Bowen Hanes & Co. Inc. Buys New Stake in Abbott Laboratories (ABT)

Bowen Hanes & Co. Inc. bought a new position in shares of Abbott Laboratories (NYSE:ABT) during the third quarter, Holdings Channel reports. The institutional investor bought 2,805 shares of the healthcare product maker’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Schulhoff & Co. Inc. increased its stake in Abbott Laboratories by 2.6% during the third quarter. Schulhoff & Co. Inc. now owns 27,799 shares of the healthcare product maker’s stock valued at $2,039,000 after purchasing an additional 715 shares during the last quarter. Cadence Bank NA increased its stake in Abbott Laboratories by 1.7% during the third quarter. Cadence Bank NA now owns 44,526 shares of the healthcare product maker’s stock valued at $3,267,000 after purchasing an additional 735 shares during the last quarter. Grassi Investment Management increased its stake in Abbott Laboratories by 0.6% during the third quarter. Grassi Investment Management now owns 123,859 shares of the healthcare product maker’s stock valued at $9,086,000 after purchasing an additional 776 shares during the last quarter. City Holding Co. increased its stake in Abbott Laboratories by 1.6% during the second quarter. City Holding Co. now owns 50,654 shares of the healthcare product maker’s stock valued at $3,089,000 after purchasing an additional 782 shares during the last quarter. Finally, Burns J W & Co. Inc. NY increased its stake in Abbott Laboratories by 3.2% during the third quarter. Burns J W & Co. Inc. NY now owns 25,006 shares of the healthcare product maker’s stock valued at $1,834,000 after purchasing an additional 785 shares during the last quarter. 72.39% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on ABT shares. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a research note on Tuesday, September 18th. Barclays started coverage on shares of Abbott Laboratories in a research note on Monday, October 15th. They set an “overweight” rating and a $80.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Abbott Laboratories from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, October 8th. Royal Bank of Canada boosted their target price on shares of Abbott Laboratories to $77.00 and gave the company an “outperform” rating in a research note on Thursday, October 11th. Finally, Raymond James boosted their target price on shares of Abbott Laboratories from $77.00 to $79.00 and gave the company an “outperform” rating in a research note on Thursday, October 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $75.22.

In related news, insider Jared Watkin sold 65,000 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $71.00, for a total value of $4,615,000.00. Following the completion of the sale, the insider now owns 128,640 shares of the company’s stock, valued at $9,133,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew H. Lane sold 9,097 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $67.11, for a total transaction of $610,499.67. Following the completion of the sale, the insider now directly owns 35,576 shares of the company’s stock, valued at approximately $2,387,505.36. The disclosure for this sale can be found here. Insiders have sold 203,297 shares of company stock valued at $14,018,743 in the last 90 days. Insiders own 0.74% of the company’s stock.

Abbott Laboratories stock opened at $68.53 on Friday. The stock has a market cap of $120.36 billion, a PE ratio of 27.41, a PEG ratio of 2.04 and a beta of 1.39. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.42 and a quick ratio of 1.13. Abbott Laboratories has a one year low of $54.32 and a one year high of $74.15.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 EPS for the quarter, hitting the consensus estimate of $0.75. The business had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.65 billion. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 earnings per share. Equities research analysts predict that Abbott Laboratories will post 2.89 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Monday, October 15th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $1.12 annualized dividend and a dividend yield of 1.63%. Abbott Laboratories’s dividend payout ratio is currently 44.80%.

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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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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