Eagle Asset Management Inc. lessened its holdings in Abbott Laboratories (NYSE:ABT) by 6.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,636 shares of the healthcare product maker’s stock after selling 22,405 shares during the quarter. Eagle Asset Management Inc.’s holdings in Abbott Laboratories were worth $26,911,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ABT. Manchester Financial Inc. bought a new position in Abbott Laboratories during the 2nd quarter worth approximately $30,000. Redhawk Wealth Advisors Inc. bought a new position in Abbott Laboratories during the 2nd quarter worth approximately $33,000. 1 North Wealth Services LLC bought a new position in Abbott Laboratories during the 3rd quarter worth approximately $38,000. Marquette Asset Management LLC raised its holdings in Abbott Laboratories by 173.4% during the 3rd quarter. Marquette Asset Management LLC now owns 473 shares of the healthcare product maker’s stock worth $40,000 after purchasing an additional 300 shares during the last quarter. Finally, Pearl River Capital LLC bought a new position in Abbott Laboratories during the 2nd quarter worth approximately $41,000. Institutional investors and hedge funds own 73.77% of the company’s stock.
In other news, SVP Joseph J. Manning sold 47,226 shares of Abbott Laboratories stock in a transaction on Friday, August 30th. The stock was sold at an average price of $85.14, for a total transaction of $4,020,821.64. Following the sale, the senior vice president now directly owns 97,755 shares in the company, valued at approximately $8,322,860.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Randel William Woodgrift sold 21,000 shares of Abbott Laboratories stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $80.54, for a total value of $1,691,340.00. Following the sale, the senior vice president now owns 68,562 shares in the company, valued at $5,521,983.48. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.
Several analysts have recently commented on the stock. ValuEngine downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley raised their price objective on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. BMO Capital Markets raised their price objective on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 price objective for the company. in a research report on Wednesday, August 21st. Finally, Credit Suisse Group raised their price objective on shares of Abbott Laboratories from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $87.61.
NYSE ABT traded up $0.35 during mid-day trading on Friday, hitting $83.74. The company’s stock had a trading volume of 3,388,511 shares, compared to its average volume of 5,339,424. The company’s 50 day simple moving average is $82.03 and its 200 day simple moving average is $82.26. Abbott Laboratories has a twelve month low of $65.44 and a twelve month high of $88.76. The company has a current ratio of 1.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $145.61 billion, a price-to-earnings ratio of 29.08, a PEG ratio of 2.38 and a beta of 1.13.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $0.84 earnings per share for the quarter, meeting the consensus estimate of $0.84. Abbott Laboratories had a return on equity of 17.65% and a net margin of 10.50%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the business earned $0.75 EPS. The business’s revenue was up 5.5% on a year-over-year basis. As a group, research analysts forecast that Abbott Laboratories will post 3.25 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, October 11th. Abbott Laboratories’s payout ratio is 44.44%.
Abbott Laboratories 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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