Hexavest Inc. Reduces Position in Abbott Laboratories (NYSE:ABT)
Hexavest Inc. trimmed its stake in Abbott Laboratories (NYSE:ABT) by 33.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 436,943 shares of the healthcare product maker’s stock after selling 219,070 shares during the period. Abbott Laboratories accounts for approximately 0.9% of Hexavest Inc.’s holdings, making the stock its 28th largest position. Hexavest Inc.’s holdings in Abbott Laboratories were worth $39,950,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the stock. Benjamin Edwards Inc. lifted its position 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 purchasing an additional 114 shares in the last quarter. AllSquare Wealth Management LLC raised its stake 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 buying an additional 280 shares during the period. Larson Financial Group LLC lifted its position in shares of Abbott Laboratories by 374.3% during the 1st quarter. Larson Financial Group LLC now owns 351 shares of the healthcare product maker’s stock valued at $28,000 after buying an additional 277 shares in the last quarter. Lion Street Advisors LLC purchased a new stake in Abbott Laboratories in the 1st 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 currently owned by institutional investors.
Shares of NYSE:ABT opened at $93.67 on Friday. Abbott Laboratories has a 1 year low of $61.61 and a 1 year high of $100.00. The business has a 50 day simple moving average of $90.89 and a two-hundred day simple moving average of $87.23. The firm has a market capitalization of $165.69 billion, a PE ratio of 47.07, a price-to-earnings-growth ratio of 3.83 and a beta of 0.97. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.43 and a quick ratio of 1.01.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.36 per share. 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. The ex-dividend date is Tuesday, July 14th. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.
ABT has been the topic of several research analyst reports. Citigroup boosted their price objective on Abbott Laboratories from $87.00 to $109.00 and gave the company a “buy” rating in a research report on Friday, April 17th. SVB Leerink dropped their price target on Abbott Laboratories from $102.00 to $93.00 and set a “market perform” rating for the company in a research note on Wednesday, April 8th. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a research report on Thursday, April 16th. UBS Group upped their price target on shares of Abbott Laboratories from $105.00 to $109.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, Morgan Stanley reduced their target price on shares of Abbott Laboratories from $108.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, June 25th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $100.13.
In other news, SVP Randel William Woodgrift sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $93.18, for a total value of $347,002.32. Following the completion of the sale, the senior vice president now owns 48,767 shares of the company’s stock, valued at approximately $4,544,109.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John F. Ginascol sold 63,200 shares of the stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $96.00, for a total transaction of $6,067,200.00. Following the transaction, the executive vice president now owns 129,645 shares in the company, valued at $12,445,920. The disclosure for this sale can be found here. Insiders have sold 148,210 shares of company stock valued at $13,893,200 over the last three months. Insiders own 1.70% of the company’s stock.
Abbott Laboratories 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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