Needelman Asset Management Inc. Holds Position in Abbott Laboratories (ABT)

Needelman Asset Management Inc. held its position in shares of Abbott Laboratories (NYSE:ABT) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 26,782 shares of the healthcare product maker’s stock at the close of the second quarter. Abbott Laboratories comprises approximately 3.4% of Needelman Asset Management Inc.’s investment portfolio, making the stock its 10th largest position. Needelman Asset Management Inc.’s holdings in Abbott Laboratories were worth $1,302,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Whittier Trust Co. increased its holdings in Abbott Laboratories by 1.7% during the 1st quarter. Whittier Trust Co. now owns 401,048 shares of the healthcare product maker’s stock valued at $17,807,000 after acquiring an additional 6,751 shares in the last quarter. Century Capital Management LLC purchased a new position in Abbott Laboratories during the 1st quarter valued at about $4,332,000. Miller Howard Investments Inc. NY increased its holdings in Abbott Laboratories by 3.1% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,529,641 shares of the healthcare product maker’s stock valued at $67,931,000 after acquiring an additional 46,118 shares in the last quarter. Tandem Investment Advisors Inc. increased its holdings in Abbott Laboratories by 3.2% during the 1st quarter. Tandem Investment Advisors Inc. now owns 225,566 shares of the healthcare product maker’s stock valued at $10,017,000 after acquiring an additional 7,009 shares in the last quarter. Finally, Reik & CO. LLC purchased a new position in Abbott Laboratories during the 1st quarter valued at about $215,000. Hedge funds and other institutional investors own 71.66% of the company’s stock.

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Several equities analysts have weighed in on ABT shares. Jefferies Group LLC restated a “buy” rating and set a $58.00 target price on shares of Abbott Laboratories in a report on Thursday, August 3rd. BMO Capital Markets restated a “hold” rating and set a $53.00 target price on shares of Abbott Laboratories in a report on Friday, September 1st. Cowen and Company restated a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a report on Thursday, August 17th. TheStreet upgraded shares of Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Finally, Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, May 31st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and an average target price of $52.50.

In other news, insider Sharon J. Bracken sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $49.16, for a total value of $98,320.00. Following the transaction, the insider now owns 28,806 shares in the company, valued at approximately $1,416,102.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $49.50, for a total value of $9,729,225.00. Following the completion of the transaction, the insider now owns 221,488 shares in the company, valued at approximately $10,963,656. The disclosure for this sale can be found here. Insiders sold a total of 218,150 shares of company stock worth $10,811,179 in the last quarter. 0.76% of the stock is owned by corporate insiders.

Abbott Laboratories (NYSE:ABT) traded up 0.14% during midday trading on Friday, hitting $51.76. 6,699,659 shares of the company traded hands. The stock has a 50 day moving average price of $50.01 and a 200-day moving average price of $46.93. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $52.60. The company has a market cap of $89.93 billion, a PE ratio of 72.49 and a beta of 1.06.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm’s quarterly revenue was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS. Analysts expect that Abbott Laboratories will post $2.49 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a $0.265 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.05%. Abbott Laboratories’s dividend payout ratio is 149.30%.

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.

Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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