Chicago Partners Investment Group LLC grew its position in shares of Abbott Laboratories (NYSE:ABT) by 124.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,237 shares of the healthcare product maker’s stock after acquiring an additional 8,437 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Abbott Laboratories were worth $688,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Retirement Systems of Alabama boosted its holdings in shares of Abbott Laboratories by 0.5% in the 2nd quarter. Retirement Systems of Alabama now owns 1,309,756 shares of the healthcare product maker’s stock valued at $63,667,000 after buying an additional 6,070 shares during the last quarter. Callahan Advisors LLC lifted its holdings in Abbott Laboratories by 13.8% during the 2nd quarter. Callahan Advisors LLC now owns 93,985 shares of the healthcare product maker’s stock valued at $4,569,000 after purchasing an additional 11,412 shares during the last quarter. Eagle Ridge Investment Management lifted its holdings in Abbott Laboratories by 5.2% during the 2nd quarter. Eagle Ridge Investment Management now owns 197,488 shares of the healthcare product maker’s stock valued at $8,849,000 after purchasing an additional 9,760 shares during the last quarter. Telemus Capital LLC lifted its holdings in Abbott Laboratories by 1.6% during the 2nd quarter. Telemus Capital LLC now owns 29,317 shares of the healthcare product maker’s stock valued at $1,425,000 after purchasing an additional 475 shares during the last quarter. Finally, St. Louis Trust Co lifted its holdings in Abbott Laboratories by 0.4% during the 2nd quarter. St. Louis Trust Co now owns 4,904 shares of the healthcare product maker’s stock valued at $238,000 after purchasing an additional 20 shares during the last quarter. 71.42% of the stock is owned by institutional investors.
Abbott Laboratories (NYSE ABT) opened at 55.48 on Friday. The company has a 50 day moving average price of $53.58 and a 200-day moving average price of $48.80. The firm has a market capitalization of $96.39 billion, a price-to-earnings ratio of 77.70 and a beta of 1.06. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $56.69.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. Abbott Laboratories had a return on equity of 14.50% and a net margin of 8.37%. The business had revenue of $6.83 billion for the quarter, compared to the consensus estimate of $6.72 billion. During the same period in the prior year, the firm posted $0.59 earnings per share. The business’s quarterly revenue was up 28.8% on a year-over-year basis. On average, analysts forecast that Abbott Laboratories will post $2.50 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s payout ratio is 83.47%.
In other Abbott Laboratories news, insider Jaime Contreras sold 52,700 shares of the stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $51.97, for a total transaction of $2,738,819.00. Following the sale, the insider now directly owns 58,739 shares of the company’s stock, valued at approximately $3,052,665.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $56.21, for a total value of $5,430,054.63. Following the sale, the executive vice president now directly owns 142,082 shares in the company, valued at $7,986,429.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 410,313 shares of company stock worth $21,303,676. 0.76% of the stock is owned by insiders.
Several equities research analysts have issued reports on ABT shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Thursday, August 3rd. Stifel Nicolaus increased their price objective on Abbott Laboratories from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. BMO Capital Markets reiterated a “hold” rating and set a $53.00 price objective on shares of Abbott Laboratories in a research report on Friday, September 1st. Cowen and Company reiterated a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research report on Thursday, August 17th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Abbott Laboratories presently has a consensus rating of “Buy” and a consensus price target of $56.81.
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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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