Sit Investment Associates Inc. Raises Stake in Abbott Laboratories (ABT)
Sit Investment Associates Inc. increased its position in shares of Abbott Laboratories (NYSE:ABT) by 0.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 632,735 shares of the healthcare product maker’s stock after acquiring an additional 1,515 shares during the quarter. Abbott Laboratories comprises about 1.0% of Sit Investment Associates Inc.’s investment portfolio, making the stock its 17th largest position. Sit Investment Associates Inc.’s holdings in Abbott Laboratories were worth $38,591,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of ABT. BlackRock Inc. lifted its stake in shares of Abbott Laboratories by 3.3% during the fourth quarter. BlackRock Inc. now owns 110,201,384 shares of the healthcare product maker’s stock valued at $6,289,191,000 after acquiring an additional 3,566,731 shares during the period. Swedbank acquired a new position in shares of Abbott Laboratories during the second quarter valued at $101,535,000. Montag & Caldwell LLC acquired a new position in shares of Abbott Laboratories during the first quarter valued at $97,503,000. Ceredex Value Advisors LLC acquired a new position in shares of Abbott Laboratories during the first quarter valued at $97,236,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at $66,450,000. 71.77% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have weighed in on ABT. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Thursday. Royal Bank of Canada reissued a “buy” rating and issued a $70.00 target price on shares of Abbott Laboratories in a research note on Thursday. Stifel Nicolaus increased their target price on Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday. Sanford C. Bernstein began coverage on Abbott Laboratories in a research note on Wednesday, June 27th. They issued an “outperform” rating and a $73.00 target price on the stock. Finally, Citigroup cut their target price on Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 24th. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $69.76.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.71 billion. Abbott Laboratories had a return on equity of 15.19% and a net margin of 3.13%. Abbott Laboratories’s revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.62 earnings per share. research analysts anticipate that Abbott Laboratories will post 2.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Stockholders of record on Friday, July 13th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Thursday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 44.80%.
In other news, insider Daniel Gesua Sive Salvadori sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 18th. The stock was sold at an average price of $61.20, for a total transaction of $183,600.00. Following the sale, the insider now owns 95,581 shares of the company’s stock, valued at $5,849,557.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Sharon J. Bracken sold 2,150 shares of the firm’s stock in a transaction dated Friday, May 4th. The stock was sold at an average price of $58.56, for a total value of $125,904.00. Following the sale, the senior vice president now directly owns 43,990 shares in the company, valued at approximately $2,576,054.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,999 shares of company stock worth $359,901. 0.74% of the stock is currently owned by insiders.
Abbott Laboratories Company Profile
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
Featured Article: Book Value Per Share – BVPS
Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.