Rockland Trust Co. trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 0.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 40,458 shares of the healthcare product maker’s stock after selling 254 shares during the quarter. Rockland Trust Co.’s holdings in Abbott Laboratories were worth $3,280,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in shares of Abbott Laboratories during the second quarter worth $30,000. Front Row Advisors LLC raised its holdings in Abbott Laboratories by 790.9% during the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after buying an additional 348 shares in the last quarter. Redhawk Wealth Advisors Inc. bought a new position in Abbott Laboratories during the second quarter valued at about $33,000. Weaver Consulting Group bought a new position in Abbott Laboratories during the first quarter valued at about $33,000. Finally, Pearl River Capital LLC bought a new position in Abbott Laboratories during the second quarter valued at about $41,000. Institutional investors and hedge funds own 73.71% of the company’s stock.
In related news, CFO Brian B. Yoor sold 43,763 shares of Abbott Laboratories stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the sale, the chief financial officer now directly owns 125,781 shares of the company’s stock, valued at $10,788,236.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Joseph J. Manning sold 47,226 shares of Abbott Laboratories stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $85.14, for a total value of $4,020,821.64. Following the sale, the senior vice president now directly owns 97,755 shares in the company, valued at $8,322,860.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,497 shares of company stock worth $15,701,810. 0.70% of the stock is currently owned by company insiders.
Several equities analysts have weighed in on ABT shares. Jefferies Financial Group raised their target price on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. BMO Capital Markets raised their target price on Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Cowen raised their target price on Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Zacks Investment Research lowered Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 target price on the stock. in a report on Wednesday, August 21st. Finally, ValuEngine lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Abbott Laboratories currently has an average rating of “Buy” and an average target price of $86.74.
Shares of NYSE:ABT traded up $0.97 during midday trading on Friday, hitting $81.11. The company’s stock had a trading volume of 79,582 shares, compared to its average volume of 4,028,799. The stock has a market capitalization of $138.76 billion, a price-to-earnings ratio of 28.10, a PEG ratio of 2.21 and a beta of 1.13. The stock’s 50 day simple moving average is $83.20 and its 200 day simple moving average is $81.67. Abbott Laboratories has a fifty-two week low of $65.44 and a fifty-two week high of $88.76. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.68.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The company had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.73 earnings per share. As a group, analysts anticipate that Abbott Laboratories will post 3.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, October 11th. Abbott Laboratories’s dividend payout ratio is currently 44.44%.
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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