Mitsubishi UFJ Trust & Banking Corp trimmed its holdings in Abbott Laboratories (NYSE:ABT) by 4.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,549,068 shares of the healthcare product maker’s stock after selling 75,272 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.09% of Abbott Laboratories worth $141,631,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hayek Kallen Investment Management raised its position in shares of Abbott Laboratories by 3.9% in the second quarter. Hayek Kallen Investment Management now owns 6,735 shares of the healthcare product maker’s stock valued at $616,000 after buying an additional 250 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Abbott Laboratories by 0.3% in the second quarter. PNC Financial Services Group Inc. now owns 4,743,386 shares of the healthcare product maker’s stock valued at $433,687,000 after acquiring an additional 12,475 shares during the last quarter. WFA of San Diego LLC bought a new position in Abbott Laboratories in the second quarter valued at approximately $1,088,000. Handelsbanken Fonder AB increased its stake in Abbott Laboratories by 32.9% in the second quarter. Handelsbanken Fonder AB now owns 1,467,408 shares of the healthcare product maker’s stock valued at $134,165,000 after acquiring an additional 362,969 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Abbott Laboratories by 3.7% in the second quarter. Nuveen Asset Management LLC now owns 10,100,593 shares of the healthcare product maker’s stock valued at $923,496,000 after acquiring an additional 359,477 shares during the last quarter. Institutional investors own 73.09% of the company’s stock.
A number of brokerages recently issued reports on ABT. Goldman Sachs Group set a $94.00 price objective on shares of Abbott Laboratories and gave the company a “sell” rating in a research note on Wednesday, September 2nd. Stifel Nicolaus lifted their price objective on shares of Abbott Laboratories from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Wolfe Research began coverage on shares of Abbott Laboratories in a research note on Friday, September 11th. They issued an “outperform” rating and a $124.00 price objective on the stock. Citigroup boosted their target price on shares of Abbott Laboratories from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Finally, SVB Leerink boosted their target price on shares of Abbott Laboratories from $97.00 to $110.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $111.19.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.15. The company had revenue of $7.33 billion for the quarter, compared to analyst estimates of $6.85 billion. Abbott Laboratories had a net margin of 9.89% and a return on equity of 17.34%. Abbott Laboratories’s revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.82 earnings per share. Analysts predict that Abbott Laboratories will post 3.27 EPS for the current fiscal year.
In related news, SVP Randel William Woodgrift sold 2,500 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $105.28, for a total value of $263,200.00. Following the transaction, the senior vice president now owns 46,267 shares in the company, valued at $4,870,989.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Michael J. Pederson sold 23,008 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $98.00, for a total transaction of $2,254,784.00. Following the completion of the transaction, the senior vice president now owns 96,899 shares in the company, valued at approximately $9,496,102. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,121 shares of company stock worth $8,636,628. 1.70% of the stock is owned by company insiders.
About Abbott Laboratories
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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