Resources Management Corp CT ADV purchased a new position in shares of Abbott Laboratories (NYSE:ABT) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 53,693 shares of the healthcare product maker’s stock, valued at approximately $4,492,000.
Other large investors also recently bought and sold shares of the company. Redhawk Wealth Advisors Inc. bought a new position in shares of Abbott Laboratories in the 2nd quarter valued at about $33,000. 1 North Wealth Services LLC acquired a new stake in Abbott Laboratories in the 3rd quarter valued at about $38,000. Marquette Asset Management LLC lifted its stake in Abbott Laboratories by 173.4% in the 3rd quarter. Marquette Asset Management LLC now owns 473 shares of the healthcare product maker’s stock valued at $40,000 after purchasing an additional 300 shares during the last quarter. Pearl River Capital LLC bought a new position in Abbott Laboratories during the second quarter worth about $41,000. Finally, Canton Hathaway LLC bought a new position in Abbott Laboratories during the third quarter worth about $42,000. 73.66% of the stock is currently owned by hedge funds and other institutional investors.
In other Abbott Laboratories news, SVP Randel William Woodgrift sold 21,000 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $80.54, for a total value of $1,691,340.00. Following the transaction, the senior vice president now directly owns 68,562 shares of the company’s stock, valued at approximately $5,521,983.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.70% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $0.84 EPS for the quarter, meeting the consensus estimate of $0.84. The company had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $8.10 billion. Abbott Laboratories had a return on equity of 17.65% and a net margin of 10.50%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 earnings per share. Equities research analysts expect that Abbott Laboratories will post 3.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $1.28 annualized dividend and a yield of 1.50%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.44%.
A number of equities analysts have weighed in on ABT shares. ValuEngine downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research downgraded 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. Raymond James decreased their target price on Abbott Laboratories from $93.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, October 14th. Credit Suisse Group boosted their target price on Abbott Laboratories from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, William Blair restated an “underperform” rating on shares of Abbott Laboratories in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $87.94.
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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