Walter & Keenan Financial Consulting Co. MI ADV decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 33.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,766 shares of the healthcare product maker’s stock after selling 5,000 shares during the period. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Abbott Laboratories were worth $596,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Rainier Group Investment Advisory LLC bought a new position in Abbott Laboratories in the first quarter valued at $114,000. FNY Investment Advisers LLC bought a new position in Abbott Laboratories in the second quarter valued at $118,000. Private Ocean LLC grew its position in 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 valued at $131,000 after purchasing an additional 2,171 shares in the last quarter. Silvant Capital Management LLC bought a new position in Abbott Laboratories in the first quarter valued at $160,000. Finally, Gables Capital Management Inc. bought a new position in Abbott Laboratories in the first quarter valued at $170,000. 72.48% of the stock is owned by institutional investors.
Shares of ABT stock opened at $67.13 on Thursday. The firm has a market capitalization of $117.26 billion, a price-to-earnings ratio of 24.57, a PEG ratio of 1.87 and a beta of 1.53. The company has a quick ratio of 1.16, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. Abbott Laboratories has a one year low of $49.49 and a one year high of $67.36.
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 analysts’ consensus estimates of $0.71 by $0.02. The firm had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.71 billion. Abbott Laboratories had a net margin of 3.13% and a return on equity of 15.30%. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.62 earnings per share. equities research analysts predict that Abbott Laboratories will post 2.88 earnings per share for the current fiscal 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. This represents a $1.12 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend was Thursday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 44.80%.
A number of research analysts recently weighed in on ABT shares. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Friday, August 3rd. Stifel Nicolaus raised their target price on shares of Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, July 19th. Sanford C. Bernstein started coverage on shares of Abbott Laboratories in a research report on Wednesday, June 27th. They issued an “outperform” rating and a $73.00 target price for the company. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $70.00 target price on shares of Abbott Laboratories in a research report on Thursday, July 19th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Abbott Laboratories has an average rating of “Buy” and a consensus price target of $69.88.
In other news, insider Sharon J. Bracken sold 615 shares of the firm’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $65.16, for a total transaction of $40,073.40. Following the completion of the sale, the insider now owns 40,761 shares in the company, valued at approximately $2,655,986.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Brian J. Blaser sold 15,100 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $63.96, for a total transaction of $965,796.00. Following the sale, the executive vice president now owns 151,718 shares of the company’s stock, valued at approximately $9,703,883.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,024 shares of company stock valued at $1,088,840. Corporate insiders own 0.74% of the company’s stock.
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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