DekaBank Deutsche Girozentrale grew its holdings in Abbott Laboratories (NYSE:ABT) by 91.4% during the 2nd quarter, Holdings Channel reports. The firm owned 1,454,239 shares of the healthcare product maker’s stock after buying an additional 694,262 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Abbott Laboratories were worth $122,138,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in ABT. Manchester Financial Inc. acquired a new position in Abbott Laboratories during the 2nd quarter valued at $30,000. Front Row Advisors LLC raised its stake in Abbott Laboratories by 790.9% during the 1st quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after purchasing an additional 348 shares during the last quarter. Weaver Consulting Group acquired a new position in Abbott Laboratories during the 1st quarter valued at $33,000. Beacon Capital Management Inc. acquired a new position in Abbott Laboratories during the 1st quarter valued at $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Abbott Laboratories in the 2nd quarter valued at $42,000. Institutional investors and hedge funds own 73.42% of the company’s stock.
Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price target on shares of Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. BMO Capital Markets boosted their price target on shares of Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Wells Fargo & Co boosted their price target on shares of Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Cowen boosted their price target on shares of Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, Jefferies Financial Group boosted their price target on shares of Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $85.82.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The business had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8 billion. During the same quarter in the prior year, the firm earned $0.73 EPS. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Abbott Laboratories will post 3.24 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Friday, July 12th. Abbott Laboratories’s payout ratio is 44.44%.
In related news, Director Sally E. Blount sold 2,500 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total transaction of $219,125.00. Following the transaction, the director now owns 26,266 shares in the company, valued at approximately $2,302,214.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $86.39, for a total transaction of $1,987,661.12. Following the transaction, the senior vice president now owns 104,228 shares in the company, valued at approximately $9,004,256.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 885,102 shares of company stock worth $71,110,429. 0.70% of the stock is owned by insiders.
Abbott Laboratories Profile
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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