Salem Capital Management Inc. reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 1.8% during the third quarter, Holdings Channel reports. The fund owned 33,149 shares of the healthcare product maker’s stock after selling 624 shares during the period. Salem Capital Management Inc.’s holdings in Abbott Laboratories were worth $1,402,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Parasol Investment Management LLC boosted its position in 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 last quarter. Krilogy Financial LLC boosted its position in Abbott Laboratories by 9.3% in the second quarter. Krilogy Financial LLC now owns 2,685 shares of the healthcare product maker’s stock worth $106,000 after buying an additional 229 shares during the last quarter. SeaBridge Investment Advisors LLC boosted its position in 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 last quarter. Perceptive Advisors LLC purchased a new position in Abbott Laboratories during the second quarter worth about $120,000. Finally, Bellwether Investment Group LLC purchased a new position in Abbott Laboratories during the second quarter worth about $145,000. Hedge funds and other institutional investors own 72.12% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded down 1.07% on Monday, hitting $38.74. 5,727,767 shares of the stock traded hands. The firm has a 50-day moving average price of $39.99 and a 200-day moving average price of $41.00. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.22. The company has a market capitalization of $57.04 billion, a PE ratio of 42.29 and a beta of 0.94.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.29 billion. Abbott Laboratories had a net margin of 6.61% and a return on equity of 15.46%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 EPS. Analysts forecast that Abbott Laboratories will post $2.21 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend was Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 114.29%.
A number of research firms have issued reports on ABT. Bank of America Corp. restated a “buy” rating on shares of Abbott Laboratories in a research report on Monday, September 19th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $48.00 target price on shares of Abbott Laboratories in a research note on Monday, September 19th. Jefferies Group cut their target price on shares of Abbott Laboratories from $52.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, September 13th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Tuesday, August 9th. Finally, Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Tuesday, September 20th. 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’s stock. The stock has an average rating of “Buy” and a consensus target price of $47.02.
In other news, Chairman Miles D. White purchased 121,456 shares of the stock in a transaction dated Thursday, November 10th. The shares were acquired at an average cost of $40.45 per share, for a total transaction of $4,912,895.20. Following the acquisition, the chairman now owns 2,802,558 shares of the company’s stock, valued at $113,363,471.10. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $41.71, for a total transaction of $33,993.65. Following the completion of the sale, the senior vice president now owns 59,791 shares in the company, valued at $2,493,882.61. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.
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.