Private Advisor Group LLC Has $11.48 Million Stake in Abbott Laboratories (ABT)
Private Advisor Group LLC lifted its position in Abbott Laboratories (NYSE:ABT) by 15.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 156,531 shares of the healthcare product maker’s stock after purchasing an additional 20,856 shares during the period. Private Advisor Group LLC’s holdings in Abbott Laboratories were worth $11,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC purchased a new position in Abbott Laboratories during the third quarter valued at $103,000. Atlantic Trust LLC purchased a new position in Abbott Laboratories during the second quarter valued at $104,000. FNY Investment Advisers LLC purchased a new position in Abbott Laboratories during the second quarter valued at $118,000. Fort L.P. purchased a new position in Abbott Laboratories during the second quarter valued at $119,000. Finally, Security National Bank of SO Dak grew its stake in Abbott Laboratories by 72.0% during the second quarter. Security National Bank of SO Dak now owns 2,098 shares of the healthcare product maker’s stock valued at $128,000 after acquiring an additional 878 shares in the last quarter. 72.30% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently weighed in on ABT. Royal Bank of Canada reaffirmed a “buy” rating and set a $70.00 target price on shares of Abbott Laboratories in a research note on Thursday, July 19th. BTIG Research reaffirmed a “hold” rating on shares of Abbott Laboratories in a research note on Thursday, October 18th. Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Abbott Laboratories in a research note on Thursday, October 18th. Stifel Nicolaus raised their target price on shares of Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, Raymond James raised their target price on shares of Abbott Laboratories from $72.00 to $77.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus price target of $75.22.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 17th. The healthcare product maker reported $0.75 EPS for the quarter, hitting analysts’ consensus estimates of $0.75. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The business had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period last year, the company posted $0.66 EPS. The business’s revenue was up 12.1% on a year-over-year basis. As a group, research analysts expect that Abbott Laboratories will post 2.89 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.54%. Abbott Laboratories’s payout ratio is currently 44.80%.
In other news, insider Andrew H. Lane sold 9,097 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $67.11, for a total value of $610,499.67. Following the completion of the sale, the insider now owns 35,576 shares in the company, valued at approximately $2,387,505.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jared Watkin sold 65,000 shares of the firm’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $71.00, for a total transaction of $4,615,000.00. Following the completion of the sale, the insider now owns 128,640 shares of the company’s stock, valued at approximately $9,133,440. The disclosure for this sale can be found here. Insiders sold a total of 203,297 shares of company stock valued at $14,018,743 over the last three months. Corporate insiders own 0.74% of the company’s stock.
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About Abbott Laboratories
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.
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