Retirement Systems of Alabama increased its stake in Abbott Laboratories (NYSE:ABT) by 88.4% during the second quarter, Holdings Channel reports. The firm owned 1,417,189 shares of the healthcare product maker’s stock after buying an additional 664,950 shares during the period. Retirement Systems of Alabama’s holdings in Abbott Laboratories were worth $55,710,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in ABT. Lodestar Investment Counsel LLC IL raised its position in Abbott Laboratories by 6.8% in the first quarter. Lodestar Investment Counsel LLC IL now owns 133,644 shares of the healthcare product maker’s stock valued at $5,590,000 after buying an additional 8,466 shares during the period. PGGM Investments bought a new position in Abbott Laboratories during the first quarter valued at approximately $10,430,000. Douglas Lane & Associates LLC bought a new position in Abbott Laboratories during the first quarter valued at approximately $4,231,000. IMS Capital Management raised its position in Abbott Laboratories by 4.1% in the first quarter. IMS Capital Management now owns 13,280 shares of the healthcare product maker’s stock valued at $556,000 after buying an additional 524 shares during the period. Finally, Chesley Taft & Associates LLC raised its position in Abbott Laboratories by 0.5% in the first quarter. Chesley Taft & Associates LLC now owns 321,856 shares of the healthcare product maker’s stock valued at $13,463,000 after buying an additional 1,749 shares during the period. 73.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Abbott Laboratories (NYSE:ABT) remained flat at $42.97 during mid-day trading on Friday. 7,249,757 shares of the company’s stock traded hands. The firm has a 50-day moving average of $42.27 and a 200-day moving average of $41.37. Abbott Laboratories has a 52-week low of $36.00 and a 52-week high of $46.38. The company has a market cap 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, beating the 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 return on equity of 15.11% and a net margin of 11.08%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS. Analysts anticipate that Abbott Laboratories will post ($0.01) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $1.04 annualized dividend and a yield of 2.42%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.87%.
ABT has been the topic of several recent research reports. Jefferies Group boosted 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. Barclays PLC restated a “buy” rating and set a $48.00 price objective on shares of Abbott Laboratories in a report on Saturday, June 18th. Edward Jones upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Tuesday, July 5th. Finally, Argus restated a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a report on Thursday, July 28th. Seven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $47.02.
In other news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $41.71, for a total value of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares of the company’s stock, valued at approximately $2,493,882.61. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Robert E. Funck sold 26,800 shares of the stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $43.08, for a total value of $1,154,544.00. Following the completion of the transaction, the vice president now directly owns 111,819 shares of the company’s stock, valued at $4,817,162.52. The disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.
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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