Griffin Asset Management Inc. trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 130,161 shares of the healthcare product maker’s stock after selling 979 shares during the quarter. Abbott Laboratories accounts for approximately 1.4% of Griffin Asset Management Inc.’s portfolio, making the stock its 14th largest holding. Griffin Asset Management Inc.’s holdings in Abbott Laboratories were worth $7,799,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of ABT. Rench Wealth Management Inc. raised its stake in shares of Abbott Laboratories by 1.8% during the 4th quarter. Rench Wealth Management Inc. now owns 48,149 shares of the healthcare product maker’s stock worth $2,748,000 after purchasing an additional 863 shares during the period. Rehmann Capital Advisory Group raised its stake in shares of Abbott Laboratories by 11.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 8,886 shares of the healthcare product maker’s stock worth $507,000 after purchasing an additional 892 shares during the period. Reik & CO. LLC raised its stake in shares of Abbott Laboratories by 17.3% during the 4th quarter. Reik & CO. LLC now owns 6,115 shares of the healthcare product maker’s stock worth $349,000 after purchasing an additional 900 shares during the period. Buckley Wealth Management LLC raised its stake in shares of Abbott Laboratories by 15.6% during the 1st quarter. Buckley Wealth Management LLC now owns 6,839 shares of the healthcare product maker’s stock worth $410,000 after purchasing an additional 923 shares during the period. Finally, Douglas Lane & Associates LLC raised its stake in shares of Abbott Laboratories by 3.2% during the 4th quarter. Douglas Lane & Associates LLC now owns 29,801 shares of the healthcare product maker’s stock worth $1,701,000 after purchasing an additional 928 shares during the period. 71.71% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Daniel Gesua Sive Salvadori sold 3,000 shares of the company’s stock in a transaction dated Friday, May 18th. The stock was sold at an average price of $61.20, for a total transaction of $183,600.00. Following the sale, the insider now directly owns 95,581 shares in the company, valued at $5,849,557.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jaime Contreras sold 849 shares of the company’s stock in a transaction dated Monday, April 23rd. The shares were sold at an average price of $59.36, for a total value of $50,396.64. Following the sale, the insider now owns 50,436 shares in the company, valued at $2,993,880.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,999 shares of company stock worth $359,901. Company insiders own 0.74% of the company’s stock.
ABT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Friday, April 20th. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a research note on Sunday, April 22nd. ValuEngine upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Citigroup lowered their target price on Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 24th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $68.35.
Abbott Laboratories traded down $0.36, reaching $62.55, during midday trading on Monday, MarketBeat Ratings reports. The stock had a trading volume of 92,109 shares, compared to its average volume of 4,701,783. Abbott Laboratories has a 12 month low of $47.80 and a 12 month high of $64.60. The stock has a market capitalization of $110.29 billion, a P/E ratio of 25.02, a P/E/G ratio of 1.81 and a beta of 1.51. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.24 and a current ratio of 1.66.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, April 18th. The healthcare product maker reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. Abbott Laboratories had a return on equity of 14.54% and a net margin of 1.67%. The business had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the business posted $0.48 EPS. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. equities research analysts forecast that Abbott Laboratories will post 2.86 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Stockholders of record on Friday, July 13th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, July 12th. Abbott Laboratories’s dividend payout ratio is presently 44.80%.
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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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