Novare Capital Management LLC purchased a new stake in shares of Abbott Laboratories (NYSE:ABT) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 69,654 shares of the healthcare product maker’s stock, valued at approximately $3,093,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after buying an additional 3,344,508 shares during the period. Macquarie Group Ltd. raised its stake in Abbott Laboratories by 11.5% in the fourth quarter. Macquarie Group Ltd. now owns 19,694,052 shares of the healthcare product maker’s stock worth $756,449,000 after buying an additional 2,025,512 shares during the period. Norges Bank bought a new stake in Abbott Laboratories during the fourth quarter worth $598,897,000. Boston Partners raised its stake in Abbott Laboratories by 5,663.7% in the first quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock worth $364,696,000 after buying an additional 8,069,557 shares during the period. Finally, UBS Asset Management Americas Inc. raised its stake in Abbott Laboratories by 57.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 6,525,001 shares of the healthcare product maker’s stock worth $250,625,000 after buying an additional 2,370,573 shares during the period. Institutional investors own 70.86% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded down 1.12% during trading on Friday, reaching $48.74. The company had a trading volume of 4,810,807 shares. The firm has a market capitalization of $84.68 billion, a price-to-earnings ratio of 68.26 and a beta of 1.07. The company’s 50-day moving average is $49.15 and its 200 day moving average is $45.95. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $51.13.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The business had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.63 billion. During the same quarter last year, the business earned $0.55 earnings per share. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. Equities analysts anticipate that Abbott Laboratories will post $2.49 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Wednesday, July 12th. Abbott Laboratories’s dividend payout ratio is 149.30%.
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A number of equities analysts have issued reports on the company. Citigroup Inc. assumed coverage on Abbott Laboratories in a report on Thursday. They issued a “neutral” rating and a $53.00 price objective for the company. Cowen and Company restated a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a report on Thursday. BidaskClub downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Sunday, August 6th. Jefferies Group LLC restated a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Thursday, August 3rd. Finally, Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $52.14.
In other Abbott Laboratories news, insider Hubert L. Allen sold 4,600 shares of Abbott Laboratories stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total transaction of $233,634.00. Following the completion of the sale, the insider now owns 105,479 shares of the company’s stock, valued at approximately $5,357,278.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jared Watkin sold 552 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total transaction of $26,479.44. Following the transaction, the insider now owns 47,090 shares in the company, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 415,252 shares of company stock valued at $19,878,958 in the last ninety days. Company insiders own 0.76% of the company’s stock.
Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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