Carret Asset Management LLC raised its position in shares of Abbott Laboratories (NYSE:ABT) by 0.6% during the first quarter, Holdings Channel reports. The firm owned 61,775 shares of the healthcare product maker’s stock after buying an additional 386 shares during the period. Carret Asset Management LLC’s holdings in Abbott Laboratories were worth $2,743,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ABT. Cypress Capital Management LLC WY increased 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 during the last quarter. Feltz Wealth PLAN Inc. purchased a new stake in Abbott Laboratories during the first quarter worth $112,000. First Command Financial Services Inc. increased 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 during the last quarter. Atwood & Palmer Inc. increased 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 during the last quarter. Finally, Independent Portfolio Consultants Inc. increased its stake in Abbott Laboratories by 9.3% in the first quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after buying an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 71.02% of the company’s stock.
Abbott Laboratories (NYSE:ABT) opened at 49.26 on Friday. The stock’s 50 day moving average price is $48.97 and its 200-day moving average price is $45.28. Abbott Laboratories has a one year low of $37.38 and a one year high of $51.13. The company has a market capitalization of $85.48 billion, a P/E ratio of 68.99 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The business’s quarterly revenue was up 24.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 EPS. Equities analysts forecast that Abbott Laboratories will post $2.49 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a $0.265 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.15%. Abbott Laboratories’s payout ratio is 149.30%.
ABT has been the topic of a number of analyst reports. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, May 16th. TheStreet cut Abbott Laboratories from a “b” rating to a “c+” rating in a research note on Thursday, May 18th. Barclays PLC lifted their price target on Abbott Laboratories from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $42.00 price target on shares of Abbott Laboratories in a research note on Wednesday, April 19th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Abbott Laboratories in a research note on Saturday, April 22nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $51.93.
In other Abbott Laboratories news, insider Brian J. Blaser sold 15,000 shares of Abbott Laboratories stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $50.00, for a total transaction of $750,000.00. Following the completion of the sale, the insider now owns 143,154 shares of the company’s stock, valued at approximately $7,157,700. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen R. Fussell sold 196,550 shares of Abbott Laboratories stock in a transaction dated 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 sale, 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. Insiders sold a total of 218,702 shares of company stock valued at $10,149,733 in the last three months. 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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