Everence Capital Management Inc. Makes New $5.36 Million Investment in Abbott Laboratories (NYSE:ABT)


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Everence Capital Management Inc. purchased a new position in shares of Abbott Laboratories (NYSE:ABT) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 44,716 shares of the healthcare product maker’s stock, valued at approximately $5,359,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABT. Norges Bank acquired a new stake in Abbott Laboratories during the 4th quarter worth about $1,881,512,000. FMR LLC lifted its holdings in shares of Abbott Laboratories by 20.3% in the 4th quarter. FMR LLC now owns 18,139,806 shares of the healthcare product maker’s stock valued at $1,986,127,000 after buying an additional 3,058,593 shares during the period. Morgan Stanley lifted its holdings in shares of Abbott Laboratories by 5.2% in the 4th quarter. Morgan Stanley now owns 26,687,412 shares of the healthcare product maker’s stock valued at $2,922,006,000 after buying an additional 1,316,343 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Abbott Laboratories by 56.7% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 2,949,172 shares of the healthcare product maker’s stock valued at $321,943,000 after buying an additional 1,067,460 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Abbott Laboratories by 26,166.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 993,387 shares of the healthcare product maker’s stock valued at $108,766,000 after buying an additional 989,605 shares during the period. 72.58% of the stock is owned by institutional investors.

In other news, SVP Randel William Woodgrift sold 1,034 shares of the company’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $120.61, for a total value of $124,710.74. Following the completion of the sale, the senior vice president now directly owns 51,495 shares in the company, valued at $6,210,811.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michelle Kumbier purchased 2,040 shares of the company’s stock in a transaction dated Tuesday, February 23rd. The stock was bought at an average price of $122.50 per share, with a total value of $249,900.00. The disclosure for this purchase can be found here. Insiders sold 27,476 shares of company stock valued at $3,366,543 over the last 90 days. Company insiders own 1.70% of the company’s stock.

ABT has been the subject of several analyst reports. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $130.00 price objective for the company in a report on Tuesday, February 2nd. Morgan Stanley boosted their price objective on Abbott Laboratories from $126.00 to $136.00 and gave the company an “overweight” rating in a report on Thursday, January 28th. Credit Suisse Group lifted their price target on Abbott Laboratories from $118.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 28th. Raymond James lifted their price target on Abbott Laboratories from $126.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, March 17th. Finally, Wells Fargo & Company lifted their price target on Abbott Laboratories from $128.00 to $137.00 in a research note on Thursday, January 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $122.47.

NYSE:ABT traded up $0.06 during trading hours on Thursday, hitting $120.17. 50,743 shares of the stock were exchanged, compared to its average volume of 5,249,639. Abbott Laboratories has a 52-week low of $81.05 and a 52-week high of $128.54. The firm’s fifty day moving average price is $119.99 and its 200 day moving average price is $113.19. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The company has a market cap of $212.88 billion, a P/E ratio of 63.55, a P/E/G ratio of 2.06 and a beta of 0.83.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Tuesday, January 26th. The healthcare product maker reported $1.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.10. The company had revenue of $10.70 billion during the quarter, compared to analyst estimates of $9.94 billion. Abbott Laboratories had a return on equity of 18.19% and a net margin of 10.50%. Abbott Laboratories’s quarterly revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. Equities analysts expect that Abbott Laboratories will post 3.57 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 17th. Stockholders of record on Thursday, April 15th will be given a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, April 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.50%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 55.56%.

About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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