Cullen Frost Bankers Inc. reduced its stake in Abbott Laboratories (NYSE:ABT) by 78.1% during the second quarter, Holdings Channel reports. The institutional investor owned 103,043 shares of the healthcare product maker’s stock after selling 366,573 shares during the period. Cullen Frost Bankers Inc.’s holdings in Abbott Laboratories were worth $4,051,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of ABT. Mondrian Investment Partners LTD acquired a new position in shares of Abbott Laboratories during the first quarter valued at $268,822,000. Old Mutual Global Investors UK Ltd. boosted its position in shares of 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 valued at $117,890,000 after buying an additional 2,990,220 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Abbott Laboratories during the second quarter valued at $82,768,000. Miller Howard Investments Inc. NY acquired a new position in shares of Abbott Laboratories during the second quarter valued at $64,985,000. Finally, TIAA CREF Investment Management LLC boosted its position in shares of Abbott Laboratories by 21.1% in the first quarter. TIAA CREF Investment Management LLC now owns 8,264,886 shares of the healthcare product maker’s stock valued at $345,720,000 after buying an additional 1,441,150 shares in the last quarter. Institutional investors own 73.03% of the company’s stock.
Abbott Laboratories (NYSE:ABT) remained flat at $42.97 during trading on Friday. The stock had a trading volume of 7,249,757 shares. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38. The stock’s 50 day moving average price is $42.27 and its 200-day moving average price is $41.37. The stock has a market capitalization of $63.17 billion, a P/E ratio of 28.36 and a beta of 0.87.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 was up 3.2% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. On average, equities research analysts forecast that Abbott Laboratories will post ($0.01) EPS for the current year.
The business 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 2.42%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s payout ratio is 68.87%.
ABT has been the topic of several analyst reports. Jefferies Group lifted their price target on shares of Abbott Laboratories from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. Barclays PLC reiterated a “buy” rating and set a $48.00 price target on shares of Abbott Laboratories in a research note on Saturday, June 18th. Edward Jones upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Tuesday, June 21st. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, July 5th. Finally, Argus reiterated a “buy” rating and set a $55.00 price target 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. Abbott Laboratories presently has an average rating of “Buy” and a consensus target price of $47.02.
In other Abbott Laboratories news, VP Robert E. Funck sold 26,800 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $43.08, for a total transaction of $1,154,544.00. Following the transaction, the vice president now directly owns 111,819 shares of the company’s stock, valued at $4,817,162.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Miles D. White acquired 242,547 shares of the firm’s stock in a transaction on Monday, July 25th. The shares were bought at an average cost of $43.18 per share, for a total transaction of $10,473,179.46. Following the completion of the acquisition, the chairman now owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The disclosure for this purchase 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.
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