Hermes Investment Management Ltd. Has $58.58 Million Position in Abbott Laboratories (ABT)
Hermes Investment Management Ltd. cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 9.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,205,095 shares of the healthcare product maker’s stock after selling 129,504 shares during the period. Hermes Investment Management Ltd. owned about 0.07% of Abbott Laboratories worth $58,580,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. Grassi Investment Management raised its stake in Abbott Laboratories by 242.4% in the first quarter. Grassi Investment Management now owns 110,110 shares of the healthcare product maker’s stock valued at $4,890,000 after buying an additional 77,950 shares during the last quarter. Bremer Trust National Association raised its stake in Abbott Laboratories by 87.1% in the first quarter. Bremer Trust National Association now owns 24,907 shares of the healthcare product maker’s stock valued at $1,107,000 after buying an additional 11,594 shares during the last quarter. TNB Financial acquired a new stake in Abbott Laboratories during the first quarter valued at about $1,406,000. Banced Corp acquired a new stake in Abbott Laboratories during the first quarter valued at about $497,000. Finally, Gierl Augustine Investment Management Inc raised its stake in Abbott Laboratories by 265.5% in the first quarter. Gierl Augustine Investment Management Inc now owns 4,795 shares of the healthcare product maker’s stock valued at $213,000 after buying an additional 3,483 shares during the last quarter. 71.64% of the stock is owned by institutional investors and hedge funds.
Abbott Laboratories (ABT) traded up 1.50% on Monday, hitting $50.09. 2,475,111 shares of the stock traded hands. The firm’s 50 day moving average is $49.25 and its 200 day moving average is $46.20. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $51.13. The stock has a market cap of $87.03 billion, a price-to-earnings ratio of 70.15 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $6.63 billion. During the same period last year, the business earned $0.55 earnings per share. The business’s quarterly revenue was up 24.5% on a year-over-year basis. Equities analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Wednesday, July 12th. Abbott Laboratories’s payout ratio is currently 149.30%.
ABT has been the subject of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $51.00 price objective (up previously from $50.00) on shares of Abbott Laboratories in a research note on Friday, May 12th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Monday, May 15th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Abbott Laboratories in a research note on Tuesday, May 16th. They issued a “neutral” rating and a $45.00 price objective for the company. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, May 16th. Finally, TheStreet lowered shares of Abbott Laboratories from a “b” rating to a “c+” rating in a research note on Thursday, May 18th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Abbott Laboratories presently has a consensus rating of “Buy” and a consensus price target of $52.14.
In other Abbott Laboratories news, insider Hubert L. Allen sold 4,600 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total transaction of $233,634.00. Following the transaction, the insider now directly owns 105,479 shares in the company, valued at $5,357,278.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the transaction, the insider now owns 221,488 shares in the company, valued at $10,188,448. The disclosure for this sale can be found here. Insiders have sold 415,252 shares of company stock worth $19,878,958 over the last quarter. Company insiders own 0.76% of the company’s stock.
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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