Abbott Laboratories (ABT) Shares Sold by Stralem & Co. Inc.
Stralem & Co. Inc. cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 12.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 75,035 shares of the healthcare product maker’s stock after selling 10,810 shares during the quarter. Abbott Laboratories accounts for about 2.7% of Stralem & Co. Inc.’s portfolio, making the stock its 24th largest position. Stralem & Co. Inc.’s holdings in Abbott Laboratories were worth $5,998,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc grew its stake in shares of Abbott Laboratories by 1.6% in the third quarter. Vanguard Group Inc now owns 139,012,321 shares of the healthcare product maker’s stock worth $10,197,944,000 after purchasing an additional 2,208,781 shares during the last quarter. BlackRock Inc. grew its stake in shares of Abbott Laboratories by 3.3% in the fourth quarter. BlackRock Inc. now owns 121,045,590 shares of the healthcare product maker’s stock worth $8,755,228,000 after purchasing an additional 3,842,101 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Abbott Laboratories by 7,559.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 30,095,862 shares of the healthcare product maker’s stock worth $416,000 after purchasing an additional 29,702,943 shares during the last quarter. Northern Trust Corp grew its stake in shares of Abbott Laboratories by 2.7% in the fourth quarter. Northern Trust Corp now owns 26,603,904 shares of the healthcare product maker’s stock worth $1,924,260,000 after purchasing an additional 708,691 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Abbott Laboratories by 118.2% in the fourth quarter. FMR LLC now owns 23,762,285 shares of the healthcare product maker’s stock worth $1,718,726,000 after purchasing an additional 12,871,418 shares during the last quarter. Institutional investors own 74.70% of the company’s stock.
ABT has been the topic of several analyst reports. Zacks Investment Research cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Bank of America reissued a “buy” rating and issued a $81.00 price objective (up previously from $73.00) on shares of Abbott Laboratories in a research note on Thursday, February 7th. Wells Fargo & Co reissued a “buy” rating on shares of Abbott Laboratories in a research note on Thursday, March 14th. Royal Bank of Canada boosted their price objective on shares of Abbott Laboratories to $82.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. They noted that the move was a valuation call. Finally, BTIG Research reissued a “hold” rating on shares of Abbott Laboratories in a research note on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the company. Abbott Laboratories presently has a consensus rating of “Buy” and a consensus target price of $80.30.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. The business had revenue of $7.54 billion for the quarter, compared to analysts’ expectations of $7.49 billion. Abbott Laboratories had a net margin of 8.53% and a return on equity of 16.86%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.59 earnings per share. As a group, research analysts predict that Abbott Laboratories will post 3.22 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $1.28 dividend on an annualized basis and a yield of 1.68%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 44.44%.
In other news, CFO Brian B. Yoor sold 2,246 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $78.00, for a total transaction of $175,188.00. Following the transaction, the chief financial officer now owns 116,627 shares of the company’s stock, valued at approximately $9,096,906. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph J. Manning sold 5,613 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $79.58, for a total transaction of $446,682.54. Following the transaction, the insider now directly owns 56,029 shares in the company, valued at approximately $4,458,787.82. The disclosure for this sale can be found here. Insiders have sold 551,643 shares of company stock worth $42,471,501 in the last ninety days. Insiders own 0.70% of the company’s stock.
About Abbott Laboratories
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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