First Dallas Securities Inc. purchased a new stake in shares of Abbott Laboratories (NYSE:ABT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,050 shares of the healthcare product maker’s stock, valued at approximately $876,000.
Several other large investors also recently made changes to their positions in the company. Diversified Trust Co increased its holdings in shares of Abbott Laboratories by 23.2% in the third quarter. Diversified Trust Co now owns 33,441 shares of the healthcare product maker’s stock worth $3,639,000 after buying an additional 6,308 shares during the period. Bowling Portfolio Management LLC bought a new position in Abbott Laboratories during the 3rd quarter worth approximately $641,000. Somerset Trust Co grew its position in Abbott Laboratories by 1.9% during the 3rd quarter. Somerset Trust Co now owns 41,860 shares of the healthcare product maker’s stock worth $4,556,000 after acquiring an additional 766 shares during the last quarter. Fortem Financial Group LLC increased its stake in Abbott Laboratories by 43.6% in the 3rd quarter. Fortem Financial Group LLC now owns 9,644 shares of the healthcare product maker’s stock worth $1,050,000 after purchasing an additional 2,928 shares during the period. Finally, Measured Wealth Private Client Group LLC lifted its position in Abbott Laboratories by 43.9% in the third quarter. Measured Wealth Private Client Group LLC now owns 5,573 shares of the healthcare product maker’s stock valued at $607,000 after purchasing an additional 1,699 shares during the last quarter. 73.09% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Andrea F. Wainer sold 3,650 shares of Abbott Laboratories stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $102.47, for a total value of $374,015.50. Following the completion of the transaction, the executive vice president now owns 44,080 shares of the company’s stock, valued at approximately $4,516,877.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Andrea F. Wainer sold 30,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $107.01, for a total transaction of $3,210,300.00. Following the completion of the transaction, the executive vice president now owns 74,080 shares in the company, valued at approximately $7,927,300.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 114,771 shares of company stock worth $12,220,943. Insiders own 1.70% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 16th. The healthcare product maker reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.15. Abbott Laboratories had a net margin of 9.89% and a return on equity of 17.34%. The firm had revenue of $7.33 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the firm earned $0.82 EPS. The company’s revenue was down 8.2% compared to the same quarter last year. Equities research analysts expect that Abbott Laboratories will post 3.3 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be issued a dividend of $0.36 per share. The ex-dividend date is Wednesday, October 14th. This represents a $1.44 annualized dividend and a dividend yield of 1.31%. Abbott Laboratories’s payout ratio is 44.44%.
Several research analysts recently commented on ABT shares. Wells Fargo & Company lifted their target price on shares of Abbott Laboratories from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $116.00 price objective on the stock in a research report on Monday, October 12th. Bank of America increased their target price on shares of Abbott Laboratories from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Goldman Sachs Group set a $94.00 price target on Abbott Laboratories and gave the company a “sell” rating in a report on Wednesday, September 2nd. Finally, BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a report on Thursday, August 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $114.44.
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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