Janney Montgomery Scott LLC Has $9,538,000 Stake in Abbott Laboratories (ABT)
Janney Montgomery Scott LLC raised its position in Abbott Laboratories (NYSE:ABT) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 212,386 shares of the healthcare product maker’s stock after buying an additional 2,216 shares during the period. Janney Montgomery Scott LLC’s holdings in Abbott Laboratories were worth $9,538,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ABT. Bank of New York Mellon Corp raised its position in shares of Abbott Laboratories by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 29,256,692 shares of the healthcare product maker’s stock worth $1,150,083,000 after buying an additional 376,446 shares during the period. BlackRock Fund Advisors raised its position in shares of Abbott Laboratories by 4.4% in the first quarter. BlackRock Fund Advisors now owns 22,240,030 shares of the healthcare product maker’s stock worth $930,300,000 after buying an additional 934,358 shares during the period. Primecap Management Co. CA raised its position in shares of Abbott Laboratories by 1.0% in the first quarter. Primecap Management Co. CA now owns 16,812,839 shares of the healthcare product maker’s stock worth $703,281,000 after buying an additional 169,800 shares during the period. Flossbach Von Storch AG raised its position in shares of Abbott Laboratories by 51.5% in the second quarter. Flossbach Von Storch AG now owns 14,514,773 shares of the healthcare product maker’s stock worth $570,576,000 after buying an additional 4,936,655 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Abbott Laboratories by 0.9% in the first quarter. Geode Capital Management LLC now owns 12,405,029 shares of the healthcare product maker’s stock worth $517,885,000 after buying an additional 113,359 shares during the period. Institutional investors own 73.03% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded up 0.02% during mid-day trading on Friday, hitting $42.23. The stock had a trading volume of 4,464,104 shares. The stock’s 50-day moving average is $43.09 and its 200 day moving average is $41.18. The company has a market capitalization of $62.08 billion, a P/E ratio of 27.87 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 posted its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Abbott Laboratories had a return on equity of 15.11% and a net margin of 11.08%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period last year, the company earned $0.52 EPS. The firm’s revenue was up 3.2% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a dividend of $0.26 per share. The ex-dividend date is Wednesday, October 12th. This represents a $1.04 annualized dividend and a yield of 2.46%. Abbott Laboratories’s dividend payout ratio is presently 68.87%.
ABT has been the subject of a number of analyst reports. Bank of America Corp. reiterated a “buy” rating and set a $50.00 price target on shares of Abbott Laboratories in a research report on Friday, August 12th. Edward Jones upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Credit Suisse Group AG restated a “buy” rating on shares of Abbott Laboratories in a report on Wednesday, June 8th. Jefferies Group upped their price objective on Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Finally, Barclays PLC restated a “buy” rating and issued a $48.00 price objective on shares of Abbott Laboratories in a report on Saturday, June 18th. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Abbott Laboratories presently has a consensus rating of “Buy” and an average target price of $47.02.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 41,500 shares of Abbott Laboratories stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $45.00, for a total transaction of $1,867,500.00. Following the transaction, the insider now directly owns 196,467 shares in the company, valued at $8,841,015. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Miles D. White bought 242,547 shares of Abbott Laboratories stock in a transaction on Monday, July 25th. The shares were acquired at an average price of $43.18 per share, for a total transaction of $10,473,179.46. Following the completion of the acquisition, the chairman now owns 2,010,517 shares of the company’s stock, valued at approximately $86,814,124.06. The disclosure for this purchase can be found here. Company insiders own 0.26% of the company’s stock.
About Abbott Laboratories
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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