Novare Capital Management LLC grew its position in shares of Abbott Laboratories (NYSE:ABT) by 38.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 96,519 shares of the healthcare product maker’s stock after acquiring an additional 26,865 shares during the quarter. Novare Capital Management LLC’s holdings in Abbott Laboratories were worth $4,692,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Winfield Associates Inc. lifted its holdings in Abbott Laboratories by 3.9% during the 2nd quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after purchasing an additional 89 shares during the last quarter. V Wealth Management LLC acquired a new stake in Abbott Laboratories during the 2nd quarter valued at $127,000. JFS Wealth Advisors LLC lifted its holdings in Abbott Laboratories by 349.0% during the 2nd quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock valued at $131,000 after purchasing an additional 2,094 shares during the last quarter. Atwood & Palmer Inc. lifted its holdings in Abbott Laboratories by 157.5% during the 1st quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock valued at $145,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Farmers National Bank lifted its holdings in Abbott Laboratories by 1.5% during the 1st quarter. Farmers National Bank now owns 3,568 shares of the healthcare product maker’s stock valued at $158,000 after purchasing an additional 52 shares during the last quarter. 71.42% of the stock is owned by hedge funds and other 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. The business had revenue of $6.83 billion for the quarter, compared to the consensus estimate of $6.72 billion. Abbott Laboratories had a return on equity of 14.50% and a net margin of 8.37%. The business’s quarterly revenue was up 28.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.59 earnings per share. 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%.
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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.
ABT has been the topic of several recent research reports. Jefferies Group LLC reiterated a “buy” rating and set a $58.00 price objective on shares of Abbott Laboratories in a research 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 restated a “buy” rating and issued a $55.00 price target on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $56.81.
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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