Home Federal Bank of Tennessee raised its position in Abbott Laboratories (NYSE:ABT) by 0.5% during the second quarter, Holdings Channel reports. The institutional investor owned 25,819 shares of the healthcare product maker’s stock after buying an additional 130 shares during the period. Home Federal Bank of Tennessee’s holdings in Abbott Laboratories were worth $1,015,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Mondrian Investment Partners LTD purchased a new position in shares of Abbott Laboratories during the first quarter valued at $268,822,000. Old Mutual Global Investors UK Ltd. raised 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 during the period. Bank of Montreal Can purchased a new position in shares of Abbott Laboratories during the second quarter valued at $82,768,000. Miller Howard Investments Inc. NY purchased a new position in shares of Abbott Laboratories during the second quarter valued at $64,985,000. Finally, TIAA CREF Investment Management LLC raised 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 during the period. 73.03% of the stock is currently owned by institutional investors.
Abbott Laboratories (NYSE:ABT) remained flat at $42.97 during midday trading on Friday. 7,249,757 shares of the company traded hands. The stock has a market cap of $63.17 billion, a P/E ratio of 28.36 and a beta of 0.87. The stock has a 50 day moving average of $42.27 and a 200 day moving average of $41.37. Abbott Laboratories has a 12-month low of $36.00 and a 12-month high of $46.38.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter last year, the firm posted $0.52 EPS. The business’s quarterly revenue was up 3.2% on a year-over-year basis. 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. Stockholders of record on Friday, October 14th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.04 annualized dividend and a dividend yield of 2.42%. Abbott Laboratories’s payout ratio is 68.87%.
Several analysts recently issued reports on the company. Bank of America Corp. reiterated a “buy” rating and issued a $50.00 price target on shares of Abbott Laboratories in a report on Friday, August 12th. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th. Edward Jones upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Jefferies Group increased their price target on Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Finally, Barclays PLC reiterated a “buy” rating and issued a $48.00 price target on shares of Abbott Laboratories in a report on Saturday, June 18th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently 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 business’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 transaction, the senior vice president now owns 59,791 shares in the company, valued at approximately $2,493,882.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Robert E. Funck sold 26,800 shares of the business’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $43.08, for a total transaction of $1,154,544.00. Following the transaction, the vice president now owns 111,819 shares in the company, valued at approximately $4,817,162.52. 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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