Moody National Bank Trust Division raised its stake in Abbott Laboratories (NYSE:ABT) by 980.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 126,997 shares of the healthcare product maker’s stock after acquiring an additional 115,240 shares during the quarter. Moody National Bank Trust Division’s holdings in Abbott Laboratories were worth $9,316,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board grew its position in Abbott Laboratories by 8.2% during the second quarter. Ontario Teachers Pension Plan Board now owns 23,331 shares of the healthcare product maker’s stock valued at $1,423,000 after acquiring an additional 1,762 shares during the period. HRT Financial LLC purchased a new stake in Abbott Laboratories during the second quarter valued at about $206,000. American Century Companies Inc. grew its position in Abbott Laboratories by 417.9% during the second quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock valued at $340,697,000 after acquiring an additional 4,507,553 shares during the period. Baird Financial Group Inc. grew its position in Abbott Laboratories by 0.8% during the second quarter. Baird Financial Group Inc. now owns 1,195,417 shares of the healthcare product maker’s stock valued at $72,823,000 after acquiring an additional 9,229 shares during the period. Finally, Worldquant Millennium Quantitative Strategies LLC purchased a new stake in Abbott Laboratories during the second quarter valued at about $1,793,000. 72.30% of the stock is owned by institutional investors.
In other news, SVP Sharon J. Bracken sold 1,732 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $73.35, for a total value of $127,042.20. Following the completion of the sale, the senior vice president now owns 39,229 shares of the company’s stock, valued at $2,877,447.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew H. Lane sold 9,097 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $67.11, for a total value of $610,499.67. Following the completion of the sale, the insider now directly owns 35,576 shares of the company’s stock, valued at approximately $2,387,505.36. The disclosure for this sale can be found here. Insiders sold 203,297 shares of company stock valued at $14,018,743 in the last ninety days. Company insiders own 0.74% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.75. Abbott Laboratories had a return on equity of 16.05% and a net margin of 2.91%. The company had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the prior year, the business earned $0.66 earnings per share. The company’s revenue was up 12.1% compared to the same quarter last year. On average, research analysts anticipate that Abbott Laboratories will post 2.89 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Friday, October 12th. Abbott Laboratories’s payout ratio is 44.80%.
A number of equities research analysts have issued reports on ABT shares. Cowen boosted their price target on Abbott Laboratories from $72.00 to $86.00 and gave the company an “average” rating in a research report on Friday, October 5th. Stifel Nicolaus boosted their price target on Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, July 19th. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Royal Bank of Canada reissued a “buy” rating and set a $70.00 price target on shares of Abbott Laboratories in a research report on Thursday, July 19th. Finally, Morgan Stanley boosted their price target on Abbott Laboratories from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, October 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the company. Abbott Laboratories presently 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.
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