Advisory Services Network LLC raised its position in Abbott Laboratories (NYSE:ABT) by 121.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,957 shares of the healthcare product maker’s stock after buying an additional 2,722 shares during the period. Advisory Services Network LLC’s holdings in Abbott Laboratories were worth $195,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. MCF Advisors LLC increased its position in Abbott Laboratories by 0.3% in the first quarter. MCF Advisors LLC now owns 5,456 shares of the healthcare product maker’s stock worth $228,000 after buying an additional 18 shares during the last quarter. Zions Bancorporation increased its position in Abbott Laboratories by 0.5% in the first quarter. Zions Bancorporation now owns 8,428 shares of the healthcare product maker’s stock worth $351,000 after buying an additional 38 shares in the last quarter. Cape ANN Savings Bank increased its position in Abbott Laboratories by 0.3% in the second quarter. Cape ANN Savings Bank now owns 21,621 shares of the healthcare product maker’s stock worth $850,000 after buying an additional 60 shares in the last quarter. Pure Financial Advisors Inc. increased its position in Abbott Laboratories by 0.7% in the second quarter. Pure Financial Advisors Inc. now owns 10,855 shares of the healthcare product maker’s stock worth $427,000 after buying an additional 73 shares in the last quarter. Finally, Evanson Asset Management LLC increased its position in Abbott Laboratories by 0.8% in the second quarter. Evanson Asset Management LLC now owns 10,169 shares of the healthcare product maker’s stock worth $400,000 after buying an additional 76 shares in the last quarter. 73.03% of the stock is currently owned by institutional investors.
Shares of Abbott Laboratories (NYSE:ABT) traded down 0.46% during trading on Friday, hitting $40.79. The stock had a trading volume of 8,818,965 shares. The company has a market cap of $59.96 billion, a PE ratio of 26.92 and a beta of 0.87. Abbott Laboratories has a 1-year low of $36.00 and a 1-year high of $46.38. The firm’s 50 day moving average is $41.96 and its 200 day moving average is $41.39.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. Abbott Laboratories had a return on equity of 15.11% and a net margin of 11.08%. The business earned $5.30 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the prior year, the company earned $0.52 earnings per share. Abbott Laboratories’s revenue was up 3.2% compared to the same quarter last year. Equities research analysts anticipate that Abbott Laboratories will post $2.20 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.55%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 68.87%.
A number of research analysts have weighed in on ABT shares. Barclays PLC restated an “overweight” rating and issued a $48.00 price target on shares of Abbott Laboratories in a research note on Tuesday, July 12th. TheStreet upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. Bank of America Corp. restated a “buy” rating and issued a $50.00 price target on shares of Abbott Laboratories in a research note on Friday, August 12th. Royal Bank Of Canada restated an “outperform” rating and issued a $48.00 price target on shares of Abbott Laboratories in a research note on Monday, September 19th. Finally, Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, October 4th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $47.02.
In other news, Chairman Miles D. White acquired 242,547 shares of Abbott Laboratories stock in a transaction on Monday, July 25th. The stock was acquired at an average cost of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the acquisition, the chairman now owns 2,010,517 shares in the company, valued at $86,814,124.06. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Warmuth sold 26,800 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $43.49, for a total value of $1,165,532.00. Following the transaction, the insider now directly owns 81,811 shares of the company’s stock, valued at $3,557,960.39. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.
About Abbott Laboratories
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.