Arbor Wealth Management LLC Purchases 506 Shares of Abbott Laboratories (NYSE:ABT)

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Arbor Wealth Management LLC grew its position in Abbott Laboratories (NYSE:ABT) by 201.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 757 shares of the healthcare product maker’s stock after purchasing an additional 506 shares during the period. Arbor Wealth Management LLC’s holdings in Abbott Laboratories were worth $64,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ABT. Carderock Capital Management Inc. boosted its stake in Abbott Laboratories by 116.8% during the 2nd quarter. Carderock Capital Management Inc. now owns 55,940 shares of the healthcare product maker’s stock valued at $4,705,000 after purchasing an additional 30,140 shares during the period. Boenning & Scattergood Inc. lifted its position in shares of Abbott Laboratories by 0.7% in the 2nd quarter. Boenning & Scattergood Inc. now owns 55,004 shares of the healthcare product maker’s stock worth $4,626,000 after acquiring an additional 380 shares during the period. JGP Wealth Management LLC lifted its position in shares of Abbott Laboratories by 1.9% in the 2nd quarter. JGP Wealth Management LLC now owns 45,899 shares of the healthcare product maker’s stock worth $3,860,000 after acquiring an additional 861 shares during the period. Liberty Capital Management Inc. lifted its position in shares of Abbott Laboratories by 0.5% in the 2nd quarter. Liberty Capital Management Inc. now owns 36,727 shares of the healthcare product maker’s stock worth $3,089,000 after acquiring an additional 188 shares during the period. Finally, Centre Asset Management LLC lifted its position in shares of Abbott Laboratories by 93.7% in the 2nd quarter. Centre Asset Management LLC now owns 107,470 shares of the healthcare product maker’s stock worth $9,038,000 after acquiring an additional 52,000 shares during the period. 73.42% of the stock is currently owned by institutional investors.

A number of equities analysts have recently issued reports on the company. Bank of America reissued a “buy” rating and issued a $81.00 target price on shares of Abbott Laboratories in a report on Thursday, June 13th. Raymond James raised their price target on Abbott Laboratories from $87.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Cowen raised their price target on Abbott Laboratories from $86.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. William Blair reaffirmed an “outperform” rating on shares of Abbott Laboratories in a report on Thursday, April 18th. Finally, Jefferies Financial Group lifted their target price on Abbott Laboratories from $80.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $85.82.

In other news, insider Brian J. Blaser sold 450,062 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $75.52, for a total transaction of $33,988,682.24. Following the completion of the transaction, the insider now directly owns 295,745 shares in the company, valued at $22,334,662.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian B. Yoor sold 43,763 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the transaction, the chief financial officer now owns 125,781 shares of the company’s stock, valued at $10,788,236.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 885,102 shares of company stock valued at $71,110,429. 0.70% of the stock is currently owned by corporate insiders.

Shares of Abbott Laboratories stock opened at $83.94 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.68 and a quick ratio of 1.20. The stock’s 50-day moving average is $85.79 and its 200-day moving average is $79.78. The firm has a market cap of $149.58 billion, a price-to-earnings ratio of 29.15, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. Abbott Laboratories has a one year low of $63.60 and a one year high of $88.76.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.02. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. The company had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8 billion. During the same quarter in the previous year, the company posted $0.73 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. On average, equities analysts expect that Abbott Laboratories will post 3.24 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Friday, July 12th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 44.44%.

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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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