Ocean Capital Management LLC reduced its holdings in Abbott Laboratories (NYSE:ABT) by 9.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,063 shares of the healthcare product maker’s stock after selling 425 shares during the quarter. Ocean Capital Management LLC’s holdings in Abbott Laboratories were worth $342,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABT. FMR LLC grew its position in Abbott Laboratories by 0.3% during the first quarter. FMR LLC now owns 23,827,545 shares of the healthcare product maker’s stock valued at $1,904,774,000 after purchasing an additional 65,260 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Abbott Laboratories by 8.7% in the 4th quarter. Geode Capital Management LLC now owns 22,133,985 shares of the healthcare product maker’s stock valued at $1,598,270,000 after acquiring an additional 1,778,840 shares in the last quarter. Norges Bank purchased a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $1,239,454,000. Janus Henderson Group PLC raised its holdings in shares of Abbott Laboratories by 0.9% in the 2nd quarter. Janus Henderson Group PLC now owns 17,025,499 shares of the healthcare product maker’s stock valued at $1,431,723,000 after acquiring an additional 149,307 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Abbott Laboratories by 8.8% in the 4th quarter. Legal & General Group Plc now owns 8,343,002 shares of the healthcare product maker’s stock valued at $603,446,000 after acquiring an additional 672,358 shares in the last quarter. Institutional investors and hedge funds own 73.42% of the company’s stock.
In other news, Director Sally E. Blount sold 2,500 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $87.65, for a total value of $219,125.00. Following the completion of the transaction, the director now owns 26,266 shares in the company, valued at $2,302,214.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael J. Pederson sold 23,008 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $86.39, for a total value of $1,987,661.12. Following the completion of the transaction, the senior vice president now owns 104,228 shares of the company’s stock, valued at approximately $9,004,256.92. The disclosure for this sale can be found here. Insiders sold 885,102 shares of company stock valued at $71,110,429 in the last 90 days. Company insiders own 0.70% of the company’s stock.
Abbott Laboratories stock traded up $0.02 during trading hours on Thursday, reaching $83.96. The company had a trading volume of 173,077 shares, compared to its average volume of 5,327,106. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.68. The stock has a 50-day simple moving average of $85.77. The stock has a market cap of $149.58 billion, a price-to-earnings ratio of 29.08, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. Abbott Laboratories has a 12-month low of $63.07 and a 12-month high of $88.76.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.02. The business had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.73 EPS. Analysts anticipate that Abbott Laboratories will post 3.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 44.44%.
Several research firms have weighed in on ABT. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a report on Friday, June 7th. William Blair reaffirmed an “outperform” rating on shares of Abbott Laboratories in a report on Thursday, April 18th. Morgan Stanley raised their price target on Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Raymond James raised their price target on Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, BMO Capital Markets raised their price target on Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $85.82.
About Abbott Laboratories
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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