Norris Perne & French LLP MI lowered its position in Abbott Laboratories (NYSE:ABT) by 18.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 231,055 shares of the healthcare product maker’s stock after selling 52,197 shares during the period. Abbott Laboratories comprises approximately 2.4% of Norris Perne & French LLP MI’s holdings, making the stock its 7th largest position. Norris Perne & French LLP MI’s holdings in Abbott Laboratories were worth $18,470,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of ABT. 1 North Wealth Services LLC acquired a new position in Abbott Laboratories during the fourth quarter worth about $33,000. Beacon Capital Management Inc. acquired a new position in Abbott Laboratories during the first quarter worth about $38,000. Exane Derivatives acquired a new position in Abbott Laboratories during the fourth quarter worth about $42,000. Clarfeld Financial Advisors LLC acquired a new position in Abbott Laboratories in the 4th quarter valued at about $43,000. Finally, Investors Research Corp acquired a new position in Abbott Laboratories in the 1st quarter valued at about $44,000. 73.42% of the stock is owned by institutional investors.
ABT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Monday, May 20th. Royal Bank of Canada boosted their target price on shares of Abbott Laboratories to $82.00 and gave the company a “buy” rating in a report on Monday, April 15th. They noted that the move was a valuation call. Wells Fargo & Co reiterated a “buy” rating on shares of Abbott Laboratories in a report on Thursday, March 14th. Barclays set a $84.00 target price on shares of Abbott Laboratories and gave the company a “buy” rating in a report on Friday, March 8th. Finally, William Blair reissued an “outperform” rating on shares of Abbott Laboratories in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $80.24.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. Abbott Laboratories had a net margin of 8.53% and a return on equity of 16.86%. The business had revenue of $7.54 billion during the quarter, compared to analysts’ expectations of $7.49 billion. During the same quarter in the prior year, the business posted $0.59 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, research analysts expect that Abbott Laboratories will post 3.22 earnings per share for the current year.
In other news, SVP Jaime Contreras sold 82,732 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $70.00, for a total value of $5,791,240.00. Following the completion of the transaction, the senior vice president now owns 80,722 shares in the company, valued at approximately $5,650,540. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Brian J. Blaser sold 450,062 shares of the company’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 completion of the transaction, the insider now owns 295,745 shares of the company’s stock, valued at approximately $22,334,662.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 980,493 shares of company stock valued at $74,796,843. Company insiders own 0.70% of the company’s stock.
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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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