State Treasurer State of Michigan boosted its position in Abbott Laboratories (NYSE:ABT) by 2.4% during the second quarter, Holdings Channel reports. The firm owned 873,043 shares of the healthcare product maker’s stock after buying an additional 20,800 shares during the period. State Treasurer State of Michigan’s holdings in Abbott Laboratories were worth $42,439,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ABT. Sit Investment Associates Inc. boosted its stake in shares of Abbott Laboratories by 10.6% in the second quarter. Sit Investment Associates Inc. now owns 687,608 shares of the healthcare product maker’s stock worth $33,425,000 after buying an additional 65,878 shares during the period. Inspirion Wealth Advisors LLC boosted its stake in shares of Abbott Laboratories by 0.5% in the second quarter. Inspirion Wealth Advisors LLC now owns 215,708 shares of the healthcare product maker’s stock worth $10,486,000 after buying an additional 1,027 shares during the period. First National Bank of Omaha boosted its stake in shares of Abbott Laboratories by 0.3% in the second quarter. First National Bank of Omaha now owns 91,955 shares of the healthcare product maker’s stock worth $4,470,000 after buying an additional 291 shares during the period. Patten & Patten Inc. TN boosted its stake in shares of Abbott Laboratories by 3.4% in the second quarter. Patten & Patten Inc. TN now owns 18,447 shares of the healthcare product maker’s stock worth $897,000 after buying an additional 612 shares during the period. Finally, Maple Capital Management Inc. boosted its stake in shares of Abbott Laboratories by 15.5% in the second quarter. Maple Capital Management Inc. now owns 186,391 shares of the healthcare product maker’s stock worth $9,060,000 after buying an additional 24,945 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories (NYSE ABT) traded down 0.851% during trading on Thursday, reaching $48.355. 1,308,880 shares of the company’s stock traded hands. The company has a 50-day moving average price of $49.13 and a 200 day moving average price of $45.58. The firm has a market capitalization of $84.01 billion, a PE ratio of 67.724 and a beta of 1.07. Abbott Laboratories has a one year low of $37.38 and a one year high of $51.13.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. Abbott Laboratories’s revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 earnings per share. On average, analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.17%. 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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A number of analysts have recently issued reports on the stock. BidaskClub cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Sunday. Jefferies Group LLC reissued a “buy” rating and issued a $58.00 price objective on shares of Abbott Laboratories in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Barclays PLC reissued an “overweight” rating and issued a $57.00 price objective (up from $52.00) on shares of Abbott Laboratories in a research note on Saturday, July 22nd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $58.00 price objective on shares of Abbott Laboratories in a research note on Friday, July 21st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $51.93.

In other Abbott Laboratories news, insider Hubert L. Allen sold 4,600 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total transaction of $233,634.00. Following the completion of the transaction, the insider now owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the transaction, the insider now directly owns 221,488 shares of the company’s stock, valued at approximately $10,188,448. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,702 shares of company stock valued at $10,149,733. 0.76% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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