Summit Financial Group Inc. grew its holdings in shares of Abbott Laboratories (NYSE:ABT) by 3.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,888 shares of the healthcare product maker’s stock after acquiring an additional 288 shares during the period. Summit Financial Group Inc.’s holdings in Abbott Laboratories were worth $660,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Daiwa Securities Group Inc. raised its position in shares of Abbott Laboratories by 1.3% in the 1st quarter. Daiwa Securities Group Inc. now owns 114,833 shares of the healthcare product maker’s stock valued at $9,180,000 after purchasing an additional 1,438 shares in the last quarter. Securian Asset Management Inc raised its position in shares of Abbott Laboratories by 0.7% in the 1st quarter. Securian Asset Management Inc now owns 183,588 shares of the healthcare product maker’s stock valued at $14,676,000 after purchasing an additional 1,334 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Abbott Laboratories by 7.1% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 237,568 shares of the healthcare product maker’s stock valued at $18,991,000 after purchasing an additional 15,692 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Abbott Laboratories by 27.9% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 516,873 shares of the healthcare product maker’s stock valued at $41,319,000 after acquiring an additional 112,888 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of Abbott Laboratories by 91.7% during the 1st quarter. Quadrant Capital Group LLC now owns 29,692 shares of the healthcare product maker’s stock valued at $2,352,000 after acquiring an additional 14,201 shares in the last quarter. Hedge funds and other institutional investors own 73.71% of the company’s stock.
Several equities research analysts recently issued reports on the company. ValuEngine lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group upped their price target on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Morgan Stanley upped their price target on Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Cowen upped their price target on Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Finally, Bank of America reissued a “buy” rating and set a $81.00 price target on shares of Abbott Laboratories in a research report on Thursday, June 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $86.74.
ABT traded up $0.78 during trading on Wednesday, reaching $79.29. 1,424,800 shares of the company were exchanged, compared to its average volume of 5,358,529. The stock has a market cap of $144.91 billion, a P/E ratio of 27.53, a PEG ratio of 2.31 and a beta of 1.13. The firm has a 50 day moving average of $83.43 and a 200 day moving average of $81.66. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. Abbott Laboratories has a 52 week low of $65.44 and a 52 week high of $88.76.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.02. The firm had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.73 EPS. As a group, analysts forecast that Abbott Laboratories will post 3.24 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, October 11th. This represents a $1.28 dividend on an annualized basis and a yield of 1.61%. Abbott Laboratories’s payout ratio is currently 44.44%.
In related news, CFO Brian B. Yoor sold 43,763 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the completion of the transaction, the chief financial officer now directly owns 125,781 shares in the company, valued at approximately $10,788,236.37. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Randel William Woodgrift sold 65,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.01, for a total value of $5,720,650.00. Following the transaction, the insider now owns 117,562 shares of the company’s stock, valued at $10,346,631.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 181,497 shares of company stock valued at $15,701,810. 0.70% of the stock is owned by company insiders.
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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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