Abbott Laboratories (ABT) Position Decreased by Cornerstone Capital Inc.
Cornerstone Capital Inc. decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 312,225 shares of the healthcare product maker’s stock after selling 1,032 shares during the quarter. Abbott Laboratories comprises about 3.5% of Cornerstone Capital Inc.’s portfolio, making the stock its 8th largest holding. Cornerstone Capital Inc.’s holdings in Abbott Laboratories were worth $22,905,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the stock. Signature Estate & Investment Advisors LLC bought a new position in Abbott Laboratories during the third quarter valued at $103,000. Atlantic Trust LLC bought a new position in Abbott Laboratories during the second quarter valued at $104,000. Fort L.P. bought a new position in Abbott Laboratories during the second quarter valued at $119,000. Security National Bank of SO Dak lifted its position 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 purchasing an additional 878 shares during the last quarter. Finally, Mainstay Capital Management LLC ADV lifted its position in Abbott Laboratories by 1,069.5% during the second quarter. Mainstay Capital Management LLC ADV now owns 4,374 shares of the healthcare product maker’s stock valued at $131,000 after purchasing an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.
Several research firms have commented on ABT. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a research report on Thursday, October 18th. UBS Group began coverage on shares of Abbott Laboratories in a research report on Tuesday, November 27th. They set a “buy” rating and a $83.00 price objective for the company. Raymond James increased their price objective on shares of Abbott Laboratories from $72.00 to $77.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. Goldman Sachs Group upgraded shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and increased their price objective for the company from $78.00 to $81.00 in a research report on Friday, November 30th. Finally, Morgan Stanley increased their price objective on shares of Abbott Laboratories from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, October 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $76.00.
Shares of ABT opened at $69.95 on Friday. Abbott Laboratories has a twelve month low of $54.33 and a twelve month high of $74.92. The firm has a market capitalization of $125.65 billion, a PE ratio of 25.46, a PEG ratio of 2.13 and a beta of 1.40. The company has a current ratio of 1.42, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate 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 for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts predict that Abbott Laboratories will post 2.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, October 15th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Friday, October 12th. Abbott Laboratories’s dividend payout ratio is presently 44.80%.
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Abbott Laboratories 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.
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