Covington Capital Management Has $9.45 Million Stake in Abbott Laboratories (ABT)
Covington Capital Management reduced its stake in Abbott Laboratories (NYSE:ABT) by 0.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 194,358 shares of the healthcare product maker’s stock after selling 714 shares during the period. Covington Capital Management’s holdings in Abbott Laboratories were worth $9,448,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. DE Burlo Group Inc. acquired a new position in Abbott Laboratories during the 1st quarter worth $213,000. Thomaspartners Inc. lifted its stake in shares of Abbott Laboratories by 10.3% in the 1st quarter. Thomaspartners Inc. now owns 5,099,993 shares of the healthcare product maker’s stock valued at $226,491,000 after purchasing an additional 475,033 shares during the period. Karp Capital Management Corp acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at $32,885,000. First Foundation Advisors lifted its stake in shares of Abbott Laboratories by 2.1% in the 1st quarter. First Foundation Advisors now owns 13,588 shares of the healthcare product maker’s stock valued at $603,000 after purchasing an additional 283 shares during the period. Finally, Baker Chad R acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at $3,220,000. Institutional investors own 71.32% of the company’s stock.
A number of research analysts have recently weighed in on the company. Citigroup assumed coverage on Abbott Laboratories in a research note on Thursday, August 17th. They issued a “neutral” rating and a $53.00 price target on the stock. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Friday, September 22nd. Barclays raised their price objective on Abbott Laboratories from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, September 28th. J P Morgan Chase & Co started coverage on Abbott Laboratories in a research note on Friday, October 6th. They set a “neutral” rating and a $60.00 price objective on the stock. Finally, Jefferies Group reaffirmed a “buy” rating and set a $65.00 price objective on shares of Abbott Laboratories in a research note on Thursday, October 19th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $57.56.
Abbott Laboratories (NYSE:ABT) opened at $55.70 on Wednesday. The stock has a market capitalization of $95,628.62, a PE ratio of 22.80, a price-to-earnings-growth ratio of 2.06 and a beta of 1.06. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 2.69. Abbott Laboratories has a 1-year low of $37.90 and a 1-year high of $56.69.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ 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 return on equity of 13.98% and a net margin of 8.37%. The company’s revenue was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 EPS. equities analysts forecast that Abbott Laboratories will post 2.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th were issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 83.47%.
In other news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the firm’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $56.21, for a total value of $5,430,054.63. Following the completion of the transaction, the executive vice president now owns 142,082 shares in the company, valued at approximately $7,986,429.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Miles D. White sold 276,886 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $54.41, for a total value of $15,065,367.26. Following the completion of the transaction, the chairman now owns 3,677,913 shares of the company’s stock, valued at approximately $200,115,246.33. The disclosure for this sale can be found here. In the last quarter, insiders have sold 588,013 shares of company stock valued at $32,023,946. Corporate insiders own 0.76% of the company’s stock.
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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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