Jolley Asset Management LLC Trims Stock Position in Abbott Laboratories (NYSE:ABT)
Jolley Asset Management LLC cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 17.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 26,764 shares of the healthcare product maker’s stock after selling 5,655 shares during the quarter. Jolley Asset Management LLC’s holdings in Abbott Laboratories were worth $2,325,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. 1 North Wealth Services LLC bought a new position in shares of Abbott Laboratories during the third quarter valued at approximately $38,000. Marquette Asset Management LLC boosted its stake in shares of Abbott Laboratories by 173.4% during the third quarter. Marquette Asset Management LLC now owns 473 shares of the healthcare product maker’s stock valued at $40,000 after purchasing an additional 300 shares in the last quarter. Corbenic Partners LLC bought a new position in shares of Abbott Laboratories during the fourth quarter valued at approximately $42,000. Canton Hathaway LLC bought a new position in shares of Abbott Laboratories during the third quarter valued at approximately $42,000. Finally, Manchester Financial Inc. bought a new position in shares of Abbott Laboratories during the fourth quarter valued at approximately $52,000. 73.61% of the stock is currently owned by institutional investors and hedge funds.
ABT has been the topic of a number of recent research reports. Credit Suisse Group increased their price objective on shares of Abbott Laboratories from $95.00 to $98.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley increased their price objective on shares of Abbott Laboratories from $93.00 to $101.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Raymond James increased their price objective on shares of Abbott Laboratories from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Abbott Laboratories from to in a research note on Thursday. Finally, Citigroup downgraded shares of Abbott Laboratories from a “neutral” rating to a “sell” rating in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company. Abbott Laboratories presently has an average rating of “Buy” and a consensus price target of $95.20.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, January 22nd. The healthcare product maker reported $0.95 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.95. The company had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.26 billion. Abbott Laboratories had a net margin of 11.56% and a return on equity of 18.34%. Abbott Laboratories’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $0.81 earnings per share. On average, equities research analysts anticipate that Abbott Laboratories will post 3.61 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.59%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.32. The ex-dividend date is Tuesday, January 14th. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.
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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