HM Payson & Co. reduced its position in Abbott Laboratories (NYSE:ABT) by 5.9% during the first quarter, Holdings Channel reports. The fund owned 807,536 shares of the healthcare product maker’s stock after selling 50,375 shares during the period. Abbott Laboratories comprises approximately 1.6% of HM Payson & Co.’s holdings, making the stock its 16th largest position. HM Payson & Co.’s holdings in Abbott Laboratories were worth $35,862,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ABT. Union Bankshares Corp boosted its position in Abbott Laboratories by 1.5% in the first quarter. Union Bankshares Corp now owns 78,518 shares of the healthcare product maker’s stock valued at $3,487,000 after buying an additional 1,176 shares during the period. Gulf International Bank UK Ltd boosted its position in Abbott Laboratories by 19.3% in the first quarter. Gulf International Bank UK Ltd now owns 536,000 shares of the healthcare product maker’s stock valued at $23,803,000 after buying an additional 86,679 shares during the period. Exxonmobil Investment Management Inc. TX boosted its position in Abbott Laboratories by 12.6% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 383,729 shares of the healthcare product maker’s stock valued at $17,041,000 after buying an additional 42,938 shares during the period. Chesley Taft & Associates LLC boosted its position in Abbott Laboratories by 0.5% in the first quarter. Chesley Taft & Associates LLC now owns 343,785 shares of the healthcare product maker’s stock valued at $15,267,000 after buying an additional 1,592 shares during the period. Finally, Stock Yards Bank & Trust Co. boosted its position in Abbott Laboratories by 366.2% in the first quarter. Stock Yards Bank & Trust Co. now owns 195,845 shares of the healthcare product maker’s stock valued at $8,698,000 after buying an additional 153,836 shares during the period. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Abbott Laboratories (NYSE:ABT) traded up 1.76% during trading on Wednesday, reaching $49.68. The company’s stock had a trading volume of 1,676,586 shares. Abbott Laboratories has a one year low of $37.38 and a one year high of $51.13. The stock has a market cap of $86.32 billion, a price-to-earnings ratio of 69.58 and a beta of 1.07. The company has a 50-day moving average price of $49.09 and a 200-day moving average price of $45.85.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The business had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. During the same quarter in the prior year, the company earned $0.55 EPS. The business’s revenue was up 24.5% compared to the same quarter last year. On average, equities research analysts forecast that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend was Wednesday, July 12th. Abbott Laboratories’s payout ratio is 149.30%.

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ABT has been the topic of several research analyst reports. TheStreet upgraded shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Royal Bank Of Canada restated a “buy” rating on shares of Abbott Laboratories in a research report on Monday, May 15th. Jefferies Group LLC reiterated a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Abbott Laboratories in a research report on Friday, May 12th. Stifel Nicolaus reiterated a “buy” rating and set a $49.00 price target on shares of Abbott Laboratories in a research report on Tuesday, April 18th. Finally, Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Tuesday, May 16th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $52.08.

In other news, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the transaction, the insider now owns 221,488 shares of the company’s stock, valued at approximately $10,188,448. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sharon J. Bracken sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $49.16, for a total value of $98,320.00. Following the sale, the insider now owns 28,806 shares of the company’s stock, valued at $1,416,102.96. The disclosure for this sale can be found here. Insiders have sold a total of 218,702 shares of company stock worth $10,149,733 in the last three months. Corporate insiders own 0.76% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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