Tyers Asset Management LLC raised its stake in shares of Abbott Laboratories (NYSE:ABT) by 37.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 295,520 shares of the healthcare product maker’s stock after buying an additional 79,936 shares during the period. Tyers Asset Management LLC’s holdings in Abbott Laboratories were worth $13,124,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Macquarie Group Ltd. increased its position in shares of Abbott Laboratories by 11.5% in the fourth quarter. Macquarie Group Ltd. now owns 19,694,052 shares of the healthcare product maker’s stock valued at $756,449,000 after buying an additional 2,025,512 shares during the period. Norges Bank acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at $598,897,000. UBS Asset Management Americas Inc. increased its position in shares of Abbott Laboratories by 57.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 6,525,001 shares of the healthcare product maker’s stock valued at $250,625,000 after buying an additional 2,370,573 shares during the period. Westwood Holdings Group Inc. acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at $168,455,000. Finally, Credit Agricole S A increased its position in shares of Abbott Laboratories by 1.4% in the fourth quarter. Credit Agricole S A now owns 3,326,528 shares of the healthcare product maker’s stock valued at $127,772,000 after buying an additional 44,648 shares during the period. Institutional investors own 71.05% of the company’s stock.
Shares of Abbott Laboratories (NYSE:ABT) opened at 48.15 on Wednesday. Abbott Laboratories has a one year low of $37.38 and a one year high of $49.59. The firm has a market capitalization of $83.55 billion, a P/E ratio of 50.10 and a beta of 1.07. The company has a 50-day moving average price of $46.26 and a 200 day moving average price of $43.65.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, April 19th. The healthcare product maker reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.05. The business had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $6.16 billion. Abbott Laboratories had a net margin of 6.74% and a return on equity of 14.91%. Abbott Laboratories’s revenue for the quarter was up 29.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. Analysts expect that Abbott Laboratories will post $2.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a dividend of $0.265 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.20%. Abbott Laboratories’s dividend payout ratio is currently 110.42%.
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Several research analysts have weighed in on ABT shares. Cowen and Company reiterated an “outperform” rating and issued a $48.00 price target on shares of Abbott Laboratories in a report on Saturday, April 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $58.00 price target on shares of Abbott Laboratories in a report on Thursday, June 29th. TheStreet upgraded Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, May 31st. Finally, Stifel Nicolaus boosted their price target on Abbott Laboratories from $49.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, May 31st. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $51.57.
In other news, insider Stephen R. Fussell sold 196,550 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the transaction, the insider now owns 221,488 shares in the company, valued at approximately $10,188,448. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jared Watkin sold 552 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total transaction of $26,479.44. Following the transaction, the insider now owns 47,090 shares in the company, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders have sold a total of 206,902 shares of company stock worth $9,497,761 in the last 90 days. 0.76% of the stock is owned by insiders.
Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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