Miles D. White Acquires 121,456 Shares of Abbott Laboratories (ABT) Stock
Abbott Laboratories (NYSE:ABT) Chairman Miles D. White purchased 121,456 shares of the company’s stock in a transaction that occurred on Thursday, November 10th. The shares were acquired at an average price of $40.45 per share, for a total transaction of $4,912,895.20. Following the completion of the acquisition, the chairman now directly owns 2,802,558 shares of the company’s stock, valued at approximately $113,363,471.10. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Abbott Laboratories (NYSE:ABT) opened at 39.81 on Wednesday. Abbott Laboratories has a 1-year low of $36.00 and a 1-year high of $46.38. The company has a market cap of $58.61 billion, a price-to-earnings ratio of 43.46 and a beta of 0.94. The stock has a 50 day moving average price of $40.87 and a 200-day moving average price of $40.96.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. Abbott Laboratories had a return on equity of 15.46% and a net margin of 6.61%. The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm earned $0.54 EPS. Abbott Laboratories’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities research analysts forecast that Abbott Laboratories will post $2.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Friday, October 14th were issued a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. Abbott Laboratories’s dividend payout ratio is currently 114.29%.
A number of analysts recently commented on the company. BTIG Research reiterated a “buy” rating and set a $45.00 price target on shares of Abbott Laboratories in a report on Wednesday, August 10th. Jefferies Group lowered their target price on Abbott Laboratories from $52.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, September 13th. Argus restated a “buy” rating and issued a $55.00 target price on shares of Abbott Laboratories in a research note on Thursday, July 28th. Barclays PLC boosted their target price on Abbott Laboratories from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. Finally, Bank of America Corp. restated a “buy” rating on shares of Abbott Laboratories in a research note on Monday, September 19th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $47.02.
A number of institutional investors have recently made changes to their positions in ABT. Bruderman Asset Management LLC boosted its position in shares of Abbott Laboratories by 0.3% in the third quarter. Bruderman Asset Management LLC now owns 3,124 shares of the healthcare product maker’s stock worth $132,000 after buying an additional 10 shares in the last quarter. Summit Financial Strategies Inc. boosted its stake in Abbott Laboratories by 0.4% in the second quarter. Summit Financial Strategies Inc. now owns 5,207 shares of the healthcare product maker’s stock worth $205,000 after buying an additional 19 shares in the last quarter. Johanson Financial Advisors Inc. boosted its stake in Abbott Laboratories by 0.5% in the third quarter. Johanson Financial Advisors Inc. now owns 5,214 shares of the healthcare product maker’s stock worth $222,000 after buying an additional 26 shares in the last quarter. Alpha Windward LLC boosted its stake in Abbott Laboratories by 0.6% in the third quarter. Alpha Windward LLC now owns 5,147 shares of the healthcare product maker’s stock worth $218,000 after buying an additional 32 shares in the last quarter. Finally, Sabal Trust CO boosted its stake in Abbott Laboratories by 0.4% in the third quarter. Sabal Trust CO now owns 9,156 shares of the healthcare product maker’s stock worth $387,000 after buying an additional 34 shares in the last quarter. 72.48% of the stock is currently owned by institutional investors.
Abbott Laboratories Company Profile
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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