Conning Inc. reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.1% during the second quarter, Holdings Channel reports. The firm owned 51,061 shares of the healthcare product maker’s stock after selling 50 shares during the period. Conning Inc.’s holdings in Abbott Laboratories were worth $2,007,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ABT. Nordea Investment Management AB increased its stake in shares of 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. Stoneridge Investment Partners LLC acquired a new stake in shares of Abbott Laboratories during the second quarter valued at about $11,444,000. National Pension Service increased its stake in shares of 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 increased its stake in shares of 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. Finally, Panagora Asset Management Inc. increased its stake in shares of 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. 73.03% of the stock is currently owned by institutional investors.
Abbott Laboratories (NYSE:ABT) traded up 0.54% on Thursday, reaching $42.97. 7,250,220 shares of the company’s stock were exchanged. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38. The firm has a 50 day moving average of $42.31 and a 200 day moving average of $41.35. The stock has a market capitalization of $63.17 billion, a PE ratio of 28.36 and a beta of 0.87.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. The business 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 firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. Equities analysts predict that Abbott Laboratories will post ($0.01) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 68.87%.
ABT has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, July 5th. Edward Jones raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Tuesday, June 21st. Barclays PLC reissued a “buy” rating and set a $48.00 price objective on shares of Abbott Laboratories in a research note on Saturday, June 18th. Jefferies Group upped their price objective on shares of Abbott Laboratories from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, June 8th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $47.02.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 41,500 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $45.00, for a total value of $1,867,500.00. Following the completion of the sale, the insider now directly owns 196,467 shares in the company, valued at $8,841,015. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Miles D. White bought 242,547 shares of Abbott Laboratories stock in a transaction on Monday, July 25th. The stock was acquired at an average price of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the purchase, the chairman now directly owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The disclosure for this purchase can be found here. Corporate 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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