Day & Ennis LLC raised its holdings in shares of Abbott Laboratories (NYSE:ABT) by 18.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,335 shares of the healthcare product maker’s stock after acquiring an additional 1,439 shares during the period. Day & Ennis LLC’s holdings in Abbott Laboratories were worth $785,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ABT. Manchester Financial Inc. purchased a new stake in shares of Abbott Laboratories during the second quarter worth $30,000. Front Row Advisors LLC grew its holdings in shares of Abbott Laboratories by 790.9% during the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after buying an additional 348 shares in the last quarter. Weaver Consulting Group purchased a new stake in shares of Abbott Laboratories during the first quarter worth $33,000. Beacon Capital Management Inc. purchased a new stake in shares of Abbott Laboratories during the first quarter worth $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Abbott Laboratories during the second quarter worth $42,000. Institutional investors and hedge funds own 73.42% of the company’s stock.
In other Abbott Laboratories news, Director Sally E. Blount sold 2,500 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total value of $219,125.00. Following the transaction, the director now owns 26,266 shares of the company’s stock, valued at $2,302,214.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brian J. Blaser sold 450,062 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the completion of the transaction, the insider now directly owns 295,745 shares in the company, valued at approximately $22,334,662.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 885,102 shares of company stock worth $71,110,429. Corporate insiders own 0.70% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.02. The firm had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 EPS. On average, equities research analysts anticipate that Abbott Laboratories will post 3.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.28 annualized dividend and a dividend yield of 1.51%. Abbott Laboratories’s payout ratio is 44.44%.
A number of equities research analysts have recently issued reports on the stock. Cowen upped their target price on shares of Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Jefferies Financial Group upped their target price on shares of Abbott Laboratories from $80.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Raymond James upped their target price on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. BMO Capital Markets upped their target price on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Finally, Morgan Stanley upped their target price on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $85.82.
About Abbott Laboratories
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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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