Teacher Retirement System of Texas trimmed its stake in Abbott Laboratories (NYSE:ABT) by 19.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 472,204 shares of the healthcare product maker’s stock after selling 111,523 shares during the quarter. Teacher Retirement System of Texas’ holdings in Abbott Laboratories were worth $28,800,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in ABT. Rainier Group Investment Advisory LLC purchased a new position in shares of Abbott Laboratories in the first quarter worth $114,000. FNY Investment Advisers LLC purchased a new position in shares of Abbott Laboratories in the second quarter worth $118,000. Private Ocean LLC raised its stake in shares of Abbott Laboratories by 9,868.2% in the first quarter. Private Ocean LLC now owns 2,193 shares of the healthcare product maker’s stock worth $131,000 after purchasing an additional 2,171 shares during the last quarter. Silvant Capital Management LLC purchased a new position in shares of Abbott Laboratories in the first quarter worth $160,000. Finally, Gables Capital Management Inc. purchased a new position in shares of Abbott Laboratories in the first quarter worth $170,000. 71.80% of the stock is currently owned by institutional investors and hedge funds.
Abbott Laboratories stock opened at $64.72 on Monday. The firm has a market cap of $112.33 billion, a P/E ratio of 25.89, a PEG ratio of 1.79 and a beta of 1.53. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.58 and a quick ratio of 1.16. Abbott Laboratories has a one year low of $48.58 and a one year high of $65.90.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 18th. The healthcare product maker reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. The company had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.71 billion. Abbott Laboratories had a return on equity of 15.30% and a net margin of 3.13%. Abbott Laboratories’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 earnings per share. research analysts anticipate that Abbott Laboratories will post 2.88 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Friday, July 13th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend was Thursday, July 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.
Several research analysts have recently weighed in on the company. Royal Bank of Canada restated a “buy” rating and issued a $70.00 price target on shares of Abbott Laboratories in a research note on Thursday, July 19th. Stifel Nicolaus boosted their price target on Abbott Laboratories from $71.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Sanford C. Bernstein assumed coverage on Abbott Laboratories in a research note on Wednesday, June 27th. They issued an “outperform” rating and a $73.00 price target for the company. Finally, Citigroup decreased their price target on Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, April 24th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $69.88.
In other Abbott Laboratories news, EVP Brian J. Blaser sold 15,100 shares of the company’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $63.96, for a total value of $965,796.00. Following the completion of the sale, the executive vice president now owns 151,718 shares in the company, valued at $9,703,883.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Sharon J. Bracken sold 615 shares of the company’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $65.16, for a total value of $40,073.40. Following the completion of the sale, the insider now owns 40,761 shares of the company’s stock, valued at approximately $2,655,986.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,024 shares of company stock valued at $1,088,840. 0.74% of the stock is owned by company insiders.
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 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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