Forte Capital LLC ADV Maintains Stake in Abbott Laboratories (ABT)
Forte Capital LLC ADV held its position in shares of Abbott Laboratories (NYSE:ABT) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 6,163 shares of the healthcare product maker’s stock at the end of the second quarter. Forte Capital LLC ADV’s holdings in Abbott Laboratories were worth $300,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Atwood & Palmer Inc. boosted its stake in Abbott Laboratories by 157.5% in the 1st quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after purchasing an additional 2,000 shares during the period. Independent Portfolio Consultants Inc. boosted its stake in Abbott Laboratories by 9.3% in the 1st quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after purchasing an additional 292 shares during the period. Farmers National Bank boosted its stake in Abbott Laboratories by 1.5% in the 1st quarter. Farmers National Bank now owns 3,568 shares of the healthcare product maker’s stock worth $158,000 after purchasing an additional 52 shares during the period. Advantage Investment Management LLC boosted its stake in Abbott Laboratories by 17.3% in the 1st quarter. Advantage Investment Management LLC now owns 3,674 shares of the healthcare product maker’s stock worth $163,000 after purchasing an additional 543 shares during the period. Finally, Delta Asset Management LLC TN boosted its stake in Abbott Laboratories by 1.3% in the 1st quarter. Delta Asset Management LLC TN now owns 3,996 shares of the healthcare product maker’s stock worth $178,000 after purchasing an additional 51 shares during the period. Institutional investors and hedge funds own 71.50% of the company’s stock.
Abbott Laboratories (NYSE ABT) traded down 0.52% during mid-day trading on Friday, reaching $53.36. The company had a trading volume of 8,458,956 shares. The stock has a 50 day moving average of $50.14 and a 200 day moving average of $47.04. The stock has a market capitalization of $92.71 billion, a price-to-earnings ratio of 74.73 and a beta of 1.06. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $53.79.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The business’s revenue was up 24.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. Analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 149.30%.
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In other Abbott Laboratories news, insider Sharon J. Bracken sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $49.16, for a total transaction of $98,320.00. Following the transaction, the insider now owns 28,806 shares of the company’s stock, valued at $1,416,102.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian J. Blaser sold 15,000 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the transaction, the insider now directly owns 143,154 shares in the company, valued at approximately $7,157,700. The disclosure for this sale can be found here. Insiders have sold 333,310 shares of company stock worth $16,857,255 in the last three months. 0.76% of the stock is currently owned by corporate insiders.
Several research analysts have weighed in on the company. Citigroup Inc. assumed coverage on Abbott Laboratories in a research note on Thursday, August 17th. They issued a “neutral” rating and a $53.00 price target for the company. Jefferies Group LLC restated a “buy” rating and issued a $55.00 price target on shares of Abbott Laboratories in a research note on Friday, June 16th. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Friday, September 22nd. Barclays PLC upped their price target on Abbott Laboratories from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, BTIG Research assumed coverage on Abbott Laboratories in a research note on Wednesday, June 21st. They issued a “buy” rating and a $56.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $53.64.
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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