Confluence Investment Management LLC acquired a new stake in shares of Abbott Laboratories (NYSE:ABT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,631 shares of the healthcare product maker’s stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Atwood & Palmer Inc. grew its position in Abbott Laboratories by 157.5% in the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after acquiring an additional 2,000 shares in the last quarter. Independent Portfolio Consultants Inc. grew its position in Abbott Laboratories by 9.3% in the first quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after acquiring an additional 292 shares in the last quarter. Farmers National Bank grew its position in Abbott Laboratories by 1.5% in the first quarter. Farmers National Bank now owns 3,568 shares of the healthcare product maker’s stock worth $158,000 after acquiring an additional 52 shares in the last quarter. Advantage Investment Management LLC grew its position in Abbott Laboratories by 17.3% in the first quarter. Advantage Investment Management LLC now owns 3,674 shares of the healthcare product maker’s stock worth $163,000 after acquiring an additional 543 shares in the last quarter. Finally, Delta Asset Management LLC TN grew its position in Abbott Laboratories by 1.3% in the first quarter. Delta Asset Management LLC TN now owns 3,996 shares of the healthcare product maker’s stock worth $178,000 after acquiring an additional 51 shares in the last quarter. 71.50% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have commented on ABT shares. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Friday. Wells Fargo & Company reissued an “outperform” rating and issued a $54.00 target price (up from $47.50) on shares of Abbott Laboratories in a research report on Friday, June 30th. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Barclays PLC reissued an “overweight” rating and issued a $57.00 target price (up from $52.00) on shares of Abbott Laboratories in a research report on Saturday, July 22nd. Finally, BMO Capital Markets reissued a “hold” rating and issued a $48.00 target price on shares of Abbott Laboratories in a research report on Tuesday, July 11th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus target price of $52.71.

In other Abbott Laboratories news, insider Hubert L. Allen sold 4,600 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $50.79, for a total value of $233,634.00. Following the transaction, the insider now directly owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Brian J. Blaser sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $50.00, for a total value of $750,000.00. Following the completion of the transaction, the insider now directly owns 143,154 shares in the company, valued at $7,157,700. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,150 shares of company stock worth $10,811,179. Insiders own 0.76% of the company’s stock.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.63 billion. During the same period in the previous year, the firm earned $0.55 earnings per share. The company’s revenue was up 24.5% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.

COPYRIGHT VIOLATION WARNING: “4,631 Shares in Abbott Laboratories (ABT) Purchased by Confluence Investment Management LLC” was reported by Watch List News and is the property of of Watch List News. If you are accessing this article on another publication, it was copied illegally and republished in violation of US and international copyright and trademark legislation. The legal version of this article can be viewed at https://www.watchlistnews.com/4631-shares-in-abbott-laboratories-abt-purchased-by-confluence-investment-management-llc/1587375.html.

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.

Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT).

Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with Analyst Ratings Network's FREE daily email newsletter.