Huntington National Bank Sells 41,715 Shares of Abbott Laboratories (ABT)
Huntington National Bank cut its position in shares of Abbott Laboratories (NYSE:ABT) by 8.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 463,474 shares of the healthcare product maker’s stock after selling 41,715 shares during the period. Huntington National Bank’s holdings in Abbott Laboratories were worth $18,219,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Mondrian Investment Partners LTD acquired a new position in Abbott Laboratories during the first quarter worth approximately $268,822,000. Old Mutual Global Investors UK Ltd. raised its position in Abbott Laboratories by 34,061.1% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 2,998,999 shares of the healthcare product maker’s stock worth $117,890,000 after buying an additional 2,990,220 shares in the last quarter. Bank of Montreal Can acquired a new position in Abbott Laboratories during the second quarter worth approximately $82,768,000. Miller Howard Investments Inc. NY acquired a new position in Abbott Laboratories during the second quarter worth approximately $64,985,000. Finally, TIAA CREF Investment Management LLC raised its position in Abbott Laboratories by 21.1% in the first quarter. TIAA CREF Investment Management LLC now owns 8,264,886 shares of the healthcare product maker’s stock worth $345,720,000 after buying an additional 1,441,150 shares in the last quarter. Institutional investors own 73.03% of the company’s stock.
Shares of Abbott Laboratories (NYSE:ABT) traded down 0.46% during trading on Friday, reaching $40.79. 8,818,965 shares of the company traded hands. The firm has a market capitalization of $59.96 billion, a PE ratio of 26.92 and a beta of 0.87. The firm has a 50-day moving average price of $41.96 and a 200-day moving average price of $41.39. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The company earned $5.30 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts anticipate that Abbott Laboratories will post $2.20 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, October 12th. This represents a $1.04 annualized dividend and a dividend yield of 2.55%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.87%.
ABT has been the topic of a number of recent research reports. Barclays PLC restated an “overweight” rating and issued a $48.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, July 12th. TheStreet upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. Bank of America Corp. restated a “buy” rating and issued a $50.00 price objective on shares of Abbott Laboratories in a research note on Friday, August 12th. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Abbott Laboratories in a report on Monday, September 19th. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $47.02.
In other news, VP Robert E. Funck sold 26,800 shares of the firm’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $43.08, for a total transaction of $1,154,544.00. Following the completion of the transaction, the vice president now owns 111,819 shares in the company, valued at approximately $4,817,162.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $41.71, for a total transaction of $33,993.65. Following the transaction, the senior vice president now owns 59,791 shares of the company’s stock, valued at approximately $2,493,882.61. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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