Cambridge Trust Co. trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 94,961 shares of the healthcare product maker’s stock after selling 2,513 shares during the quarter. Cambridge Trust Co.’s holdings in Abbott Laboratories were worth $5,067,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Heritage Trust Co grew its position in Abbott Laboratories by 10.1% during the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock valued at $106,000 after buying an additional 200 shares during the period. Tributary Capital Management LLC purchased a new position in Abbott Laboratories during the third quarter valued at approximately $106,000. Winfield Associates Inc. lifted its holdings in Abbott Laboratories by 3.9% during the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after purchasing an additional 89 shares in the last quarter. Thompson Davis & CO. Inc. lifted its holdings in Abbott Laboratories by 17.7% during the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock valued at $120,000 after purchasing an additional 370 shares in the last quarter. Finally, JFS Wealth Advisors LLC lifted its holdings in Abbott Laboratories by 349.0% during the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock valued at $131,000 after purchasing an additional 2,094 shares in the last quarter. Institutional investors own 71.15% of the company’s stock.
Several equities analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday. Evercore ISI assumed coverage on shares of Abbott Laboratories in a report on Wednesday. They set an “outperform” rating and a $64.00 price target on the stock. JPMorgan Chase & Co. raised shares of Abbott Laboratories from a “neutral” rating to an “overweight” rating and set a $60.00 price target on the stock in a report on Tuesday. Morgan Stanley raised shares of Abbott Laboratories from an “equal weight” rating to an “overweight” rating and set a $67.00 price target on the stock in a report on Tuesday. Finally, BMO Capital Markets raised shares of Abbott Laboratories from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $58.00 to $65.00 in a report on Tuesday, December 12th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $59.59.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, topping the consensus estimate of $0.65 by $0.01. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The firm had revenue of $6.83 billion for the quarter, compared to the consensus estimate of $6.72 billion. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. research analysts expect that Abbott Laboratories will post 2.5 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, January 11th. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.27. Abbott Laboratories’s payout ratio is 83.47%.
In related news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $56.21, for a total transaction of $5,430,054.63. Following the sale, the executive vice president now owns 142,082 shares of the company’s stock, valued at $7,986,429.22. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian J. Blaser sold 23,866 shares of the company’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $55.55, for a total transaction of $1,325,756.30. Following the sale, the insider now directly owns 146,387 shares in the company, valued at approximately $8,131,797.85. The disclosure for this sale can be found here. Insiders sold 501,172 shares of company stock worth $27,533,150 in the last three months. Insiders own 0.76% of the company’s stock.
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Abbott Laboratories Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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