Philadelphia Trust Co. lessened its holdings in Abbott Laboratories (NYSE:ABT) by 7.6% during the 2nd quarter, Holdings Channel reports. The firm owned 611,169 shares of the healthcare product maker’s stock after selling 50,321 shares during the period. Abbott Laboratories accounts for approximately 3.3% of Philadelphia Trust Co.’s holdings, making the stock its 3rd largest holding. Philadelphia Trust Co.’s holdings in Abbott Laboratories were worth $37,275,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. American Century Companies Inc. lifted its stake in Abbott Laboratories by 417.9% during the 2nd quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock worth $340,697,000 after acquiring an additional 4,507,553 shares in the last quarter. Spinnaker Trust lifted its stake in Abbott Laboratories by 6.4% during the 1st quarter. Spinnaker Trust now owns 32,698 shares of the healthcare product maker’s stock worth $1,958,000 after acquiring an additional 1,972 shares in the last quarter. Deltec Asset Management LLC lifted its stake in Abbott Laboratories by 17.7% during the 2nd quarter. Deltec Asset Management LLC now owns 159,800 shares of the healthcare product maker’s stock worth $9,746,000 after acquiring an additional 24,000 shares in the last quarter. Huber Financial Advisors LLC lifted its stake in Abbott Laboratories by 56.4% during the 2nd quarter. Huber Financial Advisors LLC now owns 10,893 shares of the healthcare product maker’s stock worth $664,000 after acquiring an additional 3,930 shares in the last quarter. Finally, Aspiriant LLC lifted its stake in Abbott Laboratories by 788.5% during the 1st quarter. Aspiriant LLC now owns 34,606 shares of the healthcare product maker’s stock worth $2,074,000 after acquiring an additional 30,711 shares in the last quarter. 72.48% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Jaime Contreras sold 64,268 shares of the stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $66.84, for a total value of $4,295,673.12. Following the transaction, the senior vice president now owns 125,471 shares in the company, valued at approximately $8,386,481.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew H. Lane sold 9,097 shares of the stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $67.11, for a total value of $610,499.67. Following the completion of the transaction, the insider now owns 35,576 shares in the company, valued at approximately $2,387,505.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,389 shares of company stock worth $5,995,012. Company insiders own 0.74% of the company’s stock.
Several equities analysts recently issued reports on the company. Royal Bank of Canada reissued a “buy” rating and set a $70.00 target price on shares of Abbott Laboratories in a research note on Thursday, July 19th. Sanford C. Bernstein began coverage on Abbott Laboratories in a research report on Wednesday, June 27th. They issued an “outperform” rating and a $73.00 price target on the stock. Stifel Nicolaus increased their price target on Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, July 19th. Finally, Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Thursday, July 19th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $69.88.
ABT stock opened at $65.83 on Friday. 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 stock has a market capitalization of $115.79 billion, a price-to-earnings ratio of 26.33, a P/E/G ratio of 1.85 and a beta of 1.48. Abbott Laboratories has a 1 year low of $51.13 and a 1 year high of $67.36.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. Abbott Laboratories had a return on equity of 15.30% and a net margin of 3.13%. 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 company earned $0.62 EPS. Abbott Laboratories’s revenue for the quarter was up 17.0% compared to the same quarter last year. equities analysts forecast that Abbott Laboratories will post 2.88 EPS for the current fiscal year.
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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