Abbott Laboratories (NYSE:ABT) announced a quarterly dividend on Friday, September 15th, Wall Street Journal reports. Investors of record on Friday, October 13th will be paid a dividend of 0.265 per share by the healthcare product maker on Wednesday, November 15th. This represents a $1.06 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, October 12th.
Abbott Laboratories has raised its dividend payment by an average of 22.9% annually over the last three years and has increased its dividend annually for the last 44 consecutive years. Abbott Laboratories has a payout ratio of 42.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Abbott Laboratories to earn $2.81 per share next year, which means the company should continue to be able to cover its $1.06 annual dividend with an expected future payout ratio of 37.7%.
Shares of Abbott Laboratories (NYSE ABT) opened at 55.40 on Wednesday. The stock has a market cap of $96.25 billion, a PE ratio of 77.59 and a beta of 1.06. The company’s 50-day moving average is $52.07 and its 200 day moving average is $47.95. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $55.43.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 4.96% and a return on equity of 14.43%. The firm’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 earnings per share. Analysts forecast that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
In related news, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $52.95, for a total value of $3,307,257.00. Following the completion of the sale, the insider now directly owns 113,426 shares in the company, valued at $6,005,906.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jaime Contreras sold 52,700 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $51.97, for a total transaction of $2,738,819.00. Following the completion of the sale, the insider now owns 58,739 shares of the company’s stock, valued at $3,052,665.83. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 333,310 shares of company stock valued at $16,857,255. 0.76% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Abbott Laboratories by 2.6% in the second quarter. Vanguard Group Inc. now owns 129,786,955 shares of the healthcare product maker’s stock valued at $6,308,944,000 after purchasing an additional 3,241,063 shares during the period. Capital Research Global Investors grew its holdings in Abbott Laboratories by 45.7% in the second quarter. Capital Research Global Investors now owns 47,589,663 shares of the healthcare product maker’s stock valued at $2,313,334,000 after purchasing an additional 14,918,038 shares during the period. Northern Trust Corp grew its holdings in Abbott Laboratories by 3.1% in the second quarter. Northern Trust Corp now owns 26,865,706 shares of the healthcare product maker’s stock valued at $1,305,942,000 after purchasing an additional 809,732 shares during the period. Dimensional Fund Advisors LP grew its holdings in Abbott Laboratories by 28.6% in the second quarter. Dimensional Fund Advisors LP now owns 11,722,088 shares of the healthcare product maker’s stock valued at $569,830,000 after purchasing an additional 2,606,404 shares during the period. Finally, FIL Ltd grew its holdings in Abbott Laboratories by 11.1% in the second quarter. FIL Ltd now owns 10,189,243 shares of the healthcare product maker’s stock valued at $495,299,000 after purchasing an additional 1,021,064 shares during the period. Hedge funds and other institutional investors own 71.50% of the company’s stock.
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ABT has been the subject of a number of research reports. BidaskClub upgraded shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Jefferies Group LLC restated a “buy” rating and set a $58.00 target price on shares of Abbott Laboratories in a research report on Thursday, June 29th. TheStreet upgraded shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Wells Fargo & Company restated an “outperform” rating and set a $54.00 target price (up previously from $47.50) on shares of Abbott Laboratories in a research report on Friday, June 30th. Finally, Cowen and Company restated an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Abbott Laboratories in a research report on Friday, July 14th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $54.94.
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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