Thursday, August 17th. They set a “neutral” rating and a $53.00 price target for the company. Cowen and Company restated a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a report on Thursday, August 17th. Finally, BidaskClub cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Sunday, August 6th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $52.71.

In other news, insider Sharon J. Bracken sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $49.16, for a total transaction of $98,320.00. Following the completion of the sale, the insider now owns 28,806 shares of the company’s stock, valued at approximately $1,416,102.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian J. Blaser sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $50.00, for a total transaction of $750,000.00. Following the sale, the insider now directly owns 143,154 shares of the company’s stock, valued at approximately $7,157,700. The disclosure for this sale can be found here. In the last three months, insiders sold 218,150 shares of company stock valued at $10,811,179. 0.76% of the stock is owned by insiders.

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.

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

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