Ropes Wealth Advisors LLC increased its holdings in Abbott Laboratories (NYSE:ABT) by 13.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,647 shares of the healthcare product maker’s stock after acquiring an additional 4,750 shares during the period. Ropes Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $2,982,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Morgan Stanley raised its stake in shares of Abbott Laboratories by 33.1% during the 2nd quarter. Morgan Stanley now owns 21,218,276 shares of the healthcare product maker’s stock worth $1,294,103,000 after purchasing an additional 5,274,307 shares in the last quarter. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $275,697,000. American Century Companies Inc. raised its stake in shares of Abbott Laboratories by 417.9% during the 2nd quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock worth $340,697,000 after purchasing an additional 4,507,553 shares in the last quarter. BlackRock Inc. raised its stake in shares of Abbott Laboratories by 3.7% during the 2nd quarter. BlackRock Inc. now owns 116,149,740 shares of the healthcare product maker’s stock worth $7,083,972,000 after purchasing an additional 4,153,157 shares in the last quarter. Finally, Swedbank purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $101,535,000. 72.30% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on ABT shares. Stifel Nicolaus raised their price target on Abbott Laboratories from $71.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Thursday, July 19th. Royal Bank of Canada reaffirmed a “buy” rating and set a $70.00 price target on shares of Abbott Laboratories in a research note on Thursday, July 19th. Wells Fargo & Co raised their price target on Abbott Laboratories from $77.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. Finally, Raymond James raised their price objective on Abbott Laboratories from $72.00 to $77.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. One equities 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’s stock. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $75.22.
Shares of ABT stock opened at $70.39 on Tuesday. 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 has a twelve month low of $54.32 and a twelve month high of $74.15. The company has a market capitalization of $123.28 billion, a P/E ratio of 28.16, a P/E/G ratio of 2.08 and a beta of 1.39.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.75. Abbott Laboratories had a return on equity of 16.05% and a net margin of 2.91%. The business had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the business earned $0.66 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, research analysts forecast that Abbott Laboratories will post 2.89 EPS for the current year.
The business also recently disclosed 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Friday, October 12th. Abbott Laboratories’s payout ratio is 44.80%.
In other Abbott Laboratories news, insider Andrew H. Lane sold 9,097 shares of the firm’s stock in a transaction that occurred 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 owns 35,576 shares of the company’s stock, valued at approximately $2,387,505.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jaime Contreras sold 64,268 shares of the firm’s stock in a transaction that occurred 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 directly owns 125,471 shares in the company, valued at approximately $8,386,481.64. The disclosure for this sale can be found here. Insiders sold a total of 138,297 shares of company stock worth $9,403,743 over the last three months. 0.74% of the stock is owned by company insiders.
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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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