Hedeker Wealth LLC lessened its holdings in Abbott Laboratories (NYSE:ABT) by 34.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,562 shares of the healthcare product maker’s stock after selling 12,875 shares during the quarter. Hedeker Wealth LLC’s holdings in Abbott Laboratories were worth $1,091,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of ABT. Bank of The West boosted its position in Abbott Laboratories by 6.2% during the second quarter. Bank of The West now owns 54,311 shares of the healthcare product maker’s stock worth $3,313,000 after purchasing an additional 3,151 shares during the period. Hermes Investment Management Ltd. raised its stake in Abbott Laboratories by 8.7% in the second quarter. Hermes Investment Management Ltd. now owns 1,282,189 shares of the healthcare product maker’s stock valued at $78,201,000 after purchasing an additional 102,788 shares in the last quarter. Douglass Winthrop Advisors LLC raised its stake in Abbott Laboratories by 37.5% in the second quarter. Douglass Winthrop Advisors LLC now owns 60,530 shares of the healthcare product maker’s stock valued at $3,692,000 after purchasing an additional 16,524 shares in the last quarter. Cape ANN Savings Bank acquired a new position in Abbott Laboratories in the second quarter valued at about $733,000. Finally, Acadian Asset Management LLC raised its stake in Abbott Laboratories by 166.4% in the second quarter. Acadian Asset Management LLC now owns 17,939 shares of the healthcare product maker’s stock valued at $1,095,000 after purchasing an additional 11,206 shares in the last quarter. 71.84% of the stock is currently owned by institutional investors.
Shares of Abbott Laboratories opened at $64.03 on Friday, Marketbeat reports. The company has a current ratio of 1.58, a quick ratio of 1.16 and a debt-to-equity ratio of 0.64. Abbott Laboratories has a twelve month low of $48.06 and a twelve month high of $65.90. The company has a market cap of $113.40 billion, a PE ratio of 23.76, a PEG ratio of 1.81 and a beta of 1.53.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, July 12th. This represents a $1.12 dividend on an annualized basis and a yield of 1.75%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.
A number of research analysts recently commented on the company. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Royal Bank of Canada restated a “buy” rating and set a $70.00 price target on shares of Abbott Laboratories in a report on Thursday, July 19th. Stifel Nicolaus boosted their price target on Abbott Laboratories from $71.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, July 19th. Sanford C. Bernstein started coverage on Abbott Laboratories in a report on Wednesday, June 27th. They issued an “outperform” rating and a $73.00 target price on the stock. Finally, Citigroup reduced their target price on Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, April 24th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $69.88.
In other Abbott Laboratories news, insider Sharon J. Bracken sold 615 shares of the company’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $65.16, for a total value of $40,073.40. Following the completion of the transaction, the insider now owns 40,761 shares in the company, valued at approximately $2,655,986.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian J. Blaser sold 15,100 shares of the stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $63.96, for a total value of $965,796.00. Following the transaction, the executive vice president now owns 151,718 shares of the company’s stock, valued at approximately $9,703,883.28. The disclosure for this sale can be found here. Insiders sold a total of 20,024 shares of company stock valued at $1,272,440 in the last 90 days. Corporate insiders own 0.74% of the company’s stock.
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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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