Rench Wealth Management Inc. increased its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 48,149 shares of the healthcare product maker’s stock after purchasing an additional 863 shares during the quarter. Abbott Laboratories accounts for 1.8% of Rench Wealth Management Inc.’s holdings, making the stock its 26th biggest holding. Rench Wealth Management Inc.’s holdings in Abbott Laboratories were worth $2,748,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABT. Farmers National Bank boosted its holdings in Abbott Laboratories by 2.4% during the 2nd quarter. Farmers National Bank now owns 3,653 shares of the healthcare product maker’s stock valued at $178,000 after acquiring an additional 85 shares during the period. Flagship Harbor Advisors LLC lifted its holdings in shares of Abbott Laboratories by 0.7% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 12,341 shares of the healthcare product maker’s stock worth $600,000 after buying an additional 87 shares during the period. Hedeker Wealth LLC lifted its holdings in shares of Abbott Laboratories by 0.5% in the 2nd quarter. Hedeker Wealth LLC now owns 24,678 shares of the healthcare product maker’s stock worth $1,199,000 after buying an additional 116 shares during the period. L & S Advisors Inc lifted its holdings in shares of Abbott Laboratories by 0.7% in the 2nd quarter. L & S Advisors Inc now owns 21,348 shares of the healthcare product maker’s stock worth $1,038,000 after buying an additional 150 shares during the period. Finally, Moors & Cabot Inc. lifted its holdings in shares of Abbott Laboratories by 0.3% in the 2nd quarter. Moors & Cabot Inc. now owns 48,781 shares of the healthcare product maker’s stock worth $2,376,000 after buying an additional 161 shares during the period. 72.37% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Stephen R. Fussell sold 13,313 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $62.84, for a total transaction of $836,588.92. Following the transaction, the executive vice president now directly owns 152,343 shares of the company’s stock, valued at approximately $9,573,234.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jared Watkin sold 996 shares of the company’s 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 transaction, the senior vice president now directly owns 69,511 shares in the company, valued at $4,092,112.57. The disclosure for this sale can be found here. Insiders have sold a total of 124,261 shares of company stock worth $7,559,987 over the last ninety days. 0.74% of the stock is currently owned by corporate insiders.
ABT has been the subject of several research reports. Bank of America upped their target price on Abbott Laboratories from $60.00 to $70.00 in a report on Wednesday, January 24th. They noted that the move was a valuation call. Stifel Nicolaus upped their target price on Abbott Laboratories from $63.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Royal Bank of Canada reiterated a “buy” rating and issued a $65.00 target price on shares of Abbott Laboratories in a report on Tuesday, January 9th. Barclays reiterated a “buy” rating and issued a $66.00 target price on shares of Abbott Laboratories in a report on Monday, January 8th. Finally, Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Tuesday, January 2nd. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $65.47.
Shares of ABT traded down $2.29 during trading hours on Friday, hitting $57.57. The company had a trading volume of 7,447,118 shares, compared to its average volume of 6,079,406. The firm has a market cap of $100,536.45, a price-to-earnings ratio of 23.03, a PEG ratio of 1.71 and a beta of 1.50. The company has a current ratio of 2.26, a quick ratio of 1.86 and a debt-to-equity ratio of 0.87. Abbott Laboratories has a one year low of $42.31 and a one year high of $64.60.
Abbott Laboratories (NYSE:ABT) last announced its earnings results 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. Abbott Laboratories had a return on equity of 13.88% and a net margin of 1.74%. The company had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.38 billion. During the same period in the prior year, the company posted $0.65 EPS. The firm’s quarterly revenue was up 42.3% compared to the same quarter last year. equities research analysts forecast that Abbott Laboratories will post 2.86 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Thursday, April 12th. Abbott Laboratories’s dividend payout ratio is currently 44.80%.
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About Abbott Laboratories
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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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