Maverick Capital Ltd. lessened its stake in shares of Abbott Laboratories (NYSE:ABT) by 75.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,762 shares of the healthcare product maker’s stock after selling 92,575 shares during the quarter. Maverick Capital Ltd.’s holdings in Abbott Laboratories were worth $2,349,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bamco Inc. NY grew its stake in shares of Abbott Laboratories by 37.2% during the fourth quarter. Bamco Inc. NY now owns 9,596 shares of the healthcare product maker’s stock worth $834,000 after buying an additional 2,600 shares during the last quarter. Cetera Advisor Networks LLC raised its holdings in shares of Abbott Laboratories by 12.3% during the fourth quarter. Cetera Advisor Networks LLC now owns 40,256 shares of the healthcare product maker’s stock valued at $3,491,000 after purchasing an additional 4,411 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Abbott Laboratories by 1,199.2% during the first quarter. Fisher Asset Management LLC now owns 3,563,878 shares of the healthcare product maker’s stock valued at $281,226,000 after purchasing an additional 3,289,573 shares during the period. Capital Wealth Planning LLC raised its holdings in shares of Abbott Laboratories by 6.3% during the fourth quarter. Capital Wealth Planning LLC now owns 529,600 shares of the healthcare product maker’s stock valued at $46,001,000 after purchasing an additional 31,200 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Abbott Laboratories by 4.5% during the fourth quarter. Alliancebernstein L.P. now owns 14,072,375 shares of the healthcare product maker’s stock valued at $1,222,326,000 after purchasing an additional 610,015 shares during the period. 73.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Abbott Laboratories stock traded up $0.22 on Thursday, hitting $91.12. 1,529,602 shares of the company traded hands, compared to its average volume of 6,426,007. The firm’s 50-day simple moving average is $91.31 and its 200 day simple moving average is $86.66. The company has a current ratio of 1.43, a quick ratio of 1.01 and a debt-to-equity ratio of 0.55. The company has a market cap of $158.74 billion, a P/E ratio of 45.68, a P/E/G ratio of 3.72 and a beta of 0.97. Abbott Laboratories has a 12-month low of $61.61 and a 12-month high of $100.00.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, April 16th. The healthcare product maker reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.07. The firm had revenue of $7.73 billion for the quarter, compared to analysts’ expectations of $7.47 billion. Abbott Laboratories had a net margin of 11.15% and a return on equity of 18.61%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. Analysts predict that Abbott Laboratories will post 2.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a $1.44 annualized dividend and a dividend yield of 1.58%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.08. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.
In other news, EVP Andrew H. Lane sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $92.00, for a total transaction of $7,360,000.00. Following the sale, the executive vice president now owns 107,090 shares in the company, valued at approximately $9,852,280. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Christopher J. Scoggins sold 414 shares of the stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $96.10, for a total transaction of $39,785.40. Following the transaction, the senior vice president now directly owns 39,706 shares in the company, valued at approximately $3,815,746.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,210 shares of company stock worth $13,893,200. Corporate insiders own 1.70% of the company’s stock.
A number of brokerages have issued reports on ABT. Goldman Sachs Group downgraded shares of Abbott Laboratories from a “neutral” rating to a “sell” rating and set a $84.00 target price for the company. in a research report on Sunday, May 31st. BTIG Research reaffirmed a “hold” rating on shares of Abbott Laboratories in a report on Thursday, April 16th. Barclays raised their price objective on shares of Abbott Laboratories from $92.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “hold” rating to a “sell” rating and set a $98.00 price objective for the company. in a report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Abbott Laboratories from $88.00 to $98.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $99.88.
Abbott Laboratories Company 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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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