Reynders McVeigh Capital Management LLC cut its position in shares of Abbott Laboratories (NYSE:ABT) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 305,651 shares of the healthcare product maker’s stock after selling 5,903 shares during the quarter. Abbott Laboratories accounts for 2.8% of Reynders McVeigh Capital Management LLC’s portfolio, making the stock its 11th biggest holding. Reynders McVeigh Capital Management LLC’s holdings in Abbott Laboratories were worth $25,705,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in ABT. Manchester Financial Inc. acquired a new stake in Abbott Laboratories during the second quarter worth about $30,000. Front Row Advisors LLC grew its position in Abbott Laboratories by 790.9% during the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after buying an additional 348 shares in the last quarter. Weaver Consulting Group acquired a new stake in Abbott Laboratories during the first quarter worth about $33,000. Beacon Capital Management Inc. acquired a new stake in Abbott Laboratories during the first quarter worth about $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Abbott Laboratories during the second quarter valued at approximately $42,000. 73.33% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 price objective on the stock. in a report on Wednesday. Wells Fargo & Co lifted their price objective on Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Jefferies Financial Group lifted their price objective on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Bank of America reaffirmed a “buy” rating and set a $81.00 price objective on shares of Abbott Laboratories in a report on Thursday, June 13th. Finally, Morgan Stanley lifted their price objective on Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $86.38.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, topping the consensus estimate of $0.80 by $0.02. The business had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. Abbott Laboratories’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. On average, equities analysts forecast that Abbott Laboratories will post 3.24 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Friday, July 12th. Abbott Laboratories’s payout ratio is currently 44.44%.
In other news, EVP Daniel Gesua Sive Salvadori sold 7,269 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $82.00, for a total value of $596,058.00. Following the transaction, the executive vice president now directly owns 99,479 shares of the company’s stock, valued at approximately $8,157,278. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hubert L. Allen sold 165,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $85.00, for a total value of $14,025,000.00. Following the completion of the transaction, the insider now directly owns 311,010 shares in the company, valued at $26,435,850. The disclosure for this sale can be found here. Insiders sold a total of 435,040 shares of company stock worth $37,121,747 over the last three months. 0.70% of the stock is owned by company insiders.
Abbott Laboratories 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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