Pzena Investment Management LLC cut its position in Abbott Laboratories (NYSE:ABT) by 42.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,922,096 shares of the healthcare product maker’s stock after selling 2,127,592 shares during the period. Pzena Investment Management LLC owned approximately 0.17% of Abbott Laboratories worth $129,770,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after buying an additional 3,344,508 shares during the period. Ameriprise Financial Inc. raised its stake in Abbott Laboratories by 33.8% in the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock worth $391,841,000 after buying an additional 2,231,316 shares during the period. Boston Partners raised its stake in Abbott Laboratories by 5,663.7% in the first quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock worth $364,696,000 after buying an additional 8,069,557 shares during the period. UBS Asset Management Americas Inc. raised its stake in Abbott Laboratories by 13.5% in the first quarter. UBS Asset Management Americas Inc. now owns 7,406,236 shares of the healthcare product maker’s stock worth $328,911,000 after buying an additional 881,235 shares during the period. Finally, Swiss National Bank raised its stake in Abbott Laboratories by 45.3% in the first quarter. Swiss National Bank now owns 6,528,788 shares of the healthcare product maker’s stock worth $289,943,000 after buying an additional 2,035,170 shares during the period. 70.86% of the stock is owned by institutional investors and hedge funds.
Shares of Abbott Laboratories (ABT) traded down 0.06% on Friday, reaching $49.35. The company had a trading volume of 4,852,442 shares. The company’s 50-day moving average price is $49.25 and its 200-day moving average price is $46.20. The firm has a market capitalization of $85.74 billion, a price-to-earnings ratio of 69.12 and a beta of 1.07. Abbott Laboratories has a 52-week low of $37.38 and a 52-week high of $51.13.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company 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 firm’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 earnings per share. On average, analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend was Wednesday, July 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
ABT has been the subject of a number of research analyst reports. Jefferies Group LLC reissued a “buy” rating and issued a $58.00 price target on shares of Abbott Laboratories in a research report on Thursday, August 3rd. Cowen and Company reaffirmed a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research report on Thursday, August 17th. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, May 31st. Finally, Stifel Nicolaus raised their price objective on shares of Abbott Laboratories from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, May 31st. Seven research 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 an average price target of $52.14.
In related news, insider Stephen R. Fussell sold 196,550 shares of the business’s 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 completion of the transaction, the insider now directly owns 221,488 shares in the company, valued at $10,188,448. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $47.97, for a total value of $26,479.44. Following the transaction, 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. Over the last quarter, insiders sold 415,252 shares of company stock valued at $19,878,958. 0.76% of the stock is owned by company 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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