VeraBank N.A. lessened its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 19,035 shares of the healthcare product maker’s stock after selling 191 shares during the period. Abbott Laboratories accounts for about 1.4% of VeraBank N.A.’s portfolio, making the stock its 21st largest position. VeraBank N.A.’s holdings in Abbott Laboratories were worth $1,592,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ABT. Nuveen Asset Management LLC boosted its holdings in Abbott Laboratories by 7,888.6% in the second quarter. Nuveen Asset Management LLC now owns 12,377,944 shares of the healthcare product maker’s stock valued at $1,040,985,000 after acquiring an additional 12,222,999 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Abbott Laboratories by 1.5% in the second quarter. Vanguard Group Inc. now owns 148,332,948 shares of the healthcare product maker’s stock valued at $12,474,801,000 after acquiring an additional 2,262,152 shares during the last quarter. BlackRock Inc. boosted its holdings in Abbott Laboratories by 1.8% in the second quarter. BlackRock Inc. now owns 126,525,967 shares of the healthcare product maker’s stock valued at $10,640,833,000 after acquiring an additional 2,199,601 shares during the last quarter. Marshall Wace North America L.P. bought a new position in Abbott Laboratories in the second quarter valued at about $158,475,000. Finally, Thoroughbred Financial Services LLC boosted its holdings in Abbott Laboratories by 8,669.5% in the second quarter. Thoroughbred Financial Services LLC now owns 1,401,282 shares of the healthcare product maker’s stock valued at $140,128,000 after acquiring an additional 1,385,303 shares during the last quarter. Institutional investors own 73.71% of the company’s stock.
Several equities analysts recently issued reports on the company. Cowen raised their price target on Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Raymond James raised their price target on Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. BMO Capital Markets raised their price target on Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Jefferies Financial Group raised their price target on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Finally, Bank of America reiterated a “buy” rating and issued a $81.00 price target on shares of Abbott Laboratories in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $86.74.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8 billion. During the same quarter last year, the business earned $0.73 earnings per share. The company’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts anticipate that Abbott Laboratories will post 3.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Friday, October 11th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 44.44%.
In other news, SVP Michael J. Pederson sold 23,008 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $86.39, for a total transaction of $1,987,661.12. Following the sale, the senior vice president now owns 104,228 shares of the company’s stock, valued at $9,004,256.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Joseph J. Manning sold 47,226 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $85.14, for a total value of $4,020,821.64. Following the sale, the senior vice president now directly owns 97,755 shares in the company, valued at approximately $8,322,860.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 181,497 shares of company stock worth $15,701,810. Company insiders own 0.70% of the company’s stock.
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 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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