MEMBERS Trust Co Takes Position in Abbott Laboratories (ABT)
MEMBERS Trust Co bought a new stake in Abbott Laboratories (NYSE:ABT) during the first quarter, Holdings Channel reports. The fund bought 6,073 shares of the healthcare product maker’s stock, valued at approximately $270,000.
A number of other hedge funds have also recently added to or reduced their stakes in ABT. Whittier Trust Co. boosted its stake in Abbott Laboratories by 1.7% in the first quarter. Whittier Trust Co. now owns 401,048 shares of the healthcare product maker’s stock valued at $17,807,000 after buying an additional 6,751 shares during the last quarter. Marshwinds Advisory Co. boosted its stake in Abbott Laboratories by 118.2% in the first quarter. Marshwinds Advisory Co. now owns 66,576 shares of the healthcare product maker’s stock valued at $2,957,000 after buying an additional 36,069 shares during the last quarter. Farmers & Merchants Investments Inc. boosted its stake in Abbott Laboratories by 7.6% in the first quarter. Farmers & Merchants Investments Inc. now owns 103,815 shares of the healthcare product maker’s stock valued at $4,610,000 after buying an additional 7,309 shares during the last quarter. Miller Howard Investments Inc. NY boosted its stake in Abbott Laboratories by 3.1% in the first quarter. Miller Howard Investments Inc. NY now owns 1,529,641 shares of the healthcare product maker’s stock valued at $67,931,000 after buying an additional 46,118 shares during the last quarter. Finally, Reik & CO. LLC purchased a new stake in Abbott Laboratories during the first quarter valued at approximately $215,000. 70.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Abbott Laboratories (ABT) traded up 1.29% during mid-day trading on Friday, hitting $48.68. 1,100,128 shares of the stock traded hands. The company has a market cap of $84.58 billion, a price-to-earnings ratio of 68.18 and a beta of 1.07. The stock has a 50-day moving average of $49.11 and a 200-day moving average of $45.59. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $51.13.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share 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 firm had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.63 billion. During the same period in the prior year, the firm earned $0.55 EPS. The business’s revenue was up 24.5% on a year-over-year basis. Analysts anticipate that Abbott Laboratories will post $2.49 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, July 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
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ABT has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $54.00 target price (up from $47.50) on shares of Abbott Laboratories in a research note on Friday, June 30th. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Tuesday, May 16th. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research note on Monday, July 3rd. Barclays PLC reaffirmed an “overweight” rating and issued a $57.00 target price (up from $52.00) on shares of Abbott Laboratories in a research note on Saturday, July 22nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $48.00 target price on shares of Abbott Laboratories in a research note on Tuesday, July 11th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $51.93.
In other Abbott Laboratories news, insider Jared Watkin sold 552 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total value of $26,479.44. Following the completion of the sale, the insider now directly owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian J. Blaser sold 15,000 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $50.00, for a total transaction of $750,000.00. Following the completion of the sale, the insider now directly owns 143,154 shares of the company’s stock, valued at $7,157,700. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,702 shares of company stock valued at $10,149,733. 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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