Abbott Laboratories (ABT) Shares Sold by Bridges Investment Counsel Inc.
Bridges Investment Counsel Inc. reduced its position in Abbott Laboratories (NYSE:ABT) by 37.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,842 shares of the healthcare product maker’s stock after selling 21,950 shares during the period. Abbott Laboratories accounts for about 1.1% of Bridges Investment Counsel Inc.’s investment portfolio, making the stock its 25th biggest position. Bridges Investment Counsel Inc.’s holdings in Abbott Laboratories were worth $1,966,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the stock. Heritage Trust Co increased its stake in Abbott Laboratories by 10.1% during the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock worth $106,000 after acquiring an additional 200 shares during the last quarter. Winfield Associates Inc. increased its stake in Abbott Laboratories by 3.9% during the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock worth $116,000 after acquiring an additional 89 shares during the last quarter. Thompson Davis & CO. Inc. increased its stake in Abbott Laboratories by 17.7% during the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock worth $120,000 after acquiring an additional 370 shares during the last quarter. JFS Wealth Advisors LLC increased its stake in Abbott Laboratories by 349.0% during the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock worth $131,000 after acquiring an additional 2,094 shares during the last quarter. Finally, Motco increased its stake in Abbott Laboratories by 213.7% during the second quarter. Motco now owns 2,880 shares of the healthcare product maker’s stock worth $140,000 after acquiring an additional 1,962 shares during the last quarter. Institutional investors own 71.32% of the company’s stock.
In related news, Chairman Miles D. White sold 276,886 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $54.41, for a total value of $15,065,367.26. Following the transaction, the chairman now owns 3,677,913 shares of the company’s stock, valued at $200,115,246.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jaime Contreras sold 52,700 shares of the stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $51.97, for a total value of $2,738,819.00. Following the completion of the transaction, the insider now directly owns 58,739 shares in the company, valued at approximately $3,052,665.83. The disclosure for this sale can be found here. In the last three months, insiders sold 616,332 shares of company stock worth $33,579,226. 0.76% of the stock is owned by insiders.
Several equities research analysts have weighed in on the company. Barclays boosted their price objective on Abbott Laboratories from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, September 28th. BMO Capital Markets raised Abbott Laboratories from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $58.00 to $65.00 in a research note on Tuesday, December 12th. Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Stifel Nicolaus boosted their price objective on Abbott Laboratories from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, Cowen reissued a “buy” rating on shares of Abbott Laboratories in a research note on Sunday, September 24th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $57.56.
Abbott Laboratories (ABT) opened at $55.50 on Friday. The company has a market capitalization of $96,603.35, a P/E ratio of 23.03, a PEG ratio of 2.08 and a beta of 1.06. Abbott Laboratories has a 52 week low of $37.90 and a 52 week high of $56.69. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 2.69.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The firm had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The company’s quarterly revenue was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 earnings per share. sell-side analysts forecast 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 Thursday, February 15th. Stockholders of record on Friday, January 12th will be paid a dividend of $0.28 per share. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.02%. Abbott Laboratories’s dividend payout ratio is currently 83.47%.
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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.
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