Eagle Ridge Investment Management lessened its holdings in Abbott Laboratories (NYSE:ABT) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 175,112 shares of the healthcare product maker’s stock after selling 1,979 shares during the period. Abbott Laboratories comprises 2.1% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 15th biggest holding. Eagle Ridge Investment Management’s holdings in Abbott Laboratories were worth $14,727,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Manchester Financial Inc. purchased a new stake in Abbott Laboratories in the 2nd quarter valued at about $30,000. Front Row Advisors LLC increased its stake in Abbott Laboratories by 790.9% in the 1st quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after buying an additional 348 shares during the last quarter. Weaver Consulting Group purchased a new stake in Abbott Laboratories in the 1st quarter valued at about $33,000. Beacon Capital Management Inc. purchased a new stake in Abbott Laboratories in the 1st quarter valued at about $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Abbott Laboratories in the 2nd quarter valued at about $42,000. Institutional investors own 73.42% of the company’s stock.
Several equities research analysts have commented on the stock. Cowen increased their price objective on shares of Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Morgan Stanley increased their price objective on shares of Abbott Laboratories from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Bank of America reiterated a “buy” rating and issued a $81.00 price objective on shares of Abbott Laboratories in a research note on Thursday, June 13th. Raymond James increased their price objective on shares of Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Co increased their price objective on shares of Abbott Laboratories from $89.00 to $91.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $85.82.
In related news, insider Brian J. Blaser sold 450,062 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total value of $33,988,682.24. Following the completion of the transaction, the insider now directly owns 295,745 shares of the company’s stock, valued at approximately $22,334,662.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Randel William Woodgrift sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.01, for a total transaction of $5,720,650.00. Following the completion of the transaction, the insider now directly owns 117,562 shares of the company’s stock, valued at $10,346,631.62. The disclosure for this sale can be found here. Insiders have sold a total of 885,102 shares of company stock valued at $71,110,429 over the last three months. Insiders own 0.70% of the company’s stock.
Shares of Abbott Laboratories stock traded up $0.26 on Thursday, reaching $84.20. 151,151 shares of the company traded hands, compared to its average volume of 5,327,106. Abbott Laboratories has a 52 week low of $63.07 and a 52 week high of $88.76. The business has a 50 day moving average of $85.77. The stock has a market cap of $149.58 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 2.38 and a beta of 1.12. 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 Zacks’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The firm had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8 billion. During the same period in the prior year, the firm earned $0.73 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts predict that Abbott Laboratories will post 3.24 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Friday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 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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