Puzo Michael J trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 0.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 96,297 shares of the healthcare product maker’s stock after selling 821 shares during the period. Abbott Laboratories makes up approximately 3.0% of Puzo Michael J’s holdings, making the stock its 14th largest holding. Puzo Michael J’s holdings in Abbott Laboratories were worth $8,099,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the business. Manchester Financial Inc. bought a new stake in shares of Abbott Laboratories in the 2nd quarter worth approximately $30,000. Front Row Advisors LLC boosted its position in shares of Abbott Laboratories by 790.9% in the 1st quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after purchasing an additional 348 shares in the last quarter. Weaver Consulting Group bought a new stake in shares of Abbott Laboratories in the 1st quarter worth approximately $33,000. Beacon Capital Management Inc. bought a new stake in shares of Abbott Laboratories in the 1st quarter worth approximately $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Abbott Laboratories in the 2nd quarter worth approximately $42,000. 73.46% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on the company. Jefferies Financial Group boosted their price target on Abbott Laboratories from $80.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Royal Bank of Canada boosted their price target on Abbott Laboratories to $82.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. William Blair reissued an “outperform” rating on shares of Abbott Laboratories in a research report on Thursday, April 18th. Bank of America reissued a “buy” rating and issued a $81.00 price target on shares of Abbott Laboratories in a research report on Thursday, June 13th. Finally, Raymond James boosted their price objective on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $85.82.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.02. The company had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.73 EPS. On average, research analysts expect that Abbott Laboratories will post 3.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $1.28 dividend on an annualized basis and a yield of 1.52%. Abbott Laboratories’s dividend payout ratio is presently 44.44%.
In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 10,600 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $82.00, for a total transaction of $869,200.00. Following the completion of the sale, the insider now directly owns 99,479 shares in the company, valued at approximately $8,157,278. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Brian J. Blaser sold 450,062 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the sale, the insider now owns 295,745 shares of the company’s stock, valued at $22,334,662.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 818,331 shares of company stock valued at $65,369,215. Company insiders own 0.70% of the company’s stock.
About Abbott Laboratories
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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