Everence Capital Management Inc. Acquires New Position in Abbott Laboratories (NYSE:ABT)


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Everence Capital Management Inc. acquired a new stake in Abbott Laboratories (NYSE:ABT) in the first quarter, HoldingsChannel.com reports. The fund acquired 44,716 shares of the healthcare product maker’s stock, valued at approximately $5,359,000.

A number of other large investors have also recently made changes to their positions in the stock. Cribstone Capital Management LLC boosted its stake in shares of Abbott Laboratories by 1.2% in the 4th quarter. Cribstone Capital Management LLC now owns 6,796 shares of the healthcare product maker’s stock valued at $744,000 after purchasing an additional 83 shares during the last quarter. Axiom Financial Strategies LLC boosted its stake in shares of Abbott Laboratories by 4.4% in the 4th quarter. Axiom Financial Strategies LLC now owns 2,027 shares of the healthcare product maker’s stock valued at $222,000 after purchasing an additional 86 shares during the last quarter. Ocean Capital Management LLC boosted its stake in Abbott Laboratories by 2.4% during the 4th quarter. Ocean Capital Management LLC now owns 3,783 shares of the healthcare product maker’s stock worth $414,000 after acquiring an additional 87 shares during the last quarter. Cohen Lawrence B boosted its stake in Abbott Laboratories by 1.2% during the 4th quarter. Cohen Lawrence B now owns 7,608 shares of the healthcare product maker’s stock worth $833,000 after acquiring an additional 89 shares during the last quarter. Finally, Aspen Investment Management Inc boosted its stake in Abbott Laboratories by 0.8% during the 4th quarter. Aspen Investment Management Inc now owns 11,080 shares of the healthcare product maker’s stock worth $1,213,000 after acquiring an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Shares of NYSE ABT traded up $0.06 during midday trading on Thursday, reaching $120.17. The company’s stock had a trading volume of 50,743 shares, compared to its average volume of 5,249,639. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. Abbott Laboratories has a fifty-two week low of $81.05 and a fifty-two week high of $128.54. The stock has a market capitalization of $212.88 billion, a price-to-earnings ratio of 63.55, a PEG ratio of 2.06 and a beta of 0.83. The stock has a 50 day simple moving average of $119.99 and a 200-day simple moving average of $113.19.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Tuesday, January 26th. The healthcare product maker reported $1.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.10. Abbott Laboratories had a net margin of 10.50% and a return on equity of 18.19%. The company had revenue of $10.70 billion for the quarter, compared to the consensus estimate of $9.94 billion. During the same period last year, the company earned $0.95 earnings per share. The firm’s revenue was up 28.7% compared to the same quarter last year. As a group, equities analysts anticipate that Abbott Laboratories will post 3.57 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, May 17th. Investors of record on Thursday, April 15th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, April 14th. This represents a $1.80 dividend on an annualized basis and a yield of 1.50%. Abbott Laboratories’s payout ratio is 55.56%.

Several research analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Abbott Laboratories from $128.00 to $137.00 in a research note on Thursday, January 28th. Cowen lifted their price objective on shares of Abbott Laboratories from $113.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, January 28th. Raymond James lifted their price objective on shares of Abbott Laboratories from $126.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 17th. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a research note on Tuesday, February 2nd. Finally, SVB Leerink lifted their price target on shares of Abbott Laboratories from $115.00 to $128.00 and gave the company a “market perform” rating in a research note on Thursday, January 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $122.47.

In related news, SVP Joseph J. Manning sold 18,750 shares of the business’s stock in a transaction on Monday, February 1st. The shares were sold at an average price of $122.79, for a total transaction of $2,302,312.50. Following the transaction, the senior vice president now directly owns 81,561 shares in the company, valued at $10,014,875.19. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Randel William Woodgrift sold 1,034 shares of the business’s stock in a transaction on Monday, March 1st. The stock was sold at an average price of $120.61, for a total transaction of $124,710.74. Following the transaction, the senior vice president now owns 51,495 shares in the company, valued at $6,210,811.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,476 shares of company stock worth $3,366,543. 1.70% of the stock is owned by corporate insiders.

About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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