Parsec Financial Management Inc. Sells 9,589 Shares of Abbott Laboratories (ABT)

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Parsec Financial Management Inc. trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 254,289 shares of the healthcare product maker’s stock after selling 9,589 shares during the quarter. Parsec Financial Management Inc.’s holdings in Abbott Laboratories were worth $18,655,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ABT. Grassi Investment Management grew its holdings in Abbott Laboratories by 0.6% during the 3rd quarter. Grassi Investment Management now owns 123,859 shares of the healthcare product maker’s stock valued at $9,086,000 after purchasing an additional 776 shares during the last quarter. City Holding Co. grew its holdings in Abbott Laboratories by 1.6% during the 2nd quarter. City Holding Co. now owns 50,654 shares of the healthcare product maker’s stock valued at $3,089,000 after purchasing an additional 782 shares during the last quarter. Burns J W & Co. Inc. NY grew its holdings in Abbott Laboratories by 3.2% during the 3rd quarter. Burns J W & Co. Inc. NY now owns 25,006 shares of the healthcare product maker’s stock valued at $1,834,000 after purchasing an additional 785 shares during the last quarter. Fulton Bank N.A. grew its holdings in Abbott Laboratories by 4.3% during the 3rd quarter. Fulton Bank N.A. now owns 19,375 shares of the healthcare product maker’s stock valued at $1,421,000 after purchasing an additional 791 shares during the last quarter. Finally, Moody National Bank Trust Division grew its holdings in Abbott Laboratories by 7.3% during the 2nd quarter. Moody National Bank Trust Division now owns 11,757 shares of the healthcare product maker’s stock valued at $717,000 after purchasing an additional 795 shares during the last quarter. Hedge funds and other institutional investors own 72.30% of the company’s stock.

Shares of ABT stock opened at $70.19 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.42. The stock has a market capitalization of $123.28 billion, a price-to-earnings ratio of 28.08, a P/E/G ratio of 2.08 and a beta of 1.39. Abbott Laboratories has a one year low of $54.32 and a one year high of $74.15.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.75. The business had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.65 billion. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 EPS. On average, equities analysts forecast that Abbott Laboratories will post 2.89 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, October 12th. This represents a $1.12 dividend on an annualized basis and a yield of 1.60%. Abbott Laboratories’s dividend payout ratio is currently 44.80%.

In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 5,000 shares of the company’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $73.39, for a total value of $366,950.00. Following the transaction, the insider now directly owns 93,321 shares in the company, valued at approximately $6,848,828.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jaime Contreras sold 64,268 shares of the stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $66.84, for a total transaction of $4,295,673.12. Following the transaction, the senior vice president now owns 125,471 shares in the company, valued at $8,386,481.64. The disclosure for this sale can be found here. Insiders sold a total of 138,297 shares of company stock worth $9,403,743 over the last 90 days. Insiders own 0.74% of the company’s stock.

Several equities analysts recently commented on the stock. Raymond James upped their price target on shares of Abbott Laboratories from $77.00 to $79.00 and gave the company an “outperform” rating in a report on Thursday, October 18th. Royal Bank of Canada upped their price target on shares of Abbott Laboratories to $77.00 and gave the company an “outperform” rating in a report on Thursday, October 11th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Wells Fargo & Co upped their price target on shares of Abbott Laboratories from $77.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, September 24th. Finally, BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a report on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and an average target price of $75.22.

Abbott Laboratories Company 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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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