Adirondack Trust Co. trimmed its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.7% during the 3rd quarter, Holdings Channel reports. The fund owned 8,347 shares of the healthcare product maker’s stock after selling 145 shares during the quarter. Adirondack Trust Co.’s holdings in Abbott Laboratories were worth $698,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Manchester Financial Inc. acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $30,000. Front Row Advisors LLC grew its holdings in Abbott Laboratories by 790.9% in the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after purchasing an additional 348 shares during the period. Redhawk Wealth Advisors Inc. acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $33,000. Weaver Consulting Group acquired a new stake in Abbott Laboratories in the first quarter valued at approximately $33,000. Finally, Pearl River Capital LLC acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $41,000. 73.71% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have commented on ABT. Jefferies Financial Group raised their price objective on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Morgan Stanley raised their price objective on Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. BMO Capital Markets raised their price objective on Abbott Laboratories from $87.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Raymond James raised their price objective on Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, Zacks Investment Research lowered Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 price objective on the stock. in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $86.74.
Shares of NYSE ABT traded up $0.99 during midday trading on Wednesday, hitting $79.50. The stock had a trading volume of 3,546,706 shares, compared to its average volume of 5,351,709. The company has a market capitalization of $144.91 billion, a PE ratio of 27.60, a P/E/G ratio of 2.31 and a beta of 1.13. The stock has a 50 day simple moving average of $83.30 and a 200-day simple moving average of $81.65. Abbott Laboratories has a 1 year low of $65.44 and a 1 year high of $88.76. The company has a quick ratio of 1.20, a current ratio of 1.68 and a debt-to-equity ratio of 0.60.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.02. The business had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 earnings per share. As a group, analysts expect that Abbott Laboratories will post 3.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $0.32 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.28 annualized dividend and a dividend yield of 1.61%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.44%.
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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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