Municipal Employees Retirement System of Michigan purchased a new stake in Abbott Laboratories (NYSE:ABT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 92,848 shares of the healthcare product maker’s stock, valued at approximately $6,715,000.
A number of other hedge funds have also modified their holdings of the business. Delta Asset Management LLC TN increased its stake in shares of Abbott Laboratories by 1.3% during the 4th quarter. Delta Asset Management LLC TN now owns 11,614 shares of the healthcare product maker’s stock worth $840,000 after purchasing an additional 150 shares during the last quarter. Annex Advisory Services LLC grew its stake in Abbott Laboratories by 1.0% in the 4th quarter. Annex Advisory Services LLC now owns 15,089 shares of the healthcare product maker’s stock valued at $1,091,000 after buying an additional 150 shares during the last quarter. Fairview Capital Investment Management LLC grew its stake in Abbott Laboratories by 2.5% in the 4th quarter. Fairview Capital Investment Management LLC now owns 6,168 shares of the healthcare product maker’s stock valued at $446,000 after buying an additional 151 shares during the last quarter. Tuttle Tactical Management grew its stake in Abbott Laboratories by 1.5% in the 4th quarter. Tuttle Tactical Management now owns 10,353 shares of the healthcare product maker’s stock valued at $749,000 after buying an additional 153 shares during the last quarter. Finally, NewSquare Capital LLC grew its stake in Abbott Laboratories by 14.2% in the 4th quarter. NewSquare Capital LLC now owns 1,290 shares of the healthcare product maker’s stock valued at $93,000 after buying an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.
Shares of NYSE:ABT opened at $73.92 on Friday. The company has a market capitalization of $129.84 billion, a P/E ratio of 25.32, a P/E/G ratio of 1.96 and a beta of 1.13. The company has a quick ratio of 1.20, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. Abbott Laboratories has a one year low of $56.81 and a one year high of $80.74.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $7.54 billion during the quarter, compared to the consensus estimate of $7.49 billion. Abbott Laboratories had a net margin of 8.53% and a return on equity of 16.91%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 EPS. On average, research analysts forecast that Abbott Laboratories will post 3.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.73%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s payout ratio is 44.44%.
In other Abbott Laboratories news, insider Jaime Contreras sold 177,457 shares of the company’s stock in a transaction that occurred on Wednesday, January 30th. The shares were sold at an average price of $70.00, for a total value of $12,421,990.00. Following the completion of the transaction, the insider now directly owns 100,985 shares in the company, valued at approximately $7,068,950. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Brian B. Yoor sold 2,246 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $78.00, for a total transaction of $175,188.00. Following the completion of the transaction, the chief financial officer now owns 116,627 shares of the company’s stock, valued at $9,096,906. The disclosure for this sale can be found here. In the last three months, insiders sold 280,021 shares of company stock valued at $20,485,856. 0.70% of the stock is owned by insiders.
ABT has been the topic of a number of research reports. Citigroup lowered shares of Abbott Laboratories from a “neutral” rating to a “sell” rating and decreased their price target for the company from $72.00 to $68.00 in a research note on Wednesday, January 2nd. Morgan Stanley upped their price target on shares of Abbott Laboratories from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, January 2nd. Gabelli reiterated a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, January 2nd. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a research note on Thursday, January 24th. Finally, Argus upped their price target on shares of Abbott Laboratories to $90.00 and gave the company an “in-line” rating in a research note on Friday, January 25th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $80.48.
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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