Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 52.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 552,589 shares of the healthcare product maker’s stock after acquiring an additional 189,277 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Abbott Laboratories were worth $31,535,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Point72 Asset Management L.P. purchased a new stake in Abbott Laboratories in the third quarter valued at approximately $47,713,000. Moody Lynn & Lieberson LLC boosted its position in Abbott Laboratories by 17.1% in the third quarter. Moody Lynn & Lieberson LLC now owns 326,468 shares of the healthcare product maker’s stock valued at $17,420,000 after buying an additional 47,610 shares during the last quarter. Brightworth purchased a new stake in Abbott Laboratories in the third quarter valued at approximately $841,000. RKL Wealth Management LLC purchased a new stake in Abbott Laboratories in the third quarter valued at approximately $227,000. Finally, Teachers Insurance & Annuity Association of America boosted its position in Abbott Laboratories by 7.4% in the fourth quarter. Teachers Insurance & Annuity Association of America now owns 240,902 shares of the healthcare product maker’s stock valued at $13,748,000 after buying an additional 16,502 shares during the last quarter. Institutional investors and hedge funds own 72.37% of the company’s stock.
Abbott Laboratories stock opened at $58.83 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.86 and a current ratio of 2.26. Abbott Laboratories has a 12 month low of $42.31 and a 12 month high of $64.60. The company has a market capitalization of $103,278.19, a price-to-earnings ratio of 23.53, a P/E/G ratio of 1.75 and a beta of 1.50.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, January 24th. The healthcare product maker reported $0.74 EPS for the quarter, topping 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 business had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.38 billion. During the same quarter in the prior year, the firm posted $0.65 EPS. The business’s quarterly revenue was up 42.3% compared to the same quarter last year. sell-side analysts expect that Abbott Laboratories will post 2.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, April 12th. Abbott Laboratories’s payout ratio is 44.80%.
ABT has been the topic of a number of recent research reports. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Tuesday, January 2nd. Royal Bank of Canada reiterated a “buy” rating and issued a $65.00 target price on shares of Abbott Laboratories in a research report on Tuesday, January 9th. Morgan Stanley upgraded Abbott Laboratories from an “equal weight” rating to an “overweight” rating and set a $67.00 target price on the stock in a research report on Tuesday, January 2nd. JPMorgan Chase upgraded Abbott Laboratories from a “neutral” rating to an “overweight” rating and set a $60.00 target price on the stock in a research report on Tuesday, January 2nd. Finally, Citigroup upped their target price on Abbott Laboratories from $59.00 to $64.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $65.47.
In other news, insider Sharon J. Bracken sold 1,053 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $58.93, for a total transaction of $62,053.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jared Watkin sold 996 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was 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 of the company’s stock, valued at $4,092,112.57. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 124,261 shares of company stock valued at $7,559,987. Corporate insiders own 0.74% of the company’s stock.
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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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