Tolleson Wealth Management Inc. purchased a new position in Abbott Laboratories (NYSE:ABT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,399 shares of the healthcare product maker’s stock, valued at approximately $202,000.
Several other institutional investors have also recently made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in Abbott Laboratories in the second quarter valued at approximately $30,000. Front Row Advisors LLC lifted its position in Abbott Laboratories by 790.9% during the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after purchasing an additional 348 shares during the last quarter. Weaver Consulting Group bought a new stake in Abbott Laboratories during the first quarter valued at approximately $33,000. Redhawk Wealth Advisors Inc. purchased a new position in Abbott Laboratories in the 2nd quarter worth approximately $33,000. Finally, Pearl River Capital LLC purchased a new position in Abbott Laboratories in the 2nd quarter worth approximately $41,000. 73.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ABT stock traded up $1.29 during trading hours on Wednesday, hitting $84.50. 3,703,561 shares of the company’s stock were exchanged, compared to its average volume of 4,080,020. The company has a market capitalization of $148.85 billion, a PE ratio of 29.34, a PEG ratio of 2.37 and a beta of 1.14. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. Abbott Laboratories has a 12-month low of $65.44 and a 12-month high of $88.76. The business’s 50 day simple moving average is $85.41 and its 200-day simple moving average is $81.03.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The company had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.73 EPS. Equities analysts anticipate that Abbott Laboratories will post 3.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a dividend of $0.32 per share. The ex-dividend date was Friday, July 12th. This represents a $1.28 annualized dividend and a yield of 1.51%. Abbott Laboratories’s payout ratio is 44.44%.
A number of equities analysts have recently commented on the stock. Bank of America reissued a “buy” rating and issued a $81.00 price target on shares of Abbott Laboratories in a report on Thursday, June 13th. Morgan Stanley lifted their price objective on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Cowen upped their target price on shares of Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. BMO Capital Markets upped their target price on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Finally, Wells Fargo & Co increased their target price on Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $86.38.
In other news, insider Daniel Gesua Sive Salvadori sold 10,600 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $82.00, for a total value of $869,200.00. Following the completion of the sale, the insider now owns 99,479 shares of the company’s stock, valued at approximately $8,157,278. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Sally E. Blount sold 2,500 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total value of $219,125.00. Following the sale, the director now owns 26,266 shares of the company’s stock, valued at $2,302,214.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 474,997 shares of company stock valued at $40,546,510. Company insiders own 0.70% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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