Zurich Insurance Group Ltd FI raised its stake in Abbott Laboratories (NYSE:ABT) by 33.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 408,560 shares of the healthcare product maker’s stock after buying an additional 102,468 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Abbott Laboratories were worth $34,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in the business. Manchester Financial Inc. bought a new stake in shares of Abbott Laboratories in the 2nd quarter valued at about $30,000. Front Row Advisors LLC raised its holdings 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 valued at $31,000 after purchasing an additional 348 shares in the last quarter. Redhawk Wealth Advisors Inc. bought a new stake in shares of Abbott Laboratories in the 2nd quarter valued at about $33,000. Weaver Consulting Group bought a new stake in shares of Abbott Laboratories in the 1st quarter valued at about $33,000. Finally, Pearl River Capital LLC bought a new stake in shares of Abbott Laboratories in the 2nd quarter valued at about $41,000. 73.72% of the stock is owned by institutional investors.
Shares of NYSE ABT traded up $0.23 during mid-day trading on Friday, reaching $83.46. The company’s stock had a trading volume of 3,813,415 shares, compared to its average volume of 3,938,709. The stock has a 50-day moving average of $84.74 and a two-hundred day moving average of $81.31. The stock has a market capitalization of $147.10 billion, a P/E ratio of 28.98, a P/E/G ratio of 2.35 and a beta of 1.14. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.68. Abbott Laboratories has a 1-year low of $65.44 and a 1-year high of $88.76.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, October 11th. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.
Several research firms have recently commented on ABT. Cowen boosted their price target on shares of Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Raymond James upped their price target on shares of Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. BMO Capital Markets upped their price target on shares of Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Morgan Stanley upped their price target on shares of Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Finally, Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 price target on the stock. in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $86.38.
In related news, EVP Daniel Gesua Sive Salvadori sold 71,000 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $84.00, for a total transaction of $5,964,000.00. Following the completion of the sale, the executive vice president now directly owns 167,148 shares in the company, valued at $14,040,432. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Randel William Woodgrift sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.01, for a total transaction of $5,720,650.00. Following the sale, the insider now owns 117,562 shares of the company’s stock, valued at $10,346,631.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 252,497 shares of company stock valued at $21,665,810. 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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