Whittier Trust Co. Raises Stake in Abbott Laboratories (NYSE:ABT)
Whittier Trust Co. boosted its position in Abbott Laboratories (NYSE:ABT) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 405,741 shares of the healthcare product maker’s stock after buying an additional 4,693 shares during the period. Whittier Trust Co.’s holdings in Abbott Laboratories were worth $19,723,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Cypress Capital Management LLC WY increased its position in shares of Abbott Laboratories by 37.9% in the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock valued at $112,000 after buying an additional 696 shares during the period. Feltz Wealth PLAN Inc. bought a new position in shares of Abbott Laboratories during the first quarter valued at approximately $112,000. First Command Financial Services Inc. increased its position in shares of Abbott Laboratories by 10.2% in the first quarter. First Command Financial Services Inc. now owns 2,787 shares of the healthcare product maker’s stock valued at $124,000 after buying an additional 257 shares during the period. V Wealth Management LLC bought a new position in shares of Abbott Laboratories during the second quarter valued at approximately $127,000. Finally, Atwood & Palmer Inc. increased its position in shares of Abbott Laboratories by 157.5% in the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock valued at $145,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 70.86% of the company’s stock.
Shares of Abbott Laboratories (ABT) traded up 0.84% on Monday, reaching $48.95. The company had a trading volume of 1,158,117 shares. Abbott Laboratories has a 52-week low of $37.38 and a 52-week high of $51.13. The firm has a market capitalization of $85.05 billion, a price-to-earnings ratio of 68.56 and a beta of 1.07. The company’s 50-day moving average price is $49.09 and its 200-day moving average price is $45.65.
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 Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm’s quarterly revenue was up 24.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 EPS. On average, analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $0.265 dividend. The ex-dividend date is Wednesday, July 12th. This represents a $1.06 annualized dividend and a yield of 2.18%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
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ABT has been the topic of several analyst reports. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Tuesday, May 16th. TheStreet downgraded Abbott Laboratories from a “b” rating to a “c+” rating in a report on Thursday, May 18th. Barclays PLC increased their price target on Abbott Laboratories from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, April 20th. Morgan Stanley reiterated an “equal weight” rating and set a $42.00 price target on shares of Abbott Laboratories in a report on Wednesday, April 19th. Finally, Cowen and Company reissued an “outperform” rating and issued a $48.00 price objective on shares of Abbott Laboratories in a research report on Saturday, April 22nd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus price target of $52.08.
In related news, insider Stephen R. Fussell sold 196,550 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total value of $9,041,300.00. Following the completion of the sale, the insider now directly owns 221,488 shares in the company, valued at approximately $10,188,448. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jared Watkin sold 552 shares of the business’s 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 owns 47,090 shares of the company’s stock, valued at $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 218,702 shares of company stock valued at $10,149,733 over the last 90 days. 0.76% of the stock is currently owned by corporate insiders.
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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