Dorsey & Whitney Trust CO LLC trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,957 shares of the healthcare product maker’s stock after selling 2,488 shares during the quarter. Abbott Laboratories accounts for about 1.7% of Dorsey & Whitney Trust CO LLC’s portfolio, making the stock its 9th largest position. Dorsey & Whitney Trust CO LLC’s holdings in Abbott Laboratories were worth $10,781,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in ABT. Grassi Investment Management lifted its holdings in shares of Abbott Laboratories by 0.6% in the 3rd quarter. Grassi Investment Management now owns 123,859 shares of the healthcare product maker’s stock valued at $9,086,000 after buying an additional 776 shares during the period. City Holding Co. lifted its holdings in shares of Abbott Laboratories by 1.6% in the 2nd quarter. City Holding Co. now owns 50,654 shares of the healthcare product maker’s stock valued at $3,089,000 after buying an additional 782 shares during the period. Burns J W & Co. Inc. NY lifted its holdings in shares of Abbott Laboratories by 3.2% in the 3rd quarter. Burns J W & Co. Inc. NY now owns 25,006 shares of the healthcare product maker’s stock valued at $1,834,000 after buying an additional 785 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Abbott Laboratories by 4.3% in the 3rd quarter. Fulton Bank N.A. now owns 19,375 shares of the healthcare product maker’s stock valued at $1,421,000 after buying an additional 791 shares during the period. Finally, Moody National Bank Trust Division lifted its holdings in shares of Abbott Laboratories by 7.3% in the 2nd quarter. Moody National Bank Trust Division now owns 11,757 shares of the healthcare product maker’s stock valued at $717,000 after buying an additional 795 shares during the period. Hedge funds and other institutional investors own 72.30% of the company’s stock.
In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $73.39, for a total transaction of $366,950.00. Following the completion of the sale, the insider now directly owns 93,321 shares in the company, valued at approximately $6,848,828.19. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Jaime Contreras sold 64,268 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $66.84, for a total value of $4,295,673.12. Following the sale, the senior vice president now owns 125,471 shares of the company’s stock, valued at $8,386,481.64. The disclosure for this sale can be found here. Insiders sold a total of 138,297 shares of company stock valued at $9,403,743 in the last ninety days. 0.74% of the stock is currently owned by insiders.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.75. The company had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Abbott Laboratories had a return on equity of 16.01% and a net margin of 2.91%. Abbott Laboratories’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 EPS. As a group, equities research analysts expect that Abbott Laboratories will post 2.89 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.12 dividend on an annualized basis and a yield of 1.65%. Abbott Laboratories’s payout ratio is 44.80%.
Several equities analysts have recently issued reports on the company. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 price objective on shares of Abbott Laboratories in a report on Thursday, October 18th. Raymond James boosted their price objective on Abbott Laboratories from $77.00 to $79.00 and gave the company an “outperform” rating in a report on Thursday, October 18th. BTIG Research reissued a “hold” rating on shares of Abbott Laboratories in a report on Thursday, October 18th. Barclays assumed coverage on Abbott Laboratories in a report on Monday, October 15th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on Abbott Laboratories from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, October 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $75.22.
Abbott Laboratories 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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
See Also: Ex-Dividend
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