Montgomery Investment Management Inc. Has $933,000 Position in Abbott Laboratories (ABT)
Montgomery Investment Management Inc. maintained its stake in Abbott Laboratories (NYSE:ABT) during the first quarter, according to its most recent filing with the SEC. The fund owned 21,010 shares of the healthcare product maker’s stock at the end of the first quarter. Montgomery Investment Management Inc.’s holdings in Abbott Laboratories were worth $933,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Boston Partners boosted its stake in shares of Abbott Laboratories by 5,663.7% in the first quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock valued at $364,696,000 after buying an additional 8,069,557 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock valued at $1,500,920,000 after buying an additional 3,344,508 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Abbott Laboratories by 33.8% in the first quarter. Ameriprise Financial Inc. now owns 8,823,399 shares of the healthcare product maker’s stock valued at $391,841,000 after buying an additional 2,231,316 shares during the period. Swiss National Bank boosted its stake in shares of Abbott Laboratories by 45.3% in the first quarter. Swiss National Bank now owns 6,528,788 shares of the healthcare product maker’s stock valued at $289,943,000 after buying an additional 2,035,170 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Abbott Laboratories by 1,134.8% in the first quarter. Canada Pension Plan Investment Board now owns 2,095,044 shares of the healthcare product maker’s stock valued at $93,041,000 after buying an additional 1,925,376 shares during the period. Institutional investors own 71.64% of the company’s stock.
Abbott Laboratories (NYSE ABT) traded down 0.508% during midday trading on Wednesday, reaching $49.895. 818,719 shares of the company were exchanged. Abbott Laboratories has a 52-week low of $37.38 and a 52-week high of $51.13. The stock has a market capitalization of $86.69 billion, a price-to-earnings ratio of 69.881 and a beta of 1.07. The firm’s 50-day moving average price is $49.25 and its 200 day moving average price is $46.20.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The business’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 EPS. Equities analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Wednesday, July 12th. Abbott Laboratories’s payout ratio is 149.30%.
ABT has been the subject of several recent analyst reports. Jefferies Group LLC reiterated a “buy” rating and issued a $51.00 price objective (up previously from $50.00) on shares of Abbott Laboratories in a research note on Friday, May 12th. Royal Bank Of Canada restated a “buy” rating on shares of Abbott Laboratories in a research report on Monday, May 15th. Goldman Sachs Group, Inc. (The) began coverage on shares of Abbott Laboratories in a research report on Tuesday, May 16th. They set a “neutral” rating and a $45.00 target price for the company. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Tuesday, May 16th. Finally, TheStreet cut shares of Abbott Laboratories from a “b” rating to a “c+” rating in a research report on Thursday, May 18th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $52.14.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 196,550 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total transaction of $9,729,225.00. Following the transaction, the insider now owns 221,488 shares of the company’s stock, valued at approximately $10,963,656. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $47.97, for a total value of $26,479.44. Following the transaction, the insider now directly owns 47,090 shares in the company, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 415,252 shares of company stock worth $19,878,958 in the last 90 days. Company insiders own 0.76% of the company’s stock.
About Abbott Laboratories
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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