Roanoke Asset Management Corp NY raised its stake in Abbott Laboratories (NYSE:ABT) by 21.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 57,345 shares of the healthcare product maker’s stock after buying an additional 10,270 shares during the quarter. Abbott Laboratories makes up about 1.9% of Roanoke Asset Management Corp NY’s investment portfolio, making the stock its 17th largest holding. Roanoke Asset Management Corp NY’s holdings in Abbott Laboratories were worth $4,207,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Grassi Investment Management increased its holdings in shares of Abbott Laboratories by 0.6% during the third quarter. Grassi Investment Management now owns 123,859 shares of the healthcare product maker’s stock valued at $9,086,000 after purchasing an additional 776 shares during the period. City Holding Co. increased its holdings in shares of Abbott Laboratories by 1.6% during the second quarter. City Holding Co. now owns 50,654 shares of the healthcare product maker’s stock valued at $3,089,000 after purchasing an additional 782 shares during the period. Burns J W & Co. Inc. NY increased its holdings in shares of Abbott Laboratories by 3.2% during the third quarter. Burns J W & Co. Inc. NY now owns 25,006 shares of the healthcare product maker’s stock valued at $1,834,000 after purchasing an additional 785 shares during the period. Fulton Bank N.A. increased its holdings in shares of Abbott Laboratories by 4.3% during the third quarter. Fulton Bank N.A. now owns 19,375 shares of the healthcare product maker’s stock valued at $1,421,000 after purchasing an additional 791 shares during the period. Finally, Moody National Bank Trust Division increased its holdings in shares of Abbott Laboratories by 7.3% during the second quarter. Moody National Bank Trust Division now owns 11,757 shares of the healthcare product maker’s stock valued at $717,000 after purchasing an additional 795 shares during the period. Institutional investors own 72.30% of the company’s stock.
A number of research analysts have recently commented on ABT shares. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Tuesday, September 18th. Barclays assumed coverage on Abbott Laboratories in a report on Monday, October 15th. They set an “overweight” rating and a $80.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Abbott Laboratories from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, October 8th. Cowen lifted their target price on Abbott Laboratories from $72.00 to $86.00 and gave the stock an “average” rating in a report on Friday, October 5th. Finally, Royal Bank of Canada lifted their target price on Abbott Laboratories to $77.00 and gave the stock an “outperform” rating in a report on Thursday, October 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $75.22.
In related news, SVP Jaime Contreras sold 64,268 shares of Abbott Laboratories stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $66.84, for a total value of $4,295,673.12. Following the transaction, the senior vice president now owns 125,471 shares of the company’s stock, valued at approximately $8,386,481.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Sharon J. Bracken sold 1,732 shares of Abbott Laboratories stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $73.35, for a total value of $127,042.20. Following the completion of the transaction, the senior vice president now directly owns 39,229 shares in the company, valued at approximately $2,877,447.15. The disclosure for this sale can be found here. Insiders sold a total of 138,297 shares of company stock worth $9,403,743 in the last three months. 0.74% of the stock is currently owned by company insiders.
NYSE:ABT opened at $70.19 on Monday. The stock has a market cap of $123.28 billion, a P/E ratio of 28.08, a PEG ratio of 2.08 and a beta of 1.39. Abbott Laboratories has a 52-week low of $54.32 and a 52-week high of $74.15. 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 released its earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.75. The firm had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.65 billion. Abbott Laboratories had a return on equity of 16.05% and a net margin of 2.91%. Abbott Laboratories’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 earnings per share. Sell-side analysts anticipate that Abbott Laboratories will post 2.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, October 12th. This represents a $1.12 dividend on an annualized basis and a yield of 1.60%. Abbott Laboratories’s dividend payout ratio is currently 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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