Ridgewood Investments LLC increased its stake in Abbott Laboratories (NYSE:ABT) by 9.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,024 shares of the healthcare product maker’s stock after purchasing an additional 881 shares during the quarter. Ridgewood Investments LLC’s holdings in Abbott Laboratories were worth $735,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board lifted its holdings in shares of Abbott Laboratories by 8.2% during the second quarter. Ontario Teachers Pension Plan Board now owns 23,331 shares of the healthcare product maker’s stock worth $1,423,000 after buying an additional 1,762 shares during the last quarter. HRT Financial LLC bought a new stake in shares of Abbott Laboratories during the second quarter valued at approximately $206,000. American Century Companies Inc. increased its position in shares of Abbott Laboratories by 417.9% during the second quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock valued at $340,697,000 after purchasing an additional 4,507,553 shares during the period. Baird Financial Group Inc. increased its position in shares of Abbott Laboratories by 0.8% during the second quarter. Baird Financial Group Inc. now owns 1,195,417 shares of the healthcare product maker’s stock valued at $72,823,000 after purchasing an additional 9,229 shares during the period. Finally, Worldquant Millennium Quantitative Strategies LLC bought a new stake in shares of Abbott Laboratories during the second quarter valued at approximately $1,793,000. Hedge funds and other institutional investors own 72.30% of the company’s stock.
In other Abbott Laboratories news, insider Andrew H. Lane sold 9,097 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $67.11, for a total value of $610,499.67. Following the sale, the insider now directly owns 35,576 shares in the company, valued at $2,387,505.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jaime Contreras sold 64,268 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $66.84, for a total value of $4,295,673.12. Following the completion of the sale, the senior vice president now owns 125,471 shares in the company, valued at $8,386,481.64. The disclosure for this sale can be found here. Insiders sold 138,297 shares of company stock worth $9,403,743 over the last quarter. Company insiders own 0.74% of the company’s stock.
A number of research firms have recently issued reports on ABT. Zacks Investment Research cut Abbott Laboratories from a “hold” rating to a “sell” rating in a research report on Monday, October 8th. Cowen boosted their price objective on Abbott Laboratories from $72.00 to $86.00 and gave the company an “average” rating in a research report on Friday, October 5th. JPMorgan Chase & Co. boosted their price objective on Abbott Laboratories from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, October 8th. Jefferies Financial Group restated a “buy” rating and set a $80.00 price objective on shares of Abbott Laboratories in a research report on Thursday, October 18th. Finally, BTIG Research restated a “hold” rating on shares of Abbott Laboratories in a research report on Thursday, October 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $75.22.
Shares of NYSE:ABT opened at $70.19 on Monday. Abbott Laboratories has a fifty-two week low of $54.32 and a fifty-two week high of $74.15. The firm has a market capitalization of $123.28 billion, a price-to-earnings ratio of 28.08, a P/E/G ratio of 2.08 and a beta of 1.39. The company has a current ratio of 1.42, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.75. Abbott Laboratories had a return on equity of 16.05% and a net margin of 2.91%. The firm had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. As a group, research analysts predict that Abbott Laboratories will post 2.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Friday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 44.80%.
Abbott Laboratories Profile
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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