State of Alaska Department of Revenue Buys 151,457 Shares of Abbott Laboratories (NYSE:ABT)

State of Alaska Department of Revenue increased its stake in shares of Abbott Laboratories (NYSE:ABT) by 67.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,596 shares of the healthcare product maker’s stock after buying an additional 151,457 shares during the quarter. State of Alaska Department of Revenue’s holdings in Abbott Laboratories were worth $31,593,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Cumberland Partners Ltd raised its position in Abbott Laboratories by 25.0% in the 2nd quarter. Cumberland Partners Ltd now owns 4,500 shares of the healthcare product maker’s stock valued at $378,000 after purchasing an additional 900 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Abbott Laboratories by 91.4% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,454,239 shares of the healthcare product maker’s stock worth $122,138,000 after purchasing an additional 694,262 shares during the period. Cypress Capital Management LLC grew its stake in shares of Abbott Laboratories by 2.0% during the second quarter. Cypress Capital Management LLC now owns 203,419 shares of the healthcare product maker’s stock worth $17,108,000 after purchasing an additional 4,000 shares during the period. Krueger & Catalano Capital Partners LLC acquired a new stake in shares of Abbott Laboratories during the first quarter worth $244,000. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its stake in shares of Abbott Laboratories by 3.8% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 3,176 shares of the healthcare product maker’s stock worth $267,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 73.71% of the company’s stock.

A number of brokerages recently commented on ABT. Raymond James lifted their price objective on Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a research note 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 research note on Thursday, June 13th. Cowen lifted their price objective on Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. ValuEngine cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 target price for the company. in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $86.38.

In other news, CFO Brian B. Yoor sold 43,763 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $85.77, for a total value of $3,753,552.51. Following the sale, the chief financial officer now directly owns 125,781 shares in the company, valued at $10,788,236.37. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Joseph J. Manning sold 47,226 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $85.14, for a total value of $4,020,821.64. Following the completion of the sale, the senior vice president now owns 97,755 shares in the company, valued at $8,322,860.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,497 shares of company stock worth $15,701,810. Corporate insiders own 0.70% of the company’s stock.

NYSE:ABT traded up $1.27 on Thursday, reaching $80.80. The company’s stock had a trading volume of 1,523,057 shares, compared to its average volume of 4,017,124. Abbott Laboratories has a 1-year low of $65.44 and a 1-year high of $88.76. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.68. The firm has a market cap of $147.88 billion, a PE ratio of 28.05, a PEG ratio of 2.35 and a beta of 1.14. The business’s 50-day moving average price is $83.88 and its two-hundred day moving average price is $81.61.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The firm had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8 billion. During the same period in the previous year, the firm earned $0.73 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Abbott Laboratories will post 3.24 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $0.32 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.58%. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.

Abbott Laboratories Company 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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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