St. Louis Trust Co cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 45.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,471 shares of the healthcare product maker’s stock after selling 6,984 shares during the period. St. Louis Trust Co’s holdings in Abbott Laboratories were worth $516,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in ABT. BlackRock Inc. lifted its stake in Abbott Laboratories by 1.6% during the first quarter. BlackRock Inc. now owns 111,996,583 shares of the healthcare product maker’s stock valued at $6,710,836,000 after purchasing an additional 1,795,199 shares during the last quarter. Swedbank acquired a new stake in Abbott Laboratories during the second quarter valued at approximately $101,535,000. Montag & Caldwell LLC acquired a new stake in Abbott Laboratories during the first quarter valued at approximately $97,503,000. Ceredex Value Advisors LLC acquired a new stake in Abbott Laboratories during the first quarter valued at approximately $97,236,000. Finally, Cornerstone Wealth Management LLC lifted its stake in Abbott Laboratories by 6,017.4% during the second quarter. Cornerstone Wealth Management LLC now owns 960,183 shares of the healthcare product maker’s stock valued at $15,739,000 after purchasing an additional 944,487 shares during the last quarter. 72.00% of the stock is owned by institutional investors and hedge funds.
Several analysts recently commented on ABT shares. Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Citigroup cut their target price on shares of Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, April 24th. Sanford C. Bernstein started coverage on shares of Abbott Laboratories in a research note on Wednesday, June 27th. They set an “outperform” rating and a $73.00 target price for the company. Stifel Nicolaus increased their target price on shares of Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, Royal Bank of Canada restated a “buy” rating and set a $70.00 price target on shares of Abbott Laboratories in a report on Thursday, July 19th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and an average target price of $69.88.
ABT stock opened at $64.64 on Tuesday. Abbott Laboratories has a 52-week low of $48.58 and a 52-week high of $65.90. The company has a current ratio of 1.58, a quick ratio of 1.16 and a debt-to-equity ratio of 0.64. The company has a market cap of $113.54 billion, a PE ratio of 23.79, a PEG ratio of 1.81 and a beta of 1.53.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.71 billion. During the same quarter in the previous year, the business earned $0.62 earnings per share. The firm’s revenue was up 17.0% compared to the same quarter last year. equities research analysts anticipate that Abbott Laboratories will post 2.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Stockholders of record on Friday, July 13th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, July 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.73%. Abbott Laboratories’s dividend payout ratio is currently 44.80%.
In other Abbott Laboratories news, EVP Brian J. Blaser sold 15,100 shares of the company’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.96, for a total value of $965,796.00. Following the transaction, the executive vice president now owns 151,718 shares in the company, valued at approximately $9,703,883.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael J. Pederson sold 1,050 shares of the company’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.43, for a total transaction of $66,601.50. Following the completion of the transaction, the insider now owns 79,467 shares in the company, valued at approximately $5,040,591.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,024 shares of company stock worth $1,088,840. Company insiders own 0.74% of the company’s stock.
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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