ARGI Investment Services LLC trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT) by 72.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,857 shares of the healthcare product maker’s stock after selling 26,282 shares during the period. ARGI Investment Services LLC’s holdings in Abbott Laboratories were worth $480,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Sanders Morris Harris LLC increased its stake in Abbott Laboratories by 0.3% in the 2nd quarter. Sanders Morris Harris LLC now owns 4,986 shares of the healthcare product maker’s stock valued at $242,000 after purchasing an additional 16 shares in the last quarter. St. Louis Trust Co increased its stake in Abbott Laboratories by 0.4% in 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 in the last quarter. Alpha Windward LLC increased its stake in Abbott Laboratories by 0.6% in the 2nd quarter. Alpha Windward LLC now owns 5,434 shares of the healthcare product maker’s stock valued at $264,000 after purchasing an additional 30 shares in the last quarter. Lakeview Capital Partners LLC increased its stake in Abbott Laboratories by 0.6% in the 2nd quarter. Lakeview Capital Partners LLC now owns 5,691 shares of the healthcare product maker’s stock valued at $277,000 after purchasing an additional 33 shares in the last quarter. Finally, Johanson Financial Advisors Inc. increased its stake in Abbott Laboratories by 0.5% in the 2nd quarter. Johanson Financial Advisors Inc. now owns 7,017 shares of the healthcare product maker’s stock valued at $343,000 after purchasing an additional 37 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.
Shares of Abbott Laboratories (NYSE:ABT) traded up $0.08 during trading hours on Tuesday, reaching $54.79. The company’s stock had a trading volume of 4,321,075 shares, compared to its average volume of 6,605,169. The firm has a market cap of $97,438.84, a PE ratio of 23.23, a PEG ratio of 2.10 and a beta of 1.06. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Abbott Laboratories has a 52-week low of $37.42 and a 52-week high of $56.69.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The firm had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. During the same quarter in the prior year, the firm earned $0.59 EPS. Abbott Laboratories’s quarterly revenue was up 28.8% on a year-over-year basis. equities analysts anticipate that Abbott Laboratories will post 2.49 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th were issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 83.47%.
Several research firms recently weighed in on ABT. Citigroup began coverage on Abbott Laboratories in a research note on Thursday, August 17th. They issued a “neutral” rating and a $53.00 price objective for the company. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Friday, September 22nd. Barclays raised their price objective on Abbott Laboratories from $57.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, September 28th. J P Morgan Chase & Co began coverage on Abbott Laboratories in a research note on Friday, October 6th. They issued a “neutral” rating and a $60.00 price objective for the company. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Abbott Laboratories in a research note on Thursday, October 19th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $56.81.
In other news, insider Alejandro D. Wellisch sold 2,153 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $55.86, for a total transaction of $120,266.58. Following the sale, the insider now owns 10,256 shares in the company, valued at $572,900.16. The transaction 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 firm’s stock in a transaction on 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 owns 142,082 shares in the company, valued at approximately $7,986,429.22. The disclosure for this sale can be found here. Insiders have sold 311,127 shares of company stock worth $16,958,579 in the last 90 days. Insiders own 0.76% of the company’s stock.
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Abbott Laboratories Profile
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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