Mizuho Asset Management Co. Ltd. boosted its stake in shares of Abbott Laboratories (NYSE:ABT) by 95.5% during the second quarter, Holdings Channel reports. The fund owned 20,342 shares of the healthcare product maker’s stock after buying an additional 9,939 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in Abbott Laboratories were worth $800,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the stock. Mondrian Investment Partners LTD bought a new stake in shares of Abbott Laboratories during the first quarter worth about $268,822,000. Flossbach Von Storch AG increased its stake in shares of Abbott Laboratories by 51.5% in the second quarter. Flossbach Von Storch AG now owns 14,514,773 shares of the healthcare product maker’s stock worth $570,576,000 after buying an additional 4,936,655 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its stake in shares of Abbott Laboratories by 34,061.1% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 2,998,999 shares of the healthcare product maker’s stock worth $117,890,000 after buying an additional 2,990,220 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Abbott Laboratories by 26.4% in the second quarter. Ameriprise Financial Inc. now owns 10,958,137 shares of the healthcare product maker’s stock worth $430,746,000 after buying an additional 2,287,204 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Abbott Laboratories during the second quarter worth about $82,768,000. 73.03% of the stock is currently owned by institutional investors.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.24% during mid-day trading on Tuesday, reaching $41.78. The company’s stock had a trading volume of 658,083 shares. The company’s 50-day moving average is $42.91 and its 200 day moving average is $41.25. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38. The firm has a market cap of $61.42 billion, a price-to-earnings ratio of 27.58 and a beta of 0.82.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The company earned $5.30 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm posted $0.52 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 68.87%.
A number of equities research analysts recently issued reports on the company. Barclays PLC reissued a “buy” rating and set a $48.00 price target on shares of Abbott Laboratories in a research report on Saturday, June 18th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Tuesday, July 5th. Jefferies Group increased their price target on Abbott Laboratories from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, June 14th. BTIG Research reissued a “buy” rating and set a $45.00 price target on shares of Abbott Laboratories in a research report on Wednesday, August 10th. Finally, Argus reissued a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a research report on Thursday, July 28th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $47.02.
In related news, Chairman Miles D. White acquired 242,547 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was bought at an average cost of $43.18 per share, with a total value of $10,473,179.46. Following the acquisition, the chairman now owns 2,010,517 shares of the company’s stock, valued at approximately $86,814,124.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen R. Fussell sold 41,500 shares of Abbott Laboratories stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $45.00, for a total transaction of $1,867,500.00. Following the sale, the insider now directly owns 196,467 shares of the company’s stock, valued at $8,841,015. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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