Carroll Financial Associates Inc. Increases Stake in Abbott Laboratories (NYSE:ABT)
Carroll Financial Associates Inc. raised its holdings in shares of Abbott Laboratories (NYSE:ABT) by 20.3% in the second quarter, Holdings Channel reports. The institutional investor owned 18,816 shares of the healthcare product maker’s stock after acquiring an additional 3,181 shares during the period. Carroll Financial Associates Inc.’s holdings in Abbott Laboratories were worth $1,720,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Benjamin Edwards Inc. increased its holdings in Abbott Laboratories by 57.0% during the first quarter. Benjamin Edwards Inc. now owns 314 shares of the healthcare product maker’s stock valued at $25,000 after buying an additional 114 shares during the last quarter. AllSquare Wealth Management LLC boosted its position in shares of Abbott Laboratories by 560.0% in the first quarter. AllSquare Wealth Management LLC now owns 330 shares of the healthcare product maker’s stock worth $26,000 after purchasing an additional 280 shares during the period. Larson Financial Group LLC boosted its position in shares of Abbott Laboratories by 374.3% in the first quarter. Larson Financial Group LLC now owns 351 shares of the healthcare product maker’s stock worth $28,000 after purchasing an additional 277 shares during the period. Lion Street Advisors LLC bought a new position in shares of Abbott Laboratories in the first quarter worth approximately $31,000. Finally, AlphaCore Capital LLC bought a new position in shares of Abbott Laboratories in the first quarter worth approximately $33,000. 73.64% of the stock is owned by institutional investors and hedge funds.
Shares of ABT opened at $93.67 on Friday. Abbott Laboratories has a twelve month low of $61.61 and a twelve month high of $100.00. The company has a market cap of $165.69 billion, a P/E ratio of 47.07, a P/E/G ratio of 3.83 and a beta of 0.97. The company has a current ratio of 1.43, a quick ratio of 1.01 and a debt-to-equity ratio of 0.55. The company’s fifty day simple moving average is $90.89 and its 200-day simple moving average is $87.23.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a $1.44 annualized dividend and a dividend yield of 1.54%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.08. Abbott Laboratories’s dividend payout ratio is currently 44.44%.
A number of research firms have weighed in on ABT. Zacks Investment Research lowered shares of Abbott Laboratories from a “hold” rating to a “sell” rating and set a $98.00 price target for the company. in a research report on Wednesday, April 15th. Wells Fargo & Co reiterated a “buy” rating and issued a $107.00 price target on shares of Abbott Laboratories in a research report on Thursday. SVB Leerink dropped their price target on shares of Abbott Laboratories from $102.00 to $93.00 and set a “market perform” rating for the company in a research report on Wednesday, April 8th. UBS Group upped their target price on shares of Abbott Laboratories from $105.00 to $109.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, BTIG Research restated a “hold” rating on shares of Abbott Laboratories in a research report on Thursday, April 16th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $100.13.
In related news, EVP Andrew H. Lane sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $92.00, for a total value of $7,360,000.00. Following the completion of the sale, the executive vice president now owns 107,090 shares in the company, valued at $9,852,280. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa D. Earnhardt sold 872 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $90.84, for a total value of $79,212.48. Following the completion of the sale, the executive vice president now owns 72,946 shares of the company’s stock, valued at approximately $6,626,414.64. The disclosure for this sale can be found here. Insiders sold a total of 148,210 shares of company stock worth $13,893,200 in the last ninety days. 1.70% of the stock is currently owned by insiders.
Abbott Laboratories Company 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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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