Abbott Laboratories (ABT) Shares Sold by Cullinan Associates Inc.
Cullinan Associates Inc. cut its position in Abbott Laboratories (NYSE:ABT) by 5.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 278,300 shares of the healthcare product maker’s stock after selling 17,450 shares during the period. Abbott Laboratories comprises approximately 1.0% of Cullinan Associates Inc.’s investment portfolio, making the stock its 16th largest position. Cullinan Associates Inc.’s holdings in Abbott Laboratories were worth $11,769,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in ABT. Parasol Investment Management LLC raised its stake in shares of Abbott Laboratories by 30.5% in the second quarter. Parasol Investment Management LLC now owns 2,570 shares of the healthcare product maker’s stock valued at $101,000 after buying an additional 600 shares during the period. Krilogy Financial LLC raised its stake in shares of Abbott Laboratories by 9.3% in the second quarter. Krilogy Financial LLC now owns 2,685 shares of the healthcare product maker’s stock valued at $106,000 after buying an additional 229 shares during the period. SeaBridge Investment Advisors LLC raised its stake in shares of Abbott Laboratories by 10.6% in the second quarter. SeaBridge Investment Advisors LLC now owns 2,875 shares of the healthcare product maker’s stock valued at $113,000 after buying an additional 275 shares during the period. Perceptive Advisors LLC acquired a new stake in shares of Abbott Laboratories during the second quarter valued at about $120,000. Finally, Bellwether Investment Group LLC acquired a new stake in shares of Abbott Laboratories during the second quarter valued at about $145,000. Hedge funds and other institutional investors own 72.48% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded down 1.36% during midday trading on Friday, reaching $39.84. 7,015,102 shares of the company were exchanged. Abbott Laboratories has a 52 week low of $36.00 and a 52 week high of $46.38. The stock has a market capitalization of $58.66 billion, a P/E ratio of 43.49 and a beta of 0.94. The firm’s 50 day moving average price is $40.87 and its 200-day moving average price is $40.96.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 19th. The healthcare product maker reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Abbott Laboratories had a net margin of 6.61% and a return on equity of 15.46%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the company earned $0.54 EPS. Equities analysts forecast that Abbott Laboratories will post $2.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. Abbott Laboratories’s payout ratio is 114.29%.
Several analysts recently issued reports on ABT shares. Bank of America Corp. restated a “buy” rating and set a $50.00 target price on shares of Abbott Laboratories in a research report on Friday, August 12th. Zacks Investment Research lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, October 4th. Jefferies Group boosted their target price on shares of Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. BTIG Research restated a “buy” rating and set a $45.00 target price on shares of Abbott Laboratories in a research report on Wednesday, August 10th. Finally, TheStreet upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research report on Monday, August 22nd. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $47.02.
In other news, Chairman Miles D. White acquired 121,456 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were acquired at an average price of $40.45 per share, with a total value of $4,912,895.20. Following the purchase, the chairman now directly owns 2,802,558 shares of the company’s stock, valued at $113,363,471.10. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $41.71, for a total transaction of $33,993.65. Following the sale, the senior vice president now directly owns 59,791 shares in the company, 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.
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.
Receive News & Stock Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related stocks with our FREE daily email newsletter.