Teacher Retirement System of Texas Reduces Position in Abbott Laboratories (ABT)
Teacher Retirement System of Texas decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 67.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 341,783 shares of the healthcare product maker’s stock after selling 697,748 shares during the period. Teacher Retirement System of Texas’ holdings in Abbott Laboratories were worth $13,435,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. MCF Advisors LLC raised its stake in shares of Abbott Laboratories by 0.3% in the first quarter. MCF Advisors LLC now owns 5,456 shares of the healthcare product maker’s stock worth $228,000 after buying an additional 18 shares during the period. Summit Financial Strategies Inc. raised its stake in shares of Abbott Laboratories by 0.4% in the second quarter. Summit Financial Strategies Inc. now owns 5,207 shares of the healthcare product maker’s stock worth $205,000 after buying an additional 19 shares during the period. Zions Bancorporation raised its stake in shares of Abbott Laboratories by 0.5% in the first quarter. Zions Bancorporation now owns 8,428 shares of the healthcare product maker’s stock worth $351,000 after buying an additional 38 shares during the period. Cape ANN Savings Bank raised its stake in shares of Abbott Laboratories by 0.3% in the second quarter. Cape ANN Savings Bank now owns 21,621 shares of the healthcare product maker’s stock worth $850,000 after buying an additional 60 shares during the period. Finally, Morningstar Investment Services LLC raised its stake in shares of Abbott Laboratories by 0.6% in the second quarter. Morningstar Investment Services LLC now owns 12,916 shares of the healthcare product maker’s stock worth $511,000 after buying an additional 71 shares during the period. 73.03% of the stock is owned by institutional investors.
Abbott Laboratories (NYSE:ABT) traded up 0.60% during trading on Thursday, reaching $42.17. 2,516,554 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $43.17 and its 200 day moving average price is $41.17. The firm has a market cap of $61.99 billion, a P/E ratio of 27.83 and a beta of 0.82. Abbott Laboratories has a 52-week low of $36.00 and a 52-week high of $46.38.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.24 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The company’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Wednesday, October 12th. Abbott Laboratories’s payout ratio is presently 68.87%.
A number of equities research analysts have issued reports on the stock. Barclays PLC reissued a “buy” rating and set a $48.00 target price on shares of Abbott Laboratories in a research note on Saturday, June 18th. Argus restated a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a report on Thursday, July 28th. TheStreet downgraded shares of Abbott Laboratories to a “hold” rating in a report on Thursday, May 26th. BTIG Research restated a “buy” rating and set a $45.00 price target on shares of Abbott Laboratories in a report on Wednesday, August 10th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $48.00 price target on shares of Abbott Laboratories in a report on Monday. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $47.02.
In other news, EVP Hubert L. Allen sold 3,400 shares of the stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $37.14, for a total value of $126,276.00. Following the transaction, the executive vice president now directly owns 91,857 shares of the company’s stock, valued at $3,411,568.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Miles D. White acquired 242,547 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was bought at an average cost of $43.18 per share, for a total transaction of $10,473,179.46. Following the completion of the transaction, the chairman now directly owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by insiders.
Abbott Laboratories Company Profile
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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