Patton Albertson Miller Group LLC reduced its holdings in Abbott Laboratories (NYSE:ABT) by 13.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,602 shares of the healthcare product maker’s stock after selling 3,968 shares during the period. Patton Albertson Miller Group LLC’s holdings in Abbott Laboratories were worth $1,404,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Delaney Dennis R boosted its holdings in Abbott Laboratories by 25.0% during the fourth quarter. Delaney Dennis R now owns 52,537 shares of the healthcare product maker’s stock worth $2,997,000 after buying an additional 10,516 shares in the last quarter. Harbour Investment Management LLC purchased a new stake in Abbott Laboratories during the fourth quarter worth $2,028,000. Somerville Kurt F boosted its holdings in Abbott Laboratories by 0.5% during the fourth quarter. Somerville Kurt F now owns 247,080 shares of the healthcare product maker’s stock worth $14,102,000 after buying an additional 1,195 shares in the last quarter. Charter Research & Investment Group Inc. purchased a new stake in Abbott Laboratories during the fourth quarter worth $318,000. Finally, Sandy Spring Bank boosted its holdings in Abbott Laboratories by 2.8% during the fourth quarter. Sandy Spring Bank now owns 130,742 shares of the healthcare product maker’s stock worth $7,461,000 after buying an additional 3,523 shares in the last quarter. 72.46% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on ABT. Leerink Swann reissued a “market perform” rating and set a $68.00 price target (up from $60.00) on shares of Abbott Laboratories in a report on Thursday, January 25th. Bank of America increased their price target on shares of Abbott Laboratories from $60.00 to $70.00 in a report on Wednesday, January 24th. They noted that the move was a valuation call. BMO Capital Markets increased their price target on shares of Abbott Laboratories from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. ValuEngine raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Evercore ISI began coverage on shares of Abbott Laboratories in a report on Wednesday, January 3rd. They set an “outperform” rating and a $64.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $65.47.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, January 24th. The healthcare product maker reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.01. The business had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.38 billion. Abbott Laboratories had a net margin of 1.74% and a return on equity of 13.88%. The company’s revenue was up 42.3% compared to the same quarter last year. During the same period last year, the firm posted $0.65 earnings per share. equities research analysts predict that Abbott Laboratories will post 2.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, April 12th. Abbott Laboratories’s payout ratio is 430.79%.
In other news, SVP Jared Watkin sold 996 shares of the stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $58.87, for a total value of $58,634.52. Following the completion of the sale, the senior vice president now directly owns 69,511 shares in the company, valued at $4,092,112.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel Gesua Sive Salvadori sold 28,319 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $54.92, for a total transaction of $1,555,279.48. Following the completion of the sale, the insider now owns 102,117 shares of the company’s stock, valued at $5,608,265.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 144,318 shares of company stock worth $8,596,826. Insiders own 0.76% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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