Abbott Laboratories (ABT) Shares Sold by Longer Investments Inc.
Longer Investments Inc. cut its stake in Abbott Laboratories (NYSE:ABT) by 7.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,605 shares of the healthcare product maker’s stock after selling 3,615 shares during the period. Abbott Laboratories accounts for about 1.8% of Longer Investments Inc.’s investment portfolio, making the stock its 22nd largest position. Longer Investments Inc.’s holdings in Abbott Laboratories were worth $2,071,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in ABT. Cypress Capital Management LLC WY boosted its position in shares of Abbott Laboratories by 37.9% in the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock valued at $112,000 after buying an additional 696 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new position in shares of Abbott Laboratories during the first quarter valued at about $112,000. First Command Financial Services Inc. boosted its position in shares of Abbott Laboratories by 10.2% in the first quarter. First Command Financial Services Inc. now owns 2,787 shares of the healthcare product maker’s stock valued at $124,000 after buying an additional 257 shares during the last quarter. V Wealth Management LLC purchased a new position in shares of Abbott Laboratories during the second quarter valued at about $127,000. Finally, Atwood & Palmer Inc. boosted its position in shares of Abbott Laboratories by 157.5% in the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock valued at $145,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.
Abbott Laboratories (NYSE ABT) traded up 1.134% during mid-day trading on Friday, hitting $48.605. The stock had a trading volume of 1,995,742 shares. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $51.13. The firm has a market cap of $84.45 billion, a P/E ratio of 68.074 and a beta of 1.07. The stock has a 50-day moving average price of $49.11 and a 200 day moving average price of $45.60.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $6.63 billion. During the same period last year, the business posted $0.55 EPS. Abbott Laboratories’s quarterly revenue was up 24.5% on a year-over-year basis. Equities analysts anticipate that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, July 12th. Abbott Laboratories’s payout ratio is currently 149.30%.
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Several research analysts have recently issued reports on the company. Royal Bank Of Canada restated a “buy” rating on shares of Abbott Laboratories in a research note on Monday, May 15th. Jefferies Group LLC restated a “buy” rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research note on Friday, June 16th. BTIG Research began coverage on Abbott Laboratories in a research note on Wednesday, June 21st. They issued a “buy” rating and a $56.00 price objective for the company. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Wednesday, June 14th. Finally, BidaskClub upgraded Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $51.93.
In related news, insider Hubert L. Allen sold 4,600 shares of the firm’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 completion of the transaction, the insider now directly owns 105,479 shares of the company’s stock, valued at approximately $5,357,278.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jared Watkin sold 552 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total value of $26,479.44. Following the completion of the transaction, the insider now directly owns 47,090 shares of the company’s stock, valued at $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 218,702 shares of company stock valued at $10,149,733 over the last ninety days. 0.76% of the stock is currently owned by company insiders.
Abbott Laboratories Company Profile
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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