Sterling Capital Management LLC reduced its position in Abbott Laboratories (NYSE:ABT) by 4.0% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,886,092 shares of the healthcare product maker’s stock after selling 79,521 shares during the quarter. Abbott Laboratories comprises about 1.2% of Sterling Capital Management LLC’s holdings, making the stock its 5th largest position. Sterling Capital Management LLC’s holdings in Abbott Laboratories were worth $138,364,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in ABT. Principal Financial Group Inc. increased its stake in Abbott Laboratories by 4.3% in the 1st quarter. Principal Financial Group Inc. now owns 5,140,015 shares of the healthcare product maker’s stock valued at $307,990,000 after buying an additional 211,233 shares during the period. Fisher Asset Management LLC increased its stake in Abbott Laboratories by 1.3% in the 2nd quarter. Fisher Asset Management LLC now owns 409,453 shares of the healthcare product maker’s stock valued at $24,973,000 after buying an additional 5,296 shares during the period. Handelsbanken Fonder AB increased its stake in Abbott Laboratories by 36.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 75,000 shares of the healthcare product maker’s stock valued at $4,574,000 after buying an additional 20,000 shares during the period. Dalton Greiner Hartman Maher & Co. increased its stake in Abbott Laboratories by 183.4% in the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 247,671 shares of the healthcare product maker’s stock valued at $15,105,000 after buying an additional 160,289 shares during the period. Finally, Xact Kapitalforvaltning AB increased its stake in Abbott Laboratories by 2.1% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 316,427 shares of the healthcare product maker’s stock valued at $19,299,000 after buying an additional 6,409 shares during the period. 72.30% of the stock is currently owned by institutional investors.
In related news, insider Andrew H. Lane sold 9,097 shares of the business’s 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 sale, the insider now directly owns 35,576 shares in the company, valued at approximately $2,387,505.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jared Watkin sold 65,000 shares of the business’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $71.00, for a total transaction of $4,615,000.00. Following the completion of the sale, the insider now owns 128,640 shares in the company, valued at $9,133,440. The disclosure for this sale can be found here. Insiders sold a total of 203,297 shares of company stock worth $14,018,743 over the last quarter. Insiders own 0.74% of the company’s stock.
NYSE:ABT opened at $72.96 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.42. Abbott Laboratories has a fifty-two week low of $54.32 and a fifty-two week high of $74.15. The firm has a market cap of $124.63 billion, a PE ratio of 29.18, a P/E/G ratio of 2.11 and a beta of 1.39.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.75. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The business had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the prior year, the company posted $0.66 EPS. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that Abbott Laboratories will post 2.89 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.12 annualized dividend and a dividend yield of 1.54%. Abbott Laboratories’s dividend payout ratio is presently 44.80%.
ABT has been the topic of several recent research reports. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a research note on Tuesday, September 18th. Barclays initiated coverage on shares of Abbott Laboratories in a research note on Monday, October 15th. They issued an “overweight” rating and a $80.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Abbott Laboratories from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, October 8th. Royal Bank of Canada boosted their price objective on shares of Abbott Laboratories to $77.00 and gave the company an “outperform” rating in a research note on Thursday, October 11th. Finally, Cowen upped their price target on shares of Abbott Laboratories from $72.00 to $86.00 and gave the stock an “average” rating in a research note on Friday, October 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $75.22.
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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