L & S Advisors Inc raised its stake in Abbott Laboratories (NYSE:ABT) by 84.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,299 shares of the healthcare product maker’s stock after purchasing an additional 17,951 shares during the period. L & S Advisors Inc’s holdings in Abbott Laboratories were worth $3,305,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of ABT. Manchester Financial Inc. bought a new position in shares of Abbott Laboratories during the 2nd quarter worth about $30,000. Front Row Advisors LLC lifted its position in shares of Abbott Laboratories by 790.9% in the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after purchasing an additional 348 shares in the last quarter. Weaver Consulting Group acquired a new position in shares of Abbott Laboratories in the first quarter valued at $33,000. Redhawk Wealth Advisors Inc. acquired a new position in shares of Abbott Laboratories in the second quarter valued at $33,000. Finally, Pearl River Capital LLC acquired a new position in shares of Abbott Laboratories in the second quarter valued at $41,000. 73.84% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Hubert L. Allen sold 165,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $85.00, for a total transaction of $14,025,000.00. Following the completion of the sale, the insider now owns 311,010 shares of the company’s stock, valued at $26,435,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian B. Yoor sold 43,763 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the sale, the chief financial officer now directly owns 125,781 shares of the company’s stock, valued at approximately $10,788,236.37. The disclosure for this sale can be found here. Insiders have sold 464,397 shares of company stock valued at $39,677,310 in the last ninety days. 0.70% of the stock is currently owned by company insiders.
Shares of Abbott Laboratories stock traded down $0.22 during trading on Friday, reaching $84.99. The company’s stock had a trading volume of 198,832 shares, compared to its average volume of 4,116,040. Abbott Laboratories has a 52 week low of $65.44 and a 52 week high of $88.76. The business’s 50-day moving average price is $85.33 and its 200-day moving average price is $81.08. The company has a quick ratio of 1.20, a current ratio of 1.68 and a debt-to-equity ratio of 0.60. The firm has a market cap of $147.07 billion, a PE ratio of 29.51, a P/E/G ratio of 2.34 and a beta of 1.14.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8 billion. During the same quarter in the prior year, the business posted $0.73 earnings per share. Abbott Laboratories’s revenue was up 2.7% compared to the same quarter last year. Equities analysts predict that Abbott Laboratories will post 3.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.51%. Abbott Laboratories’s dividend payout ratio is 44.44%.
Several equities analysts have commented on ABT shares. Raymond James upped their price objective on shares of Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Zacks Investment Research cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 target price for the company. in a research report on Wednesday, August 21st. Cowen boosted their target price on shares of Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Jefferies Financial Group boosted their target price on shares of Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Wells Fargo & Co boosted 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. 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’s stock. The stock presently has an average rating of “Buy” and an average target price of $86.38.
Abbott Laboratories 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.
Recommended Story: Percentage Gainers
Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.