Tokio Marine Asset Management Co. Ltd. cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 4.3% during the second quarter, Holdings Channel reports. The fund owned 39,869 shares of the healthcare product maker’s stock after selling 1,793 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Abbott Laboratories were worth $1,567,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. 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 last quarter. 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 last quarter. 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 last quarter. 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 last quarter. Finally, Cribstone Capital Management LLC purchased a new position in Abbott Laboratories during the second quarter valued at $150,000. 73.03% of the stock is owned by hedge funds and other institutional investors.
Abbott Laboratories (NYSE:ABT) traded up 0.20% during trading on Wednesday, hitting $40.98. 6,402,915 shares of the stock traded hands. Abbott Laboratories has a one year low of $36.00 and a one year high of $46.38. The company’s 50 day moving average is $42.16 and its 200 day moving average is $41.39. The company has a market capitalization of $60.24 billion, a P/E ratio of 27.05 and a beta of 0.87.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.24 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. On average, equities analysts forecast that Abbott Laboratories will post ($0.01) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $1.04 annualized dividend and a yield of 2.54%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.87%.
A number of equities research analysts have commented on ABT shares. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a report on Tuesday, July 5th. Edward Jones upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Barclays PLC reiterated a “buy” rating and set a $48.00 target price on shares of Abbott Laboratories in a report on Saturday, June 18th. Jefferies Group increased their target price on Abbott Laboratories from $44.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, June 14th. Finally, Bank of America Corp. reiterated a “buy” rating and set a $50.00 target price on shares of Abbott Laboratories in a report on Friday, August 12th. Seven 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. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.02.
In related news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly owns 59,791 shares in the company, valued at $2,493,882.61. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Miles D. White acquired 242,547 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The shares were bought at an average price 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. 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.
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