Legacy Bridge LLC grew its stake in Abbott Laboratories (NYSE:ABT – Free Report) by 5.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,756 shares of the healthcare product maker’s stock after purchasing an additional 200 shares during the period. Legacy Bridge LLC’s holdings in Abbott Laboratories were worth $409,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of ABT. Fairfield Bush & CO. purchased a new stake in shares of Abbott Laboratories in the first quarter valued at about $131,000. United Bank lifted its position in Abbott Laboratories by 7.2% in the first quarter. United Bank now owns 27,280 shares of the healthcare product maker’s stock valued at $3,229,000 after purchasing an additional 1,826 shares during the period. Mackenzie Financial Corp boosted its holdings in Abbott Laboratories by 1.9% in the 1st quarter. Mackenzie Financial Corp now owns 813,253 shares of the healthcare product maker’s stock valued at $96,257,000 after purchasing an additional 15,521 shares in the last quarter. Kinneret Advisory LLC raised its stake in shares of Abbott Laboratories by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 19,467 shares of the healthcare product maker’s stock worth $2,304,000 after buying an additional 436 shares in the last quarter. Finally, Lumature Wealth Partners LLC lifted its holdings in shares of Abbott Laboratories by 636.2% in the 1st quarter. Lumature Wealth Partners LLC now owns 2,216 shares of the healthcare product maker’s stock valued at $262,000 after buying an additional 1,915 shares during the period. Hedge funds and other institutional investors own 73.70% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on ABT. Wolfe Research raised Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a report on Friday, July 21st. StockNews.com initiated coverage on shares of Abbott Laboratories in a report on Thursday, August 17th. They issued a “buy” rating for the company. Barclays boosted their price objective on shares of Abbott Laboratories from $127.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday, July 24th. Mizuho lifted their price target on shares of Abbott Laboratories from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $112.00 price target on shares of Abbott Laboratories in a report on Friday, July 21st. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.82.
Abbott Laboratories Trading Down 0.1 %
Shares of ABT stock opened at $101.65 on Monday. Abbott Laboratories has a fifty-two week low of $93.25 and a fifty-two week high of $115.83. The firm’s 50 day moving average price is $106.17 and its two-hundred day moving average price is $105.24. The stock has a market cap of $176.40 billion, a price-to-earnings ratio of 34.72, a price-to-earnings-growth ratio of 4.59 and a beta of 0.68. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.39.
Abbott Laboratories (NYSE:ABT – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The firm had revenue of $9.98 billion during the quarter, compared to analysts’ expectations of $9.71 billion. Abbott Laboratories had a net margin of 12.83% and a return on equity of 20.50%. The firm’s revenue was down 11.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.43 EPS. On average, analysts anticipate that Abbott Laboratories will post 4.4 EPS for the current year.
Insider Activity at Abbott Laboratories
In other Abbott Laboratories news, Director Daniel J. Starks sold 50,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $113.76, for a total value of $5,688,000.00. Following the completion of the sale, the director now owns 6,775,316 shares of the company’s stock, valued at $770,759,948.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Abbott Laboratories news, EVP Andrea F. Wainer sold 10,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $105.03, for a total transaction of $1,092,312.00. Following the completion of the sale, the executive vice president now owns 65,027 shares in the company, valued at approximately $6,829,785.81. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel J. Starks sold 50,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $113.76, for a total value of $5,688,000.00. Following the transaction, the director now owns 6,775,316 shares of the company’s stock, valued at $770,759,948.16. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
Abbott Laboratories Company Profile
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.
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