IFP Advisors Inc Sells 31,987 Shares of Abbott Laboratories (ABT)
IFP Advisors Inc decreased its stake in Abbott Laboratories (NYSE:ABT) by 40.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,375 shares of the healthcare product maker’s stock after selling 31,987 shares during the quarter. IFP Advisors Inc’s holdings in Abbott Laboratories were worth $2,647,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Rowland & Co. Investment Counsel ADV purchased a new position in Abbott Laboratories during the fourth quarter worth approximately $102,000. Tributary Capital Management LLC purchased a new position in Abbott Laboratories during the third quarter worth approximately $106,000. Heritage Trust Co boosted its position 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 purchasing an additional 200 shares in the last quarter. Cerebellum GP LLC purchased a new position in Abbott Laboratories during the fourth quarter worth approximately $133,000. Finally, Thompson Davis & CO. Inc. boosted its position 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 purchasing an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 70.01% of the company’s stock.
In related news, EVP Stephen R. Fussell sold 13,313 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $62.84, for a total value of $836,588.92. Following the completion of the sale, the executive vice president now owns 152,343 shares of the company’s stock, valued at $9,573,234.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sharon J. Bracken sold 2,188 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.12, for a total value of $122,790.56. Following the completion of the sale, the insider now directly owns 25,618 shares of the company’s stock, valued at approximately $1,437,682.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 405,137 shares of company stock valued at $22,686,356. Insiders own 0.76% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, January 24th. The healthcare product maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.01. Abbott Laboratories had a return on equity of 13.80% and a net margin of 1.74%. The business had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.38 billion. During the same quarter last year, the business posted $0.65 earnings per share. The business’s quarterly revenue was up 42.3% compared to the same quarter last year. sell-side analysts expect that Abbott Laboratories will post 2.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be issued a $0.28 dividend. The ex-dividend date is Thursday, April 12th. This represents a $1.12 annualized dividend and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio is presently 430.79%.
A number of equities analysts have issued reports on ABT shares. Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. ValuEngine upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a research report on Wednesday, November 22nd. BMO Capital Markets upgraded Abbott Laboratories from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $58.00 to $65.00 in a research report on Tuesday, December 12th. Morgan Stanley upgraded Abbott Laboratories from an “equal weight” rating to an “overweight” rating and set a $67.00 price target on the stock in a research report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. upgraded Abbott Laboratories from a “neutral” rating to an “overweight” rating and set a $60.00 price target on the stock in a research report on Tuesday, January 2nd. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $65.47.
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About Abbott Laboratories
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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