Coyle Financial Counsel LLC bought a new position in shares of Abbott Laboratories (NYSE:ABT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,494 shares of the healthcare product maker’s stock, valued at approximately $295,000.
Other institutional investors have also modified their holdings of the company. Mondrian Investment Partners LTD purchased a new stake in Abbott Laboratories during the first quarter valued at about $268,822,000. Old Mutual Global Investors UK Ltd. increased its stake in 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 valued at $117,890,000 after buying an additional 2,990,220 shares during the period. Bank of Montreal Can purchased a new stake in Abbott Laboratories during the second quarter valued at about $82,768,000. Miller Howard Investments Inc. NY purchased a new stake in Abbott Laboratories during the second quarter valued at about $64,985,000. Finally, TIAA CREF Investment Management LLC increased its stake in Abbott Laboratories by 21.1% in the first quarter. TIAA CREF Investment Management LLC now owns 8,264,886 shares of the healthcare product maker’s stock valued at $345,720,000 after buying an additional 1,441,150 shares during the period. 73.03% of the stock is currently owned by institutional investors and hedge funds.
Abbott Laboratories (NYSE:ABT) traded up 2.05% during mid-day trading on Friday, hitting $42.29. 7,451,020 shares of the company’s stock were exchanged. Abbott Laboratories has a 52 week low of $36.00 and a 52 week high of $46.38. The stock has a market capitalization of $62.17 billion, a P/E ratio of 27.91 and a beta of 0.82. The firm has a 50 day moving average of $42.58 and a 200 day moving average of $41.29.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The firm earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Wednesday, October 12th. Abbott Laboratories’s payout ratio is currently 68.87%.
ABT has been the topic of several analyst reports. Barclays PLC reaffirmed an “overweight” rating and set a $48.00 price target on shares of Abbott Laboratories in a research note on Tuesday, July 12th. TheStreet raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. Bank of America Corp. reaffirmed a “buy” rating and set a $50.00 price target on shares of Abbott Laboratories in a research note on Friday, August 12th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, June 8th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $48.00 price target on shares of Abbott Laboratories in a research note on Monday, September 19th. Six investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $47.02.
In related news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the company’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $41.71, for a total transaction of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares in the company, valued at approximately $2,493,882.61. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen R. Fussell sold 41,500 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $45.00, for a total transaction of $1,867,500.00. Following the transaction, the insider now owns 196,467 shares of the company’s stock, valued at $8,841,015. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.
Abbott Laboratories Company Profile
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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