Legal & General Group Plc Has $466.47 Million Stake in Abbott Laboratories (ABT)
Legal & General Group Plc increased its position in shares of Abbott Laboratories (NYSE:ABT) by 1.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,741,837 shares of the healthcare product maker’s stock after purchasing an additional 88,076 shares during the quarter. Legal & General Group Plc’s holdings in Abbott Laboratories were worth $466,468,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in ABT. Family Legacy Inc. raised its position in Abbott Laboratories by 4.4% in the second quarter. Family Legacy Inc. now owns 4,771 shares of the healthcare product maker’s stock valued at $232,000 after purchasing an additional 200 shares during the period. Johanson Financial Advisors Inc. raised its position in Abbott Laboratories by 0.5% in the second quarter. Johanson Financial Advisors Inc. now owns 7,017 shares of the healthcare product maker’s stock valued at $343,000 after purchasing an additional 37 shares during the period. Pure Financial Advisors Inc. raised its position in Abbott Laboratories by 2.8% in the second quarter. Pure Financial Advisors Inc. now owns 11,315 shares of the healthcare product maker’s stock valued at $550,000 after purchasing an additional 311 shares during the period. Carlson Capital Management purchased a new stake in Abbott Laboratories in the second quarter valued at approximately $296,000. Finally, Confluence Investment Management LLC purchased a new stake in Abbott Laboratories in the second quarter valued at approximately $225,000. 71.21% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Chairman Miles D. White sold 276,886 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $54.41, for a total transaction of $15,065,367.26. Following the sale, the chairman now owns 3,677,913 shares of the company’s stock, valued at $200,115,246.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Gesua Sive Salvadori sold 71,157 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $55.00, for a total value of $3,913,635.00. Following the sale, the insider now directly owns 144,955 shares in the company, valued at approximately $7,972,525. The disclosure for this sale can be found here. Insiders have sold 404,569 shares of company stock worth $22,103,095 in the last ninety days. Corporate insiders own 0.76% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, January 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.89%. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.27. Abbott Laboratories’s dividend payout ratio is currently 88.19%.
A number of analysts have issued reports on the company. Leerink Swann reissued a “market perform” rating on shares of Abbott Laboratories in a research report on Friday. Barclays reissued a “buy” rating and issued a $66.00 target price on shares of Abbott Laboratories in a research report on Monday, January 8th. Royal Bank of Canada reissued a “buy” rating and issued a $65.00 target price on shares of Abbott Laboratories in a research report on Tuesday, January 9th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Tuesday, January 2nd. Finally, Evercore ISI assumed coverage on Abbott Laboratories in a research report on Wednesday, January 3rd. They issued an “outperform” rating and a $64.00 target price on the stock. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $60.24.
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About Abbott Laboratories
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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