Abbott Laboratories (ABT) Shares Bought by Sit Investment Associates Inc.
Sit Investment Associates Inc. increased its position in Abbott Laboratories (NYSE:ABT) by 17.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 518,555 shares of the healthcare product maker’s stock after buying an additional 78,175 shares during the period. Sit Investment Associates Inc.’s holdings in Abbott Laboratories were worth $21,930,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Cohen Lawrence B increased its stake in Abbott Laboratories by 7.4% in the second quarter. Cohen Lawrence B now owns 98,484 shares of the healthcare product maker’s stock worth $3,871,000 after buying an additional 6,775 shares during the last quarter. Moreno Evelyn V increased its stake in Abbott Laboratories by 0.6% in the second quarter. Moreno Evelyn V now owns 80,280 shares of the healthcare product maker’s stock worth $3,156,000 after buying an additional 500 shares during the last quarter. Raymond James Trust N.A. raised its stake in Abbott Laboratories by 5.1% in the second quarter. Raymond James Trust N.A. now owns 153,168 shares of the healthcare product maker’s stock worth $6,021,000 after buying an additional 7,364 shares in the last quarter. West Oak Capital LLC raised its stake in Abbott Laboratories by 0.4% in the second quarter. West Oak Capital LLC now owns 38,405 shares of the healthcare product maker’s stock worth $1,510,000 after buying an additional 165 shares in the last quarter. Finally, Patten & Patten Inc. TN raised its stake in Abbott Laboratories by 2.7% in the second quarter. Patten & Patten Inc. TN now owns 17,307 shares of the healthcare product maker’s stock worth $680,000 after buying an additional 457 shares in the last quarter. 72.12% of the stock is owned by institutional investors.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.498% during trading on Tuesday, hitting $38.933. 1,637,760 shares of the stock were exchanged. Abbott Laboratories has a 1-year low of $36.00 and a 1-year high of $46.22. The firm’s 50-day moving average is $39.99 and its 200 day moving average is $41.00. The company has a market cap of $57.32 billion, a P/E ratio of 42.503 and a beta of 0.94.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.01. Abbott Laboratories had a net margin of 6.61% and a return on equity of 15.46%. The business earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the business earned $0.54 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. Equities analysts forecast that Abbott Laboratories will post $2.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Friday, October 14th were paid a $0.26 dividend. The ex-dividend date was Wednesday, October 12th. This represents a $1.04 annualized dividend and a dividend yield of 2.66%. Abbott Laboratories’s dividend payout ratio is presently 114.29%.
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A number of research firms have recently issued reports on ABT. BTIG Research restated a “buy” rating and set a $45.00 price target on shares of Abbott Laboratories in a report on Wednesday, August 10th. Royal Bank Of Canada restated an “outperform” rating and set a $48.00 price target on shares of Abbott Laboratories in a report on Monday, September 19th. Deutsche Bank AG restated a “buy” rating on shares of Abbott Laboratories in a report on Tuesday, August 9th. Bank of America Corp. restated a “buy” rating and set a $50.00 price target on shares of Abbott Laboratories in a report on Friday, August 12th. Finally, TheStreet upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Seven 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 stock. Abbott Laboratories currently has an average rating of “Buy” and a consensus price target of $47.02.
In related news, Director Sally E. Blount acquired 5,100 shares of Abbott Laboratories stock in a transaction on Tuesday, November 1st. The stock was purchased at an average cost of $39.24 per share, with a total value of $200,124.00. Following the completion of the transaction, the director now directly owns 20,143 shares in the company, valued at approximately $790,411.32. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of Abbott Laboratories stock in a transaction 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 transaction, the senior vice president now directly owns 59,791 shares of the company’s stock, valued at $2,493,882.61. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.
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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