Strategic Financial Group LLC trimmed its position in Abbott Laboratories (NYSE:ABT) by 2.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 100,058 shares of the healthcare product maker’s stock after selling 2,393 shares during the quarter. Abbott Laboratories comprises approximately 2.4% of Strategic Financial Group LLC’s holdings, making the stock its 7th largest position. Strategic Financial Group LLC’s holdings in Abbott Laboratories were worth $8,415,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of ABT. Castle Rock Wealth Management LLC raised its position in shares of Abbott Laboratories by 2.4% in the 4th quarter. Castle Rock Wealth Management LLC now owns 14,275 shares of the healthcare product maker’s stock valued at $1,044,000 after acquiring an additional 334 shares during the period. Fairview Capital Investment Management LLC increased its stake in Abbott Laboratories by 2.5% during the 4th quarter. Fairview Capital Investment Management LLC now owns 6,168 shares of the healthcare product maker’s stock worth $446,000 after purchasing an additional 151 shares in the last quarter. SlateStone Wealth LLC bought a new stake in Abbott Laboratories during the 4th quarter worth approximately $671,000. Papp L Roy & Associates increased its stake in Abbott Laboratories by 8.1% during the 4th quarter. Papp L Roy & Associates now owns 9,825 shares of the healthcare product maker’s stock worth $711,000 after purchasing an additional 736 shares in the last quarter. Finally, Murphy Pohlad Asset Management LLC bought a new stake in Abbott Laboratories during the 4th quarter worth approximately $104,000. Institutional investors and hedge funds own 73.46% of the company’s stock.
In other news, insider Brian J. Blaser sold 450,062 shares of Abbott Laboratories stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the completion of the sale, the insider now owns 295,745 shares of the company’s stock, valued at $22,334,662.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sally E. Blount sold 2,500 shares of Abbott Laboratories stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $87.65, for a total value of $219,125.00. Following the sale, the director now directly owns 26,266 shares of the company’s stock, valued at approximately $2,302,214.90. The disclosure for this sale can be found here. Insiders have sold 818,331 shares of company stock valued at $65,369,215 in the last three months. Insiders own 0.70% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.02. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The business had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8 billion. During the same quarter last year, the firm posted $0.73 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, research analysts predict that Abbott Laboratories will post 3.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 44.44%.
A number of analysts recently issued reports on ABT shares. Morgan Stanley increased their target price on Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating and set a $84.00 target price for the company. in a research note on Friday, June 7th. Royal Bank of Canada increased their target price on Abbott Laboratories to $82.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. They noted that the move was a valuation call. Cowen increased their target price on Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Bank of America reissued a “buy” rating and set a $81.00 target price on shares of Abbott Laboratories in a research note on Thursday, June 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus price target of $85.82.
Abbott Laboratories 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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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