Lee Financial Co Purchases 57 Shares of Abbott Laboratories (ABT)

Lee Financial Co grew its position in shares of Abbott Laboratories (NYSE:ABT) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,388 shares of the healthcare product maker’s stock after buying an additional 57 shares during the period. Lee Financial Co’s holdings in Abbott Laboratories were worth $165,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABT. State Street Corp lifted its holdings in Abbott Laboratories by 18.9% during the 1st quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after purchasing an additional 12,806,535 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Abbott Laboratories by 11.0% during the 1st 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. Independent Franchise Partners LLP lifted its holdings in Abbott Laboratories by 0.8% during the 2nd quarter. Independent Franchise Partners LLP now owns 9,828,141 shares of the healthcare product maker’s stock worth $477,745,000 after purchasing an additional 76,935 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Abbott Laboratories by 33.8% during the 1st 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, Legal & General Group Plc lifted its holdings in Abbott Laboratories by 20.1% during the 1st quarter. Legal & General Group Plc now owns 8,550,357 shares of the healthcare product maker’s stock worth $379,731,000 after purchasing an additional 1,433,093 shares in the last quarter. 71.50% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Abbott Laboratories (NYSE:ABT) opened at 55.40 on Wednesday. The stock has a market cap of $96.25 billion, a PE ratio of 77.59 and a beta of 1.06. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $55.43. The firm has a 50 day moving average price of $52.07 and a 200 day moving average price of $47.95.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company posted $0.55 earnings per share. Abbott Laboratories’s revenue for the quarter was up 24.5% on a year-over-year basis. On average, equities analysts expect that Abbott Laboratories will post $2.49 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.265 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 1.91%. Abbott Laboratories’s payout ratio is 149.30%.

ABT has been the topic of a number of recent research reports. Jefferies Group LLC reissued a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a report on Friday, June 16th. BidaskClub raised Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. BTIG Research initiated coverage on Abbott Laboratories in a report on Wednesday, June 21st. They set a “buy” rating and a $56.00 price objective on the stock. Guggenheim initiated coverage on Abbott Laboratories in a report on Thursday, June 29th. They set a “buy” rating and a $58.00 price objective on the stock. Finally, Wells Fargo & Company reissued an “outperform” rating and set a $54.00 price objective (up previously from $47.50) on shares of Abbott Laboratories in a report on Friday, June 30th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $54.94.

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In other news, insider Brian J. Blaser sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the transaction, the insider now directly owns 143,154 shares in the company, valued at $7,157,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hubert L. Allen sold 4,600 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total value of $233,634.00. Following the completion of the transaction, the insider now owns 105,479 shares in the company, valued at $5,357,278.41. The disclosure for this sale can be found here. Insiders sold 333,310 shares of company stock worth $16,857,255 over the last 90 days. Company insiders own 0.76% of the company’s stock.

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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