Webster Bank N. A. lowered its stake in shares of Abbott Laboratories (NYSE:ABT – Get Rating) by 3.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,098 shares of the healthcare product maker’s stock after selling 375 shares during the quarter. Webster Bank N. A.’s holdings in Abbott Laboratories were worth $1,196,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Abbott Laboratories in the 4th quarter worth about $30,000. Delos Wealth Advisors LLC raised its holdings in shares of Abbott Laboratories by 100.9% during the fourth quarter. Delos Wealth Advisors LLC now owns 231 shares of the healthcare product maker’s stock valued at $33,000 after buying an additional 116 shares during the last quarter. Retirement Group LLC boosted its position in shares of Abbott Laboratories by 1,125.0% during the fourth quarter. Retirement Group LLC now owns 245 shares of the healthcare product maker’s stock worth $34,000 after buying an additional 225 shares during the period. Joseph Group Capital Management bought a new position in Abbott Laboratories in the 4th quarter worth approximately $1,566,000. Finally, Lumature Wealth Partners LLC increased its position in Abbott Laboratories by 65.4% in the 4th quarter. Lumature Wealth Partners LLC now owns 301 shares of the healthcare product maker’s stock valued at $42,000 after acquiring an additional 119 shares during the period. 73.46% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the company. Royal Bank of Canada lowered their price target on Abbott Laboratories from $146.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday, April 21st. StockNews.com assumed coverage on shares of Abbott Laboratories in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. Wells Fargo & Company reduced their price target on shares of Abbott Laboratories from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, April 8th. Raymond James lowered their price objective on shares of Abbott Laboratories from $143.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, April 21st. Finally, Morgan Stanley cut their target price on Abbott Laboratories from $151.00 to $145.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.25.
Abbott Laboratories (NYSE:ABT – Get Rating) last announced its earnings results on Wednesday, April 20th. The healthcare product maker reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.26. Abbott Laboratories had a return on equity of 28.72% and a net margin of 17.35%. The company had revenue of $11.90 billion for the quarter, compared to analyst estimates of $11 billion. During the same period in the previous year, the firm earned $1.32 earnings per share. Abbott Laboratories’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, research analysts forecast that Abbott Laboratories will post 4.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, July 15th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Thursday, July 14th. Abbott Laboratories’s payout ratio is 43.62%.
In other Abbott Laboratories news, SVP Randel William Woodgrift sold 24,000 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $113.00, for a total transaction of $2,712,000.00. Following the completion of the sale, the senior vice president now directly owns 47,854 shares in the company, valued at approximately $5,407,502. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Starks sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $113.22, for a total value of $5,661,000.00. Following the completion of the transaction, the director now owns 6,973,500 shares in the company, valued at approximately $789,539,670. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
Abbott Laboratories Profile (Get Rating)
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.
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