Montag & Caldwell LLC decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 3.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,124,152 shares of the healthcare product maker’s stock after selling 35,953 shares during the quarter. Abbott Laboratories makes up about 4.9% of Montag & Caldwell LLC’s portfolio, making the stock its 4th biggest holding. Montag & Caldwell LLC owned approximately 0.06% of Abbott Laboratories worth $94,541,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Manchester Financial Inc. acquired a new position in Abbott Laboratories in the second quarter valued at about $30,000. Front Row Advisors LLC lifted its position in Abbott Laboratories by 790.9% in the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after buying an additional 348 shares during the last quarter. Weaver Consulting Group acquired a new position in Abbott Laboratories in the first quarter valued at about $33,000. Beacon Capital Management Inc. acquired a new position in Abbott Laboratories in the first quarter valued at about $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Abbott Laboratories in the second quarter valued at about $42,000. 73.42% of the stock is currently owned by institutional investors.
Shares of ABT stock traded up $0.34 during trading hours on Thursday, reaching $84.28. 156,483 shares of the stock were exchanged, compared to its average volume of 5,327,106. The stock has a fifty day moving average price of $85.77. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.68 and a quick ratio of 1.20. Abbott Laboratories has a 12-month low of $63.07 and a 12-month high of $88.76. The stock has a market cap of $149.58 billion, a price-to-earnings ratio of 29.26, a P/E/G ratio of 2.38 and a beta of 1.12.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8 billion. During the same period in the prior year, the firm earned $0.73 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, research analysts predict that Abbott Laboratories will post 3.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.52%. Abbott Laboratories’s payout ratio is 44.44%.
In related news, insider Brian J. Blaser sold 450,062 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the sale, the insider now directly owns 295,745 shares in the company, valued at $22,334,662.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $86.39, for a total transaction of $1,987,661.12. Following the sale, the senior vice president now owns 104,228 shares in the company, valued at $9,004,256.92. The disclosure for this sale can be found here. Insiders have sold 885,102 shares of company stock worth $71,110,429 over the last 90 days. Insiders own 0.70% of the company’s stock.
A number of research analysts have commented on ABT shares. Wells Fargo & Co upped their target price on shares of Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Jefferies Financial Group increased their price target on shares of Abbott Laboratories from $80.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Morgan Stanley increased their price target on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Cowen increased their price target on shares of Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Finally, Bank of America reissued a “buy” rating and set a $81.00 price target on shares of Abbott Laboratories in a research report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $85.82.
Abbott Laboratories Company Profile
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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