Virginia Retirement Systems ET AL cut its stake in Abbott Laboratories (NYSE:ABT) by 32.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 252,500 shares of the healthcare product maker’s stock after selling 120,000 shares during the period. Virginia Retirement Systems ET AL’s holdings in Abbott Laboratories were worth $29,272,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. 4Thought Financial Group Inc. acquired a new stake in Abbott Laboratories in the 2nd quarter worth approximately $25,000. Sierra Capital LLC purchased a new position in Abbott Laboratories during the 1st quarter worth approximately $30,000. Holloway Wealth Management LLC raised its position in Abbott Laboratories by 150.0% during the 2nd quarter. Holloway Wealth Management LLC now owns 250 shares of the healthcare product maker’s stock worth $29,000 after buying an additional 150 shares during the last quarter. CKW Financial Group purchased a new position in Abbott Laboratories during the 2nd quarter worth approximately $36,000. Finally, Isthmus Partners LLC purchased a new position in Abbott Laboratories during the 2nd quarter worth approximately $36,000. Institutional investors own 72.05% of the company’s stock.
ABT has been the subject of several recent research reports. SVB Leerink lifted their target price on shares of Abbott Laboratories from $115.00 to $128.00 and gave the company a “market perform” rating in a report on Tuesday, July 20th. BTIG Research lifted their target price on shares of Abbott Laboratories from $126.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, August 31st. Zacks Investment Research raised shares of Abbott Laboratories from a “strong sell” rating to a “hold” rating and set a $127.00 target price for the company in a report on Tuesday, August 3rd. Raymond James lifted their target price on shares of Abbott Laboratories from $116.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. Finally, Cowen reaffirmed a “buy” rating and set a $140.00 target price on shares of Abbott Laboratories in a report on Friday, October 8th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $130.52.
ABT traded up $0.48 on Thursday, hitting $117.48. 29,004 shares of the company’s stock were exchanged, compared to its average volume of 5,370,625. Abbott Laboratories has a fifty-two week low of $103.13 and a fifty-two week high of $129.70. The company has a current ratio of 1.79, a quick ratio of 1.36 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $123.59 and a 200-day moving average price of $119.60. The stock has a market cap of $208.27 billion, a price-to-earnings ratio of 32.96, a P/E/G ratio of 2.45 and a beta of 0.66.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.15. The firm had revenue of $10.22 billion for the quarter, compared to analysts’ expectations of $9.67 billion. Abbott Laboratories had a net margin of 15.85% and a return on equity of 26.75%. The company’s revenue was up 41.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. On average, equities analysts predict that Abbott Laboratories will post 4.42 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $1.80 annualized dividend and a dividend yield of 1.53%. Abbott Laboratories’s payout ratio is 49.32%.
About Abbott Laboratories
Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.
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