Abbott Laboratories (NYSE:ABT) Stake Boosted by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. raised its position in Abbott Laboratories (NYSE:ABT) by 22.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,430,803 shares of the healthcare product maker’s stock after buying an additional 1,008,733 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Abbott Laboratories were worth $241,182,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Cypress Capital Management LLC WY increased its stake 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 valued at $112,000 after buying an additional 696 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new stake in Abbott Laboratories during the first quarter valued at $112,000. First Command Financial Services Inc. increased its stake 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 valued at $124,000 after buying an additional 257 shares during the last quarter. Atwood & Palmer Inc. increased its stake 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 valued at $145,000 after buying an additional 2,000 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. increased its stake 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 valued at $152,000 after buying an additional 292 shares during the last quarter. 70.98% of the stock is owned by institutional investors.
Abbott Laboratories (ABT) traded up 1.0067% during mid-day trading on Friday, reaching $48.5438. The company’s stock had a trading volume of 971,591 shares. Abbott Laboratories has a 12 month low of $37.38 and a 12 month high of $51.13. The stock’s 50-day moving average is $49.11 and its 200-day moving average is $45.59. The firm has a market capitalization of $84.34 billion, a PE ratio of 67.9885 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. During the same quarter last year, the company posted $0.55 earnings per share. Abbott Laboratories’s revenue was up 24.5% on a year-over-year basis. On average, equities analysts anticipate that Abbott Laboratories will post $2.49 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a dividend of $0.265 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.21%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
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Several analysts have recently weighed in on ABT shares. Cowen and Company reissued a “buy” rating and issued a $48.00 target price on shares of Abbott Laboratories in a report on Thursday, April 13th. Stifel Nicolaus reissued a “buy” rating and issued a $49.00 target price on shares of Abbott Laboratories in a report on Tuesday, April 18th. Jefferies Group LLC reduced their target price on Abbott Laboratories from $52.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, April 18th. UBS AG reissued a “neutral” rating and issued a $41.00 target price on shares of Abbott Laboratories in a report on Tuesday, April 18th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $42.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 19th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $51.93.
In other news, insider Brian J. Blaser sold 15,000 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total transaction of $750,000.00. Following the sale, the insider now owns 143,154 shares of the company’s stock, valued at $7,157,700. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stephen R. Fussell sold 196,550 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $46.00, for a total value of $9,041,300.00. Following the sale, the insider now directly owns 221,488 shares in the company, valued at approximately $10,188,448. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,702 shares of company stock worth $10,149,733. Corporate 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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