Allen Investment Management LLC Has $565,000 Position in Abbott Laboratories (ABT)
Allen Investment Management LLC increased its position in shares of Abbott Laboratories (NYSE:ABT) by 45.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,627 shares of the healthcare product maker’s stock after purchasing an additional 3,627 shares during the period. Allen Investment Management LLC’s holdings in Abbott Laboratories were worth $565,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. QCI Asset Management Inc. NY boosted its stake in Abbott Laboratories by 4.2% in the second quarter. QCI Asset Management Inc. NY now owns 248,296 shares of the healthcare product maker’s stock valued at $12,070,000 after acquiring an additional 10,099 shares in the last quarter. Capital Analysts LLC acquired a new position in Abbott Laboratories in the second quarter valued at $3,143,000. Davidson & Garrard Inc. boosted its stake in Abbott Laboratories by 9.9% in the second quarter. Davidson & Garrard Inc. now owns 22,173 shares of the healthcare product maker’s stock valued at $1,078,000 after acquiring an additional 2,000 shares in the last quarter. Girard Partners LTD. boosted its stake in Abbott Laboratories by 7.5% in the second quarter. Girard Partners LTD. now owns 105,835 shares of the healthcare product maker’s stock valued at $5,145,000 after acquiring an additional 7,402 shares in the last quarter. Finally, Independence Trust CO boosted its stake in Abbott Laboratories by 6.3% in the second quarter. Independence Trust CO now owns 42,711 shares of the healthcare product maker’s stock valued at $2,016,000 after acquiring an additional 2,550 shares in the last quarter. Hedge funds and other institutional investors own 70.64% of the company’s stock.
ABT has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. J P Morgan Chase & Co initiated coverage on shares of Abbott Laboratories in a research note on Friday, October 6th. They issued a “neutral” rating and a $60.00 price objective for the company. Royal Bank Of Canada restated a “buy” rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, October 3rd. Cowen and Company set a $68.00 price objective on shares of Abbott Laboratories and gave the company a “buy” rating in a research note on Thursday, October 19th. Finally, Barclays PLC restated an “overweight” rating and issued a $57.00 price objective (up previously from $52.00) on shares of Abbott Laboratories in a research note on Saturday, July 22nd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $56.81.
In other Abbott Laboratories news, insider Jaime Contreras sold 52,700 shares of the stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $51.97, for a total value of $2,738,819.00. Following the completion of the transaction, the insider now directly owns 58,739 shares of the company’s stock, valued at $3,052,665.83. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel Gesua Sive Salvadori sold 71,157 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $55.00, for a total transaction of $3,913,635.00. Following the completion of the transaction, the insider now directly owns 144,955 shares of the company’s stock, valued at $7,972,525. The disclosure for this sale can be found here. Insiders have sold 282,920 shares of company stock valued at $15,389,766 over the last three months. 0.76% of the stock is currently owned by corporate insiders.
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Abbott Laboratories (NYSE ABT) opened at $55.54 on Friday. The stock has a market cap of $95,437.16, a PE ratio of 22.75, a P/E/G ratio of 2.05 and a beta of 1.06. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $56.69. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. The firm had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.72 billion. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The firm’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 earnings per share. analysts predict that Abbott Laboratories will post 2.5 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Friday, October 13th were issued a dividend of $0.265 per share. The ex-dividend date was Thursday, October 12th. This represents a $1.06 annualized dividend and a yield of 1.91%. Abbott Laboratories’s dividend payout ratio is currently 83.47%.
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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