Burke & Herbert Bank & Trust Co. Decreases Position in Abbott Laboratories (ABT)
Burke & Herbert Bank & Trust Co. decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.1% during the first quarter, Holdings Channel reports. The fund owned 16,979 shares of the healthcare product maker’s stock after selling 16 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Abbott Laboratories were worth $754,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in ABT. Norges Bank acquired a new stake in shares of Abbott Laboratories during the fourth quarter valued at approximately $598,897,000. Westwood Holdings Group Inc. acquired a new stake in shares of Abbott Laboratories during the fourth quarter valued at approximately $168,455,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Abbott Laboratories by 11.1% in the third quarter. Price T Rowe Associates Inc. MD now owns 32,791,216 shares of the healthcare product maker’s stock valued at $1,386,741,000 after buying an additional 3,272,839 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Abbott Laboratories by 83.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,794,786 shares of the healthcare product maker’s stock valued at $260,987,000 after buying an additional 3,082,971 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Abbott Laboratories during the third quarter valued at approximately $121,629,000. Institutional investors and hedge funds own 62.20% of the company’s stock.
Shares of Abbott Laboratories (NYSE:ABT) opened at 43.98 on Friday. Abbott Laboratories has a one year low of $36.76 and a one year high of $45.84. The company has a 50-day moving average of $44.52 and a 200 day moving average of $41.64. The stock has a market cap of $76.00 billion, a price-to-earnings ratio of 46.94 and a beta of 0.97. Abbott Laboratories also was the recipient of unusually large options trading on Tuesday. Traders bought 10,359 put options on the company. This represents an increase of approximately 892% compared to the typical volume of 1,044 put options.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 19th. The healthcare product maker reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.05. The firm earned $6.34 billion during the quarter, compared to analysts’ expectations of $6.16 billion. Abbott Laboratories had a return on equity of 15.74% and a net margin of 6.71%. The firm’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, equities analysts forecast that Abbott Laboratories will post $2.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, April 14th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Tuesday, April 11th. Abbott Laboratories’s dividend payout ratio is presently 113.98%.
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Several analysts have commented on ABT shares. BMO Capital Markets cut shares of Abbott Laboratories from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research note on Tuesday, March 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $52.00 target price (up from $51.00) on shares of Abbott Laboratories in a research note on Saturday, March 11th. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Tuesday, January 10th. Royal Bank of Canada decreased their target price on shares of Abbott Laboratories from $48.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, January 26th. Finally, TheStreet upgraded shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research note on Wednesday, March 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $48.64.
In related news, insider Heather L. Mason sold 35,700 shares of Abbott Laboratories stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $40.77, for a total transaction of $1,455,489.00. Following the completion of the sale, the insider now owns 100,189 shares in the company, valued at approximately $4,084,705.53. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert E. Funck sold 25,500 shares of Abbott Laboratories stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $45.50, for a total value of $1,160,250.00. Following the sale, the vice president now owns 117,579 shares of the company’s stock, valued at approximately $5,349,844.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,592 shares of company stock valued at $3,400,139. 0.26% of the stock is currently owned by company insiders.
About Abbott Laboratories
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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