Vanguard Group Inc. raised its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 97,826,407 shares of the healthcare product maker’s stock after buying an additional 1,535,735 shares during the period. Vanguard Group Inc. owned approximately 6.65% of Abbott Laboratories worth $3,845,557,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. TNB Financial increased its stake in Abbott Laboratories by 22.6% in the first quarter. TNB Financial now owns 30,176 shares of the healthcare product maker’s stock valued at $1,262,000 after buying an additional 5,564 shares during the period. Burke & Herbert Bank & Trust Co. increased its stake in Abbott Laboratories by 2.0% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 16,206 shares of the healthcare product maker’s stock valued at $678,000 after buying an additional 312 shares during the period. Culbertson A N & Co. Inc. acquired a new stake in Abbott Laboratories during the first quarter valued at approximately $4,005,000. Mission Wealth Management LLC increased its stake in Abbott Laboratories by 41.8% in the first quarter. Mission Wealth Management LLC now owns 6,756 shares of the healthcare product maker’s stock valued at $283,000 after buying an additional 1,991 shares during the period. Finally, Iberiabank Corp increased its stake in Abbott Laboratories by 35.8% in the first quarter. Iberiabank Corp now owns 10,513 shares of the healthcare product maker’s stock valued at $440,000 after buying an additional 2,771 shares during the period. 73.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.34% during midday trading on Tuesday, hitting $41.82. 770,008 shares of the company’s stock were exchanged. Abbott Laboratories has a one year low of $36.00 and a one year high of $46.38. The firm has a market cap of $61.48 billion, a PE ratio of 27.60 and a beta of 0.82. The stock’s 50-day moving average price is $42.91 and its 200 day moving average price is $41.25.
Abbott Laboratories (NYSE:ABT) last issued 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. 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 was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be given 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 2.50%. Abbott Laboratories’s payout ratio is currently 68.87%.
ABT has been the topic of several recent research reports. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Wednesday, June 8th. Jefferies Group increased their price target on shares of Abbott Laboratories from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. Barclays PLC reissued a “buy” rating and set a $48.00 price target on shares of Abbott Laboratories in a report on Saturday, June 18th. Edward Jones raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Finally, Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, July 5th. Six 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’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $47.02.
In related news, Chairman Miles D. White bought 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 transaction, the chairman now owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Warmuth sold 26,800 shares of the business’s stock in a transaction on 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 sale, the insider now owns 81,811 shares in the company, valued at $3,557,960.39. The disclosure for this sale 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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