River & Mercantile Asset Management LLP acquired a new stake in Abbott Laboratories (NYSE:ABT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,729 shares of the healthcare product maker’s stock, valued at approximately $145,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Manchester Financial Inc. bought a new position in Abbott Laboratories in the 2nd quarter valued at about $30,000. Front Row Advisors LLC raised its holdings 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 acquiring an additional 348 shares during the period. Redhawk Wealth Advisors Inc. bought a new position in Abbott Laboratories in the 2nd quarter valued at about $33,000. Weaver Consulting Group bought a new position in Abbott Laboratories in the 1st quarter valued at about $33,000. Finally, Pearl River Capital LLC bought a new position in Abbott Laboratories in the 2nd quarter valued at about $41,000. Institutional investors and hedge funds own 73.71% of the company’s stock.
In other Abbott Laboratories news, CFO Brian B. Yoor sold 43,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $85.77, for a total value of $3,753,552.51. Following the sale, the chief financial officer now owns 125,781 shares in the company, valued at $10,788,236.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joseph J. Manning sold 47,226 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $85.14, for a total transaction of $4,020,821.64. Following the completion of the sale, the senior vice president now owns 97,755 shares in the company, valued at approximately $8,322,860.70. The disclosure for this sale can be found here. Insiders sold 181,497 shares of company stock worth $15,701,810 over the last three months. 0.70% of the stock is currently owned by insiders.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. The business had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $0.73 earnings per share. As a group, analysts anticipate that Abbott Laboratories will post 3.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.28 dividend on an annualized basis and a yield of 1.61%. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.
ABT has been the topic of several recent research reports. ValuEngine cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Jefferies Financial Group raised their target price on shares of Abbott Laboratories from $80.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Raymond James raised their target price on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Zacks Investment Research cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 target price on the stock. in a report on Wednesday, August 21st. Finally, Morgan Stanley raised their target price on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $86.74.
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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