Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in Abbott Laboratories (NYSE:ABT) by 0.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 222,164 shares of the healthcare product maker’s stock after selling 452 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Abbott Laboratories were worth $26,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Amundi bought a new stake in Abbott Laboratories in the second quarter worth $427,622,000. Vontobel Asset Management Inc. lifted its holdings in shares of Abbott Laboratories by 328.0% during the second quarter. Vontobel Asset Management Inc. now owns 4,362,428 shares of the healthcare product maker’s stock worth $521,990,000 after purchasing an additional 3,343,066 shares during the period. BlueSpruce Investments LP grew its position in Abbott Laboratories by 261.2% during the second quarter. BlueSpruce Investments LP now owns 4,214,783 shares of the healthcare product maker’s stock valued at $488,620,000 after buying an additional 3,047,969 shares during the period. BlackRock Inc. grew its position in shares of Abbott Laboratories by 1.6% in the third quarter. BlackRock Inc. now owns 134,318,636 shares of the healthcare product maker’s stock valued at $15,867,060,000 after purchasing an additional 2,127,862 shares during the period. Finally, Capital International Investors lifted its stake in shares of Abbott Laboratories by 2.6% in the second quarter. Capital International Investors now owns 55,968,342 shares of the healthcare product maker’s stock worth $6,488,764,000 after buying an additional 1,408,600 shares in the last quarter. Institutional investors own 72.47% of the company’s stock.
ABT has been the topic of a number of analyst reports. Morgan Stanley raised their price target on Abbott Laboratories from $146.00 to $157.00 and gave the company an “overweight” rating in a research note on Friday, January 7th. SVB Leerink reiterated a “market perform” rating and set a $140.00 target price (up previously from $128.00) on shares of Abbott Laboratories in a research report on Thursday, October 21st. Atlantic Securities upgraded Abbott Laboratories from a “neutral” rating to an “overweight” rating and set a $144.00 target price on the stock in a research report on Wednesday, October 27th. Cowen raised their price target on Abbott Laboratories from $140.00 to $150.00 in a report on Monday. Finally, Citigroup raised their price target on Abbott Laboratories from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, October 1st. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Buy” and a consensus target price of $137.23.
Shares of ABT stock traded down $2.35 during midday trading on Friday, reaching $127.30. 184,465 shares of the company traded hands, compared to its average volume of 5,507,423. The firm’s 50 day simple moving average is $132.37 and its two-hundred day simple moving average is $125.89. Abbott Laboratories has a 1-year low of $105.36 and a 1-year high of $142.60. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.83 and a quick ratio of 1.42. The firm has a market cap of $225.10 billion, a PE ratio of 32.17, a price-to-earnings-growth ratio of 2.37 and a beta of 0.72.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Tuesday, October 19th. The healthcare product maker reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.46. Abbott Laboratories had a net margin of 17.12% and a return on equity of 28.39%. The company had revenue of $10.93 billion during the quarter, compared to the consensus estimate of $9.56 billion. During the same period last year, the firm earned $0.98 EPS. The company’s revenue for the quarter was up 23.4% on a year-over-year basis. As a group, research analysts anticipate that Abbott Laboratories will post 5.06 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 15th. Stockholders of record on Friday, January 14th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.48%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, January 13th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.67%.
Abbott Laboratories announced that its Board of Directors has approved a share buyback plan on Friday, December 10th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the healthcare product maker to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
About Abbott Laboratories
Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.
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