Novare Capital Management LLC Raises Holdings in Abbott Laboratories (ABT)
Novare Capital Management LLC grew its holdings in shares of Abbott Laboratories (NYSE:ABT) by 38.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 96,519 shares of the healthcare product maker’s stock after purchasing an additional 26,865 shares during the period. Novare Capital Management LLC’s holdings in Abbott Laboratories were worth $4,692,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the business. State Street Corp raised its holdings in shares of Abbott Laboratories by 18.9% during the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after purchasing an additional 12,806,535 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Abbott Laboratories by 11.0% during the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after purchasing an additional 3,344,508 shares during the period. Independent Franchise Partners LLP raised its holdings in shares of Abbott Laboratories by 0.8% during the second quarter. Independent Franchise Partners LLP now owns 9,828,141 shares of the healthcare product maker’s stock worth $477,745,000 after purchasing an additional 76,935 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Abbott Laboratories by 33.8% during the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock worth $391,841,000 after purchasing an additional 2,231,316 shares during the period. Finally, Legal & General Group Plc raised its holdings in shares of Abbott Laboratories by 20.1% during the first quarter. Legal & General Group Plc now owns 8,550,357 shares of the healthcare product maker’s stock worth $379,731,000 after purchasing an additional 1,433,093 shares during the period. 71.45% of the stock is currently owned by institutional investors.
Abbott Laboratories (NYSE ABT) opened at 55.06 on Wednesday. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $55.43. The firm’s 50-day moving average is $52.59 and its 200 day moving average is $48.17. The firm has a market cap of $95.66 billion, a PE ratio of 77.11 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The business had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. During the same period in the previous year, the business posted $0.55 earnings per share. The firm’s revenue for the quarter was up 24.5% compared to the same quarter last year. On average, equities analysts forecast that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a $0.265 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.93%. Abbott Laboratories’s dividend payout ratio is 149.30%.
In related news, insider Daniel Gesua Sive Salvadori sold 62,460 shares of Abbott Laboratories stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $52.95, for a total value of $3,307,257.00. Following the completion of the transaction, the insider now directly owns 113,426 shares of the company’s stock, valued at $6,005,906.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen R. Fussell sold 196,550 shares of Abbott Laboratories stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $49.50, for a total value of $9,729,225.00. Following the completion of the transaction, the insider now directly owns 221,488 shares of the company’s stock, valued at $10,963,656. The disclosure for this sale can be found here. Insiders sold 333,310 shares of company stock valued at $16,857,255 over the last ninety days. 0.76% of the stock is currently owned by company insiders.
A number of brokerages have weighed in on ABT. BidaskClub cut shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reissued a “buy” rating and set a $58.00 target price on shares of Abbott Laboratories in a report on Friday, July 21st. Morgan Stanley reissued an “equal weight” rating on shares of Abbott Laboratories in a report on Monday, July 10th. Cowen and Company reissued a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a report on Thursday, August 17th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Abbott Laboratories in a report on Thursday, August 3rd. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus target price of $54.94.
ILLEGAL ACTIVITY WARNING: This news story was first reported by Watch List News and is owned by of Watch List News. If you are reading this news story on another site, it was illegally stolen and reposted in violation of US and international trademark & copyright law. The correct version of this news story can be accessed at https://www.watchlistnews.com/novare-capital-management-llc-raises-holdings-in-abbott-laboratories-abt/1637712.html.
Abbott Laboratories 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.
Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with Analyst Ratings Network's FREE daily email newsletter.