The Private Wealth Partners LLC reduces its investment in Abbott Laboratories (ABT)

The Private Wealth Partners LLC reduces its investment in Abbott Laboratories (ABT)

Private Wealth Partners LLC decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 10.9% during the second quarter, Holdings Channel reports. The fund owned 17,230 shares of the healthcare product maker’s stock after selling 2,100 shares during the period. Private Wealth Partners LLC’s holdings in Abbott Laboratories were worth $677,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Parasol Investment Management LLC boosted its position in shares of Abbott Laboratories by 30.5% in the second quarter. Parasol Investment Management LLC now owns 2,570 shares of the healthcare product maker’s stock worth $101,000 after buying an additional 600 shares during the period. SeaBridge Investment Advisors LLC boosted its position in shares of Abbott Laboratories by 10.6% in the second quarter. SeaBridge Investment Advisors LLC now owns 2,875 shares of the healthcare product maker’s stock worth $113,000 after buying an additional 275 shares during the period. CapWealth Advisors LLC boosted its position in shares of Abbott Laboratories by 15.2% in the first quarter. CapWealth Advisors LLC now owns 3,038 shares of the healthcare product maker’s stock worth $127,000 after buying an additional 400 shares during the period. Delta Asset Management LLC TN boosted its position in shares of Abbott Laboratories by 2.8% in the second quarter. Delta Asset Management LLC TN now owns 3,695 shares of the healthcare product maker’s stock worth $146,000 after buying an additional 100 shares during the period. Finally, Cribstone Capital Management LLC bought a new position in shares of Abbott Laboratories during the second quarter worth about $150,000. Institutional investors and hedge funds own 73.03% of the company’s stock.

Shares of Abbott Laboratories (NYSE:ABT) traded down 0.46% during trading on Friday, reaching $40.79. 8,818,965 shares of the company were exchanged. The firm has a market capitalization of $59.96 billion, a PE ratio of 26.92 and a beta of 0.87. The company’s 50-day moving average is $41.96 and its 200 day moving average is $41.39. Abbott Laboratories has a 1-year low of $36.00 and a 1-year high of $46.38.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.24 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 EPS. Equities research analysts expect that Abbott Laboratories will post $2.20 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a yield of 2.55%. Abbott Laboratories’s dividend payout ratio is currently 68.87%.

A number of research analysts have recently issued reports on the company. Bank of America Corp. reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Monday, September 19th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Abbott Laboratories in a research note on Monday, September 19th. Barclays PLC reaffirmed an “overweight” rating and set a $48.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, July 12th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, July 5th. Finally, Argus reaffirmed a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research note on Thursday, July 28th. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Abbott Laboratories currently has an average rating of “Buy” and a consensus target price of $47.02.

In other news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $41.71, for a total transaction of $33,993.65. Following the transaction, the senior vice president now directly owns 59,791 shares in the company, valued at $2,493,882.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Stephen R. Fussell sold 41,500 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $45.00, for a total transaction of $1,867,500.00. Following the transaction, the insider now owns 196,467 shares in the company, valued at $8,841,015. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by company insiders.

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.

Related posts

Leave a Comment