First Western Capital Management Co increased its position in Abbott Laboratories (NYSE:ABT) by 0.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,192 shares of the healthcare product maker’s stock after acquiring an additional 549 shares during the period. Abbott Laboratories comprises about 2.4% of First Western Capital Management Co’s investment portfolio, making the stock its 20th biggest holding. First Western Capital Management Co’s holdings in Abbott Laboratories were worth $3,995,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of ABT. State Street Corp grew its holdings in shares of Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after acquiring an additional 12,806,535 shares during the period. Boston Partners grew its holdings in shares of Abbott Laboratories by 5,663.7% in the first quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock worth $364,696,000 after acquiring an additional 8,069,557 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after acquiring an additional 3,344,508 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Abbott Laboratories by 33.8% in the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock worth $391,841,000 after acquiring an additional 2,231,316 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Abbott Laboratories by 45.3% in the first quarter. Swiss National Bank now owns 6,528,788 shares of the healthcare product maker’s stock worth $289,943,000 after acquiring an additional 2,035,170 shares during the period. 71.50% of the stock is owned by institutional investors.
Several equities analysts recently weighed in on the company. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Thursday. Royal Bank Of Canada reiterated a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Barclays PLC lifted their target price on Abbott Laboratories from $57.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 28th. BMO Capital Markets reiterated a “hold” rating and set a $53.00 target price on shares of Abbott Laboratories in a research report on Monday, October 2nd. Finally, J P Morgan Chase & Co assumed coverage on Abbott Laboratories in a research report on Friday, October 6th. They set a “neutral” rating and a $60.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Abbott Laboratories has an average rating of “Buy” and a consensus target price of $54.94.
In other news, insider Jaime Contreras sold 52,700 shares of the firm’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $51.97, for a total transaction of $2,738,819.00. Following the sale, the insider now directly owns 58,739 shares in the company, valued at approximately $3,052,665.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $52.95, for a total value of $3,307,257.00. Following the sale, the insider now owns 113,426 shares in the company, valued at $6,005,906.70. The disclosure for this sale can be found here. Insiders have sold a total of 333,310 shares of company stock worth $16,857,255 over the last 90 days. Insiders own 0.76% of the company’s stock.
Abbott Laboratories (ABT) opened at 54.71 on Friday. Abbott Laboratories has a 12 month low of $37.38 and a 12 month high of $55.43. The stock has a market capitalization of $95.06 billion, a P/E ratio of 76.62 and a beta of 1.06. The stock has a 50 day moving average price of $52.35 and a 200 day moving average price of $48.05.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. During the same period last year, the firm earned $0.55 EPS. The company’s quarterly revenue was up 24.5% on a year-over-year basis. Equities analysts predict that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
About Abbott Laboratories
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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