Bonness Enterprises Inc. Holds Stake in Abbott Laboratories (ABT)
Bonness Enterprises Inc. maintained its stake in shares of Abbott Laboratories (NYSE:ABT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,700 shares of the healthcare product maker’s stock at the close of the 2nd quarter. Abbott Laboratories accounts for about 1.3% of Bonness Enterprises Inc.’s portfolio, making the stock its 29th largest holding. Bonness Enterprises Inc.’s holdings in Abbott Laboratories were worth $1,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in ABT. State Street Corp raised its stake in Abbott Laboratories by 18.9% during the 1st quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after acquiring an additional 12,806,535 shares in the last quarter. Boston Partners raised its stake in Abbott Laboratories by 5,663.7% during the 1st quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock valued at $364,696,000 after acquiring an additional 8,069,557 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Abbott Laboratories by 11.0% during the 1st quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock valued at $1,500,920,000 after acquiring an additional 3,344,508 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Abbott Laboratories by 33.8% during the 1st quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock valued at $391,841,000 after acquiring an additional 2,231,316 shares in the last quarter. Finally, Swiss National Bank raised its stake in Abbott Laboratories by 45.3% during the 1st quarter. Swiss National Bank now owns 6,528,788 shares of the healthcare product maker’s stock valued at $289,943,000 after acquiring an additional 2,035,170 shares in the last quarter. 71.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Abbott Laboratories (NYSE:ABT) traded up 2.10% during mid-day trading on Friday, hitting $52.51. The company’s stock had a trading volume of 7,978,960 shares. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $52.60. The stock has a market cap of $91.23 billion, a PE ratio of 73.54 and a beta of 1.06. The company has a 50-day moving average price of $50.14 and a 200-day moving average price of $47.04.
Abbott Laboratories (NYSE:ABT) last issued its 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 net margin of 4.96% and a return on equity of 14.43%. The business 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 revenue was up 24.5% on a year-over-year basis. Analysts predict that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.06 annualized dividend and a yield of 2.02%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 149.30%.
In related news, insider Brian J. Blaser sold 15,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 143,154 shares in the company, valued at approximately $7,157,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hubert L. Allen sold 4,600 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total transaction of $233,634.00. Following the completion of the sale, the insider now owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The disclosure for this sale can be found here. Insiders sold a total of 218,150 shares of company stock valued at $10,811,179 over the last quarter. 0.76% of the stock is currently owned by company insiders.
ABT has been the topic of several recent analyst reports. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Friday, May 26th. Stifel Nicolaus lifted their target price on Abbott Laboratories from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, May 31st. Jefferies Group LLC reiterated a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a research report on Friday, June 16th. BidaskClub upgraded Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Finally, BTIG Research started coverage on Abbott Laboratories in a research report on Wednesday, June 21st. They set a “buy” rating and a $56.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus price target of $52.71.
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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