Dynamic Technology Lab Private Ltd Reduces Stake in Abbott Laboratories (ABT)
Dynamic Technology Lab Private Ltd cut its position in Abbott Laboratories (NYSE:ABT) by 21.5% during the first quarter, Holdings Channel reports. The institutional investor owned 9,361 shares of the healthcare product maker’s stock after selling 2,565 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Abbott Laboratories were worth $416,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ABT. Cypress Capital Management LLC WY increased its position in Abbott Laboratories by 37.9% in the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock worth $112,000 after buying an additional 696 shares in the last quarter. Feltz Wealth PLAN Inc. acquired a new position in Abbott Laboratories during the first quarter worth approximately $112,000. First Command Financial Services Inc. increased its position in Abbott Laboratories by 10.2% in the first quarter. First Command Financial Services Inc. now owns 2,787 shares of the healthcare product maker’s stock worth $124,000 after buying an additional 257 shares in the last quarter. Atwood & Palmer Inc. increased its position in Abbott Laboratories by 157.5% in the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after buying an additional 2,000 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. increased its position in Abbott Laboratories by 9.3% in the first quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after buying an additional 292 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Abbott Laboratories (NYSE ABT) opened at 49.30 on Tuesday. The company’s 50 day moving average is $48.97 and its 200-day moving average is $45.28. The company has a market capitalization of $85.55 billion, a PE ratio of 69.05 and a beta of 1.07. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $51.13.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Abbott Laboratories had a return on equity of 3.44% and a net margin of 4.07%. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. During the same period in the prior year, the business posted $0.55 earnings per share. The business’s revenue was up 24.5% compared to the same quarter last year. On average, analysts expect that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend is Wednesday, July 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 149.30%.
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A number of research firms have commented on ABT. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Monday, May 15th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Abbott Laboratories in a report on Friday, June 16th. BTIG Research began coverage on shares of Abbott Laboratories in a report on Wednesday, June 21st. They issued a “buy” rating and a $56.00 price objective for the company. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Wednesday, June 14th. Finally, BidaskClub raised shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus target price of $51.93.
In other news, insider Jared Watkin sold 552 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $47.97, for a total transaction of $26,479.44. Following the sale, the insider now owns 47,090 shares in the company, valued at $2,258,907.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian J. Blaser sold 15,000 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the sale, the insider now owns 143,154 shares in the company, valued at approximately $7,157,700. The disclosure for this sale can be found here. Insiders sold 218,702 shares of company stock worth $10,149,733 over the last quarter. Company insiders own 0.76% of the company’s stock.
Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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