Principal Financial Group Inc. Purchases 1,969,723 Shares of Abbott Laboratories (ABT)
Principal Financial Group Inc. raised its position in Abbott Laboratories (NYSE:ABT) by 76.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,557,426 shares of the healthcare product maker’s stock after purchasing an additional 1,969,723 shares during the quarter. Principal Financial Group Inc. owned approximately 0.26% of Abbott Laboratories worth $221,536,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp grew its stake in Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after purchasing an additional 12,806,535 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock valued at $1,500,920,000 after purchasing an additional 3,344,508 shares in the last quarter. Boston Partners grew its stake in Abbott Laboratories by 28.1% in the second quarter. Boston Partners now owns 10,516,502 shares of the healthcare product maker’s stock valued at $511,207,000 after purchasing an additional 2,304,467 shares in the last quarter. Independent Franchise Partners LLP grew its stake in Abbott Laboratories by 0.8% in the second quarter. Independent Franchise Partners LLP now owns 9,828,141 shares of the healthcare product maker’s stock valued at $477,745,000 after purchasing an additional 76,935 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Abbott Laboratories by 33.8% in the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock valued at $391,841,000 after purchasing an additional 2,231,316 shares in the last quarter. Hedge funds and other institutional investors own 70.64% of the company’s stock.
In other Abbott Laboratories news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $56.21, for a total value of $5,430,054.63. Following the transaction, the executive vice president now directly owns 142,082 shares in the company, valued at approximately $7,986,429.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jaime Contreras sold 52,700 shares of the stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $51.97, for a total value of $2,738,819.00. Following the completion of the transaction, the insider now owns 58,739 shares in the company, valued at $3,052,665.83. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 282,920 shares of company stock worth $15,389,766. 0.76% of the stock is owned by corporate insiders.
Shares of Abbott Laboratories (NYSE ABT) opened at $55.56 on Friday. The company has a market capitalization of $96,670.00, a P/E ratio of 22.83, a P/E/G ratio of 2.06 and a beta of 1.55. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $56.69. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.01. The business had revenue of $6.83 billion for the quarter, compared to analyst estimates of $6.72 billion. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. Abbott Laboratories’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.59 EPS. analysts anticipate that Abbott Laboratories will post 2.5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Friday, October 13th were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, October 12th. This represents a $1.06 dividend on an annualized basis and a yield of 1.91%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 87.60%.
Several analysts have recently issued reports on ABT shares. Royal Bank Of Canada reiterated a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a research note on Tuesday, October 3rd. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research note on Tuesday, October 31st. Bank of America Corporation reiterated a “buy” rating and set a $60.00 price target (up previously from $56.00) on shares of Abbott Laboratories in a research note on Wednesday, October 4th. Barclays PLC reiterated an “overweight” rating and set a $57.00 price target (up previously from $52.00) on shares of Abbott Laboratories in a research note on Saturday, July 22nd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $65.00 price target on shares of Abbott Laboratories in a research note on Thursday, October 19th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $56.81.
About Abbott Laboratories
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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