Loudon Investment Management LLC cut its holdings in Abbott Laboratories (NYSE:ABT) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,431 shares of the healthcare product maker’s stock after selling 225 shares during the period. Loudon Investment Management LLC’s holdings in Abbott Laboratories were worth $705,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. Manchester Financial Inc. purchased a new position in shares of Abbott Laboratories during the second quarter valued at about $30,000. Redhawk Wealth Advisors Inc. purchased a new position in shares of Abbott Laboratories during the second quarter valued at about $33,000. 1 North Wealth Services LLC purchased a new position in shares of Abbott Laboratories during the third quarter valued at about $38,000. Marquette Asset Management LLC increased its position in shares of Abbott Laboratories by 173.4% during the third quarter. Marquette Asset Management LLC now owns 473 shares of the healthcare product maker’s stock valued at $40,000 after buying an additional 300 shares during the period. Finally, Pearl River Capital LLC purchased a new stake in Abbott Laboratories in the second quarter worth about $41,000. 73.77% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have weighed in on ABT. Credit Suisse Group upped their price objective on shares of Abbott Laboratories from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. ValuEngine cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Cowen upped their price objective 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. Morgan Stanley upped their price objective 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. Finally, Jefferies Financial Group upped their price objective 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. Abbott Laboratories currently has a consensus rating of “Buy” and an average price target of $87.61.
In other news, SVP Randel William Woodgrift sold 21,000 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $80.54, for a total transaction of $1,691,340.00. Following the sale, the senior vice president now owns 68,562 shares in the company, valued at $5,521,983.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Joseph J. Manning sold 47,226 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $85.14, for a total transaction of $4,020,821.64. Following the sale, the senior vice president now owns 97,755 shares in the company, valued at approximately $8,322,860.70. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.
Shares of NYSE:ABT traded down $0.15 during trading on Monday, reaching $83.59. 184,368 shares of the stock traded hands, compared to its average volume of 5,339,424. The stock has a 50-day moving average of $82.03 and a two-hundred day moving average of $82.26. Abbott Laboratories has a 52-week low of $65.44 and a 52-week high of $88.76. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.12 and a current ratio of 1.54. The stock has a market cap of $145.61 billion, a P/E ratio of 29.05, a price-to-earnings-growth ratio of 2.38 and a beta of 1.13.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $0.84 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.84. Abbott Laboratories had a net margin of 10.50% and a return on equity of 17.65%. The firm had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Sell-side analysts expect that Abbott Laboratories will post 3.25 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, October 11th. Abbott Laboratories’s payout ratio is 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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