Prospera Financial Services Inc boosted its stake in Abbott Laboratories (NYSE:ABT) by 11.3% during the second quarter, Holdings Channel reports. The firm owned 10,319 shares of the healthcare product maker’s stock after buying an additional 1,047 shares during the period. Prospera Financial Services Inc’s holdings in Abbott Laboratories were worth $406,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of ABT. Parasol Investment Management LLC increased 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 valued at $101,000 after buying an additional 600 shares during the period. SeaBridge Investment Advisors LLC increased 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 valued at $113,000 after buying an additional 275 shares during the period. CapWealth Advisors LLC increased its position in Abbott Laboratories by 15.2% in the first quarter. CapWealth Advisors LLC now owns 3,038 shares of the healthcare product maker’s stock valued at $127,000 after buying an additional 400 shares during the period. Delta Asset Management LLC TN increased its position in 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 valued at $146,000 after buying an additional 100 shares during the period. Finally, Cribstone Capital Management LLC acquired a new position in Abbott Laboratories during the second quarter valued at approximately $150,000. 73.03% of the stock is currently owned by hedge funds and other institutional investors.
Abbott Laboratories (NYSE:ABT) traded up 0.54% on Thursday, reaching $42.97. 7,250,220 shares of the company’s stock traded hands. The firm has a market cap of $63.17 billion, a PE ratio of 28.36 and a beta of 0.87. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38. The firm’s 50-day moving average is $42.31 and its 200 day moving average is $41.35.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The company’s revenue was up 3.2% on a year-over-year basis. Equities analysts predict that Abbott Laboratories will post ($0.01) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is presently 68.87%.
Several equities analysts recently commented on the stock. 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. Deutsche Bank AG restated a “buy” rating on shares of Abbott Laboratories in a research note on Tuesday, August 9th. Jefferies Group upped their price target on shares of Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. BTIG Research restated a “buy” rating and issued a $45.00 price target on shares of Abbott Laboratories in a research note on Wednesday, August 10th. Finally, TheStreet upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $47.02.
In other news, insider Michael J. Warmuth sold 26,800 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $43.49, for a total transaction of $1,165,532.00. Following the completion of the transaction, the insider now owns 81,811 shares of the company’s stock, valued at $3,557,960.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the business’s stock in a transaction dated Monday, September 26th. The stock was sold at an average price of $41.71, for a total value of $33,993.65. Following the transaction, the senior vice president now directly owns 59,791 shares of the company’s stock, valued at approximately $2,493,882.61. The disclosure for this sale can be found here. 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.
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