Abbott Laboratories (ABT) Stake Lessened by Founders Capital Management LLC
Founders Capital Management LLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 24.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,583 shares of the healthcare product maker’s stock after selling 10,155 shares during the quarter. Abbott Laboratories makes up approximately 0.9% of Founders Capital Management LLC’s investment portfolio, making the stock its 25th largest position. Founders Capital Management LLC’s holdings in Abbott Laboratories were worth $2,212,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Csenge Advisory Group purchased a new stake in Abbott Laboratories in the third quarter worth about $31,000. Signature Estate & Investment Advisors LLC purchased a new stake in Abbott Laboratories in the third quarter worth about $103,000. Atlantic Trust LLC purchased a new stake in Abbott Laboratories in the second quarter worth about $104,000. Mainstay Capital Management LLC ADV lifted its stake in Abbott Laboratories by 1,069.5% in the second quarter. Mainstay Capital Management LLC ADV now owns 4,374 shares of the healthcare product maker’s stock worth $131,000 after acquiring an additional 4,000 shares during the period. Finally, Stelac Advisory Services LLC purchased a new stake in Abbott Laboratories in the third quarter worth about $134,000. 72.72% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Miles D. White sold 142,341 shares of the company’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $72.35, for a total transaction of $10,298,371.35. Following the transaction, the chairman now owns 3,459,185 shares in the company, valued at $250,272,034.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jared Watkin sold 65,000 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $71.00, for a total transaction of $4,615,000.00. Following the transaction, the insider now owns 128,640 shares in the company, valued at approximately $9,133,440. The disclosure for this sale can be found here. Corporate insiders own 0.74% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The firm had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. Analysts predict that Abbott Laboratories will post 2.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, January 14th. This represents a $1.28 annualized dividend and a dividend yield of 1.82%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.28. Abbott Laboratories’s dividend payout ratio is 51.20%.
A number of analysts recently weighed in on the stock. Gabelli reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, January 2nd. Morgan Stanley increased their price target on shares of Abbott Laboratories from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Wednesday, January 2nd. Citigroup lowered shares of Abbott Laboratories from a “neutral” rating to a “sell” rating and decreased their price target for the company from $72.00 to $68.00 in a research report on Wednesday, January 2nd. Credit Suisse Group initiated coverage on shares of Abbott Laboratories in a research report on Monday, December 17th. They set an “outperform” rating and a $82.00 price target for the company. Finally, Goldman Sachs Group raised shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and set a $74.10 price target for the company in a research report on Sunday, December 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $76.86.
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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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