Edge Asset Management Inc. cut its position in shares of Abbott Laboratories (NYSE:ABT) by 4.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,406,199 shares of the healthcare product maker’s stock after selling 124,752 shares during the period. Edge Asset Management Inc. owned about 0.16% of Abbott Laboratories worth $94,588,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the stock. Vestor Capital LLC boosted its stake in shares of Abbott Laboratories by 1.2% in the second quarter. Vestor Capital LLC now owns 234,926 shares of the healthcare product maker’s stock worth $9,235,000 after buying an additional 2,869 shares during the last quarter. Investment Counselors of Maryland LLC raised its position in Abbott Laboratories by 3.1% in the second quarter. Investment Counselors of Maryland LLC now owns 18,110 shares of the healthcare product maker’s stock worth $712,000 after buying an additional 550 shares during the period. TCI Wealth Advisors Inc. bought a new position in Abbott Laboratories during the second quarter worth about $816,000. Paradigm Capital Management Inc. NY bought a new position in Abbott Laboratories during the second quarter worth about $204,000. Finally, Financial Counselors Inc. raised its position in Abbott Laboratories by 1.7% in the second quarter. Financial Counselors Inc. now owns 54,657 shares of the healthcare product maker’s stock worth $2,149,000 after buying an additional 905 shares during the period. 73.03% of the stock is owned by institutional investors and hedge funds.
Abbott Laboratories (NYSE:ABT) traded up 0.60% during trading on Thursday, reaching $42.17. The company’s stock had a trading volume of 2,516,554 shares. The firm has a 50 day moving average of $43.17 and a 200 day moving average of $41.17. The stock has a market capitalization of $61.99 billion, a price-to-earnings ratio of 27.83 and a beta of 0.82. Abbott Laboratories has a 52 week low of $36.00 and a 52 week high of $46.38.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. The company earned $5.30 billion during the quarter, compared to the consensus estimate of $5.24 billion. Abbott Laboratories had a return on equity of 15.11% and a net margin of 11.08%. The company’s revenue was up 3.2% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid 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 2.48%. Abbott Laboratories’s dividend payout ratio is presently 68.87%.
A number of research analysts recently issued reports on ABT shares. TheStreet lowered Abbott Laboratories to a “hold” rating in a report on Thursday, May 26th. Credit Suisse Group AG reiterated a “buy” rating on shares of Abbott Laboratories in a report on Wednesday, June 8th. Jefferies Group lifted 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. Barclays PLC reiterated a “buy” rating and issued a $48.00 target price on shares of Abbott Laboratories in a report on Saturday, June 18th. Finally, Edward Jones upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $47.02.
In other news, EVP Hubert L. Allen sold 3,400 shares of the stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $37.14, for a total transaction of $126,276.00. Following the transaction, the executive vice president now owns 91,857 shares of the company’s stock, valued at $3,411,568.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael J. Warmuth sold 26,800 shares of the 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 transaction, the insider now directly owns 81,811 shares in the company, valued at approximately $3,557,960.39. The disclosure for this sale can be found here. 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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