Ropes Wealth Advisors LLC raised its position in Abbott Laboratories (NYSE:ABT) by 22.3% during the first quarter, Holdings Channel reports. The institutional investor owned 32,020 shares of the healthcare product maker’s stock after buying an additional 5,834 shares during the period. Ropes Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $1,422,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Cypress Capital Management LLC WY raised its stake in 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 worth $112,000 after buying an additional 696 shares in the last quarter. Feltz Wealth PLAN Inc. acquired a new stake in Abbott Laboratories during the first quarter worth approximately $112,000. Advantage Investment Management LLC acquired a new stake in Abbott Laboratories during the fourth quarter worth approximately $120,000. First Command Financial Services Inc. raised its stake in 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 worth $124,000 after buying an additional 257 shares in the last quarter. Finally, Atwood & Palmer Inc. raised its stake in Abbott Laboratories by 157.5% in the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after buying an additional 2,000 shares in the last quarter. 71.02% of the stock is currently owned by institutional investors.
Abbott Laboratories (ABT) opened at 49.61 on Monday. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $51.13. The company has a market capitalization of $86.09 billion, a P/E ratio of 69.48 and a beta of 1.06. The firm has a 50-day moving average price of $48.86 and a 200-day moving average price of $45.10.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The firm 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 15.53% and a net margin of 4.96%. The company’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 earnings per share. On average, analysts forecast that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.14%. 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 equities research analysts have recently commented on ABT shares. TheStreet raised Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Jefferies Group LLC dropped their price target on Abbott Laboratories from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, April 18th. Stifel Nicolaus reaffirmed a “buy” rating and set a $49.00 price target on shares of Abbott Laboratories in a research report on Tuesday, April 18th. Cowen and Company reaffirmed a “buy” rating and set a $48.00 price target on shares of Abbott Laboratories in a research report on Thursday, April 13th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Abbott Laboratories in a research report on Monday, May 15th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $51.93.
In other news, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $10,188,448. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jared Watkin sold 552 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was 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 directly owns 47,090 shares of the company’s stock, valued at $2,258,907.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 216,702 shares of company stock valued at $10,051,413. Company insiders own 0.76% of the company’s stock.
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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