Livingston Group Asset Management CO operating as Southport Capital Management decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 5.0% during the second quarter, Holdings Channel reports. The firm owned 6,767 shares of the healthcare product maker’s stock after selling 355 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Abbott Laboratories were worth $266,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the stock. Nordea Investment Management AB raised 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. Candriam Luxembourg S.C.A. raised its stake in shares of Abbott Laboratories by 412.1% in the second quarter. Candriam Luxembourg S.C.A. now owns 701,259 shares of the healthcare product maker’s stock valued at $27,568,000 after buying an additional 564,323 shares during the period. Stoneridge Investment Partners LLC purchased a new stake in shares of Abbott Laboratories during the second quarter valued at $11,444,000. National Pension Service raised 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. Finally, MAI Capital Management raised 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. Institutional investors and hedge funds own 73.03% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded up 0.20% during midday trading on Wednesday, reaching $40.98. The company’s stock had a trading volume of 6,349,689 shares. The firm has a 50 day moving average price of $42.16 and a 200-day moving average price of $41.39. The company has a market cap of $60.24 billion, a P/E ratio of 27.05 and a beta of 0.87. Abbott Laboratories has a 12-month low of $36.00 and a 12-month high of $46.38.
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, beating the consensus estimate of $0.53 by $0.02. The business earned $5.30 billion during the quarter, compared to analyst estimates 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 period last year, the company earned $0.52 EPS. On average, equities research analysts predict that Abbott Laboratories will post ($0.01) earnings per share for the current fiscal year.
The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 68.87%.
A number of research analysts have weighed in on the company. Zacks Investment Research lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th. Bank of America Corp. reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Monday, September 19th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $48.00 target price on shares of Abbott Laboratories in a report on Monday, September 19th. Jefferies Group reduced 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. Finally, TheStreet raised Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Abbott Laboratories presently has a consensus rating of “Buy” and a consensus price target of $47.02.
In other Abbott Laboratories news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the firm’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $41.71, for a total transaction of $33,993.65. Following 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen R. Fussell sold 41,500 shares of the firm’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $45.00, for a total value of $1,867,500.00. Following the transaction, the insider now owns 196,467 shares in the company, valued at $8,841,015. The disclosure for this sale 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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