Huber Financial Advisors LLC lifted its stake in shares of Abbott Laboratories (NYSE:ABT) by 56.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,893 shares of the healthcare product maker’s stock after purchasing an additional 3,930 shares during the period. Huber Financial Advisors LLC’s holdings in Abbott Laboratories were worth $664,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Rainier Group Investment Advisory LLC acquired a new stake in Abbott Laboratories during the first quarter worth about $114,000. FNY Investment Advisers LLC acquired a new stake in Abbott Laboratories during the second quarter worth about $118,000. Private Ocean LLC raised its stake in Abbott Laboratories by 9,868.2% during the first quarter. Private Ocean LLC now owns 2,193 shares of the healthcare product maker’s stock worth $131,000 after acquiring an additional 2,171 shares during the period. Silvant Capital Management LLC acquired a new stake in Abbott Laboratories during the first quarter worth about $160,000. Finally, Gables Capital Management Inc. acquired a new stake in Abbott Laboratories during the first quarter worth about $170,000. 71.80% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:ABT opened at $64.72 on Monday. Abbott Laboratories has a 52 week low of $48.58 and a 52 week high of $65.90. The company has a market capitalization of $112.33 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 1.79 and a beta of 1.53. The company has a current ratio of 1.58, a quick ratio of 1.16 and a debt-to-equity ratio of 0.64.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. Abbott Laboratories had a net margin of 3.13% and a return on equity of 15.30%. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.71 billion. During the same quarter last year, the business earned $0.62 earnings per share. Abbott Laboratories’s revenue was up 17.0% compared to the same quarter last year. sell-side analysts predict that Abbott Laboratories will post 2.88 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th were paid a $0.28 dividend. The ex-dividend date was Thursday, July 12th. This represents a $1.12 annualized dividend and a dividend yield of 1.73%. Abbott Laboratories’s payout ratio is currently 44.80%.
ABT has been the topic of several research reports. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a research note on Sunday, April 22nd. Citigroup dropped their price objective on shares of Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 24th. Sanford C. Bernstein initiated coverage on shares of Abbott Laboratories in a research note on Wednesday, June 27th. They set an “outperform” rating and a $73.00 price objective on the stock. Stifel Nicolaus increased their price objective on shares of Abbott Laboratories from $71.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Finally, Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Thursday, July 19th. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $69.88.
In other news, insider Michael J. Pederson sold 1,050 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.43, for a total value of $66,601.50. Following the completion of the transaction, the insider now directly owns 79,467 shares in the company, valued at $5,040,591.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brian J. Blaser sold 15,100 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.96, for a total transaction of $965,796.00. Following the completion of the transaction, the executive vice president now owns 151,718 shares of the company’s stock, valued at $9,703,883.28. The disclosure for this sale can be found here. Insiders sold 17,024 shares of company stock worth $1,088,840 in the last 90 days. 0.74% of the stock is owned by company insiders.
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 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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