Alberta Investment Management Corp increased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 339.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,800 shares of the healthcare product maker’s stock after acquiring an additional 34,600 shares during the period. Alberta Investment Management Corp’s holdings in Abbott Laboratories were worth $3,535,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. grew its position in Abbott Laboratories by 57.0% during the 1st quarter. Benjamin Edwards Inc. now owns 314 shares of the healthcare product maker’s stock worth $25,000 after acquiring an additional 114 shares during the last quarter. Larson Financial Group LLC grew its position in Abbott Laboratories by 374.3% during the 1st quarter. Larson Financial Group LLC now owns 351 shares of the healthcare product maker’s stock worth $28,000 after acquiring an additional 277 shares during the last quarter. Lion Street Advisors LLC bought a new stake in Abbott Laboratories during the 1st quarter worth approximately $31,000. Howard Wealth Management LLC bought a new stake in Abbott Laboratories during the 4th quarter worth approximately $32,000. Finally, AlphaCore Capital LLC bought a new stake in Abbott Laboratories during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 74.89% of the company’s stock.
Several research analysts have issued reports on the company. Citigroup upped their price objective on Abbott Laboratories from $87.00 to $109.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Zacks Investment Research downgraded Abbott Laboratories from a “hold” rating to a “sell” rating and set a $98.00 price objective on the stock. in a report on Wednesday, April 15th. Barclays upped their price objective on Abbott Laboratories from $92.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Morgan Stanley reduced their price objective on Abbott Laboratories from $101.00 to $96.00 and set an “overweight” rating on the stock in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. upped their price objective on Abbott Laboratories from $88.00 to $98.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $99.47.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Thursday, April 16th. The healthcare product maker reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.07. The business had revenue of $7.73 billion for the quarter, compared to the consensus estimate of $7.47 billion. Abbott Laboratories had a return on equity of 18.61% and a net margin of 11.15%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. Research analysts anticipate that Abbott Laboratories will post 2.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 8th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.35%. Abbott Laboratories’s payout ratio is presently 44.44%.
In related news, VP Philip P. Boudreau sold 10,600 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $82.00, for a total transaction of $869,200.00. Following the sale, the vice president now owns 22,463 shares of the company’s stock, valued at approximately $1,841,966. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Christopher J. Scoggins sold 414 shares of the firm’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $96.10, for a total value of $39,785.40. Following the sale, the senior vice president now directly owns 39,706 shares in the company, valued at approximately $3,815,746.60. The disclosure for this sale can be found here. Insiders have sold a total of 166,186 shares of company stock worth $15,359,524 in the last ninety days. 1.70% of the stock is currently owned by company insiders.
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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