Garrison Bradford & Associates Inc. cut its stake in Abbott Laboratories (NYSE:ABT) by 6.9% during the third quarter, Holdings Channel reports. The fund owned 5,400 shares of the healthcare product maker’s stock after selling 400 shares during the period. Garrison Bradford & Associates Inc.’s holdings in Abbott Laboratories were worth $228,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABT. Jarislowsky Fraser Ltd raised its position in Abbott Laboratories by 780.3% in the second quarter. Jarislowsky Fraser Ltd now owns 18,800,322 shares of the healthcare product maker’s stock worth $1,060,533,000 after buying an additional 16,664,605 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Abbott Laboratories by 16.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 36,209,595 shares of the healthcare product maker’s stock worth $1,423,400,000 after buying an additional 5,115,232 shares in the last quarter. Flossbach Von Storch AG raised its position in Abbott Laboratories by 51.5% in the second quarter. Flossbach Von Storch AG now owns 14,514,773 shares of the healthcare product maker’s stock worth $570,576,000 after buying an additional 4,936,655 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in Abbott Laboratories during the second quarter worth $162,264,000. Finally, Old Mutual Global Investors UK Ltd. raised its position in Abbott Laboratories by 34,061.1% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 2,998,999 shares of the healthcare product maker’s stock worth $117,890,000 after buying an additional 2,990,220 shares in the last quarter. Institutional investors and hedge funds own 72.33% of the company’s stock.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.46% during trading on Friday, hitting $39.16. The stock had a trading volume of 2,733,423 shares. The stock’s 50-day moving average price is $40.11 and its 200 day moving average price is $40.95. The firm has a market capitalization of $57.66 billion, a P/E ratio of 42.75 and a beta of 0.94. Abbott Laboratories has a 1-year low of $36.00 and a 1-year high of $46.22.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. Abbott Laboratories had a return on equity of 15.46% and a net margin of 6.61%. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the firm posted $0.54 EPS. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, analysts anticipate that Abbott Laboratories will post $2.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th were given a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. Abbott Laboratories’s dividend payout ratio is currently 114.29%.
ABT has been the topic of a number of recent research reports. TheStreet upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Bank of America Corp. reaffirmed a “buy” rating and set a $50.00 price target on shares of Abbott Laboratories in a research report on Friday, August 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $48.00 price target on shares of Abbott Laboratories in a research report on Monday, September 19th. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, October 4th. Finally, Jefferies Group increased their price target on Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus price target of $47.02.
In related news, Chairman Miles D. White purchased 121,456 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were purchased at an average cost of $40.45 per share, with a total value of $4,912,895.20. Following the transaction, the chairman now directly owns 2,802,558 shares in the company, valued at approximately $113,363,471.10. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $41.71, for a total value of $33,993.65. Following the completion of the sale, the senior vice president now directly owns 59,791 shares in the company, valued at $2,493,882.61. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.
Abbott Laboratories Company Profile
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.