First Merchants Corp cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 10.1% during the second quarter, Holdings Channel reports. The firm owned 63,914 shares of the healthcare product maker’s stock after selling 7,150 shares during the period. First Merchants Corp’s holdings in Abbott Laboratories were worth $2,512,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB boosted its position in Abbott Laboratories by 13.5% in the second quarter. Nordea Investment Management AB now owns 3,529,762 shares of the healthcare product maker’s stock valued at $138,755,000 after buying an additional 420,435 shares during the period. National Pension Service boosted its position in Abbott Laboratories by 4.2% in the first quarter. National Pension Service now owns 766,747 shares of the healthcare product maker’s stock valued at $32,073,000 after buying an additional 30,857 shares during the period. MAI Capital Management boosted its position in Abbott Laboratories by 2.5% in the second quarter. MAI Capital Management now owns 328,683 shares of the healthcare product maker’s stock valued at $12,921,000 after buying an additional 8,170 shares during the period. Panagora Asset Management Inc. boosted its position in Abbott Laboratories by 41.0% in the first quarter. Panagora Asset Management Inc. now owns 1,536,883 shares of the healthcare product maker’s stock valued at $64,288,000 after buying an additional 446,670 shares during the period. Finally, Stoneridge Investment Partners LLC purchased a new position in Abbott Laboratories during the second quarter valued at approximately $11,444,000. 73.03% of the stock is owned by hedge funds and other institutional investors.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.61% during mid-day trading on Monday, reaching $42.55. The company had a trading volume of 5,947,395 shares. Abbott Laboratories has a one year low of $36.00 and a one year high of $46.38. The firm has a market capitalization of $62.55 billion, a price-to-earnings ratio of 28.09 and a beta of 0.87. The stock has a 50 day moving average of $42.51 and a 200-day moving average of $41.32.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. Abbott Laboratories’s dividend payout ratio is presently 68.87%.
ABT has been the subject of several recent research reports. Bank of America Corp. reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Monday, September 19th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Tuesday, September 20th. Jefferies Group dropped their target price on Abbott Laboratories from $52.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, September 13th. TheStreet raised Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Abbott Laboratories in a report on Wednesday, June 8th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Abbott Laboratories currently has a consensus rating of “Buy” and an average price target of $47.02.
In other news, Chairman Miles D. White acquired 242,547 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was purchased at an average price of $43.18 per share, for a total transaction of $10,473,179.46. Following the purchase, the chairman now owns 2,010,517 shares in the company, valued at approximately $86,814,124.06. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 59,791 shares of the company’s stock, valued at approximately $2,493,882.61. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.
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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