Pineno Levin & Ford Asset Management Inc. decreased its holdings in Abbott Laboratories (NYSE:ABT) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 86,518 shares of the healthcare product maker’s stock after selling 790 shares during the quarter. Abbott Laboratories makes up about 2.6% of Pineno Levin & Ford Asset Management Inc.’s investment portfolio, making the stock its 9th largest position. Pineno Levin & Ford Asset Management Inc.’s holdings in Abbott Laboratories were worth $6,347,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of ABT. Morgan Stanley raised its position in Abbott Laboratories by 33.1% in the 2nd quarter. Morgan Stanley now owns 21,218,276 shares of the healthcare product maker’s stock valued at $1,294,103,000 after purchasing an additional 5,274,307 shares during the last quarter. Charles Schwab Investment Advisory Inc. bought a new position in Abbott Laboratories in the 2nd quarter valued at $275,697,000. American Century Companies Inc. raised its position in Abbott Laboratories by 417.9% in the 2nd quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock valued at $340,697,000 after purchasing an additional 4,507,553 shares during the last quarter. BlackRock Inc. raised its position in Abbott Laboratories by 3.7% in the 2nd quarter. BlackRock Inc. now owns 116,149,740 shares of the healthcare product maker’s stock valued at $7,083,972,000 after purchasing an additional 4,153,157 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Abbott Laboratories by 12.0% in the 2nd quarter. Janus Henderson Group PLC now owns 13,708,172 shares of the healthcare product maker’s stock valued at $836,067,000 after purchasing an additional 1,468,430 shares during the last quarter. Hedge funds and other institutional investors own 72.30% of the company’s stock.
ABT stock opened at $72.79 on Friday. The firm has a market cap of $128.14 billion, a PE ratio of 25.96, a PEG ratio of 2.17 and a beta of 1.39. Abbott Laboratories has a twelve month low of $54.32 and a twelve month high of $74.15. The company has a quick ratio of 1.13, a current ratio of 1.42 and a debt-to-equity ratio of 0.62.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, October 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.54%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.
In related news, SVP Sharon J. Bracken sold 1,732 shares of Abbott Laboratories stock in a transaction on Friday, September 28th. The stock was sold at an average price of $73.35, for a total transaction of $127,042.20. Following the completion of the sale, the senior vice president now directly owns 39,229 shares of the company’s stock, valued at $2,877,447.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jared Watkin sold 65,000 shares of Abbott Laboratories stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $71.00, for a total value of $4,615,000.00. Following the sale, the insider now directly owns 128,640 shares of the company’s stock, valued at $9,133,440. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 203,297 shares of company stock valued at $14,018,743. 0.74% of the stock is owned by insiders.
Several equities analysts have issued reports on the company. Royal Bank of Canada reiterated a “buy” rating and issued a $70.00 price objective on shares of Abbott Laboratories in a research report on Thursday, July 19th. JPMorgan Chase & Co. lifted their price objective on Abbott Laboratories from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, October 8th. Stifel Nicolaus lifted their price objective on Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, July 19th. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Finally, Barclays started coverage on Abbott Laboratories in a research report on Monday, October 15th. They set an “overweight” rating and a $80.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus target price of $75.22.
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Abbott Laboratories Company Profile
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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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