Chemung Canal Trust Co. Purchases 1,071 Shares of Abbott Laboratories (ABT)
Chemung Canal Trust Co. boosted its position in shares of Abbott Laboratories (NYSE:ABT) by 3.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,823 shares of the healthcare product maker’s stock after purchasing an additional 1,071 shares during the quarter. Chemung Canal Trust Co.’s holdings in Abbott Laboratories were worth $1,369,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Whittier Trust Co. raised its holdings in Abbott Laboratories by 1.7% during the 1st quarter. Whittier Trust Co. now owns 401,048 shares of the healthcare product maker’s stock worth $17,807,000 after purchasing an additional 6,751 shares during the last quarter. Century Capital Management LLC bought a new stake in Abbott Laboratories during the 1st quarter worth about $4,332,000. Miller Howard Investments Inc. NY raised its holdings in Abbott Laboratories by 3.1% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,529,641 shares of the healthcare product maker’s stock worth $67,931,000 after purchasing an additional 46,118 shares during the last quarter. Reik & CO. LLC bought a new stake in Abbott Laboratories during the 1st quarter worth about $215,000. Finally, Tandem Investment Advisors Inc. raised its holdings in Abbott Laboratories by 3.2% during the 1st quarter. Tandem Investment Advisors Inc. now owns 225,566 shares of the healthcare product maker’s stock worth $10,017,000 after purchasing an additional 7,009 shares during the last quarter. 71.66% of the stock is owned by hedge funds and other institutional investors.
In other Abbott Laboratories news, insider Jared Watkin sold 552 shares of Abbott Laboratories 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 completion of the sale, the insider now directly owns 47,090 shares in the company, valued at $2,258,907.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian J. Blaser sold 15,000 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the completion of the sale, the insider now owns 143,154 shares of the company’s stock, valued at $7,157,700. The disclosure for this sale can be found here. Over the last quarter, insiders sold 218,702 shares of company stock valued at $10,837,658. 0.76% of the stock is currently owned by corporate insiders.
ABT has been the subject of several recent research reports. TheStreet raised Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Tuesday, May 16th. Stifel Nicolaus boosted their price objective on Abbott Laboratories from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, May 31st. Jefferies Group LLC reissued a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a report on Friday, June 16th. Finally, BTIG Research initiated coverage on Abbott Laboratories in a report on Wednesday, June 21st. They set a “buy” rating and a $56.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $52.50.
Shares of Abbott Laboratories (NYSE:ABT) traded down 0.036% during trading on Wednesday, hitting $52.231. The company had a trading volume of 1,184,791 shares. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $52.60. The stock has a 50-day moving average of $49.82 and a 200 day moving average of $46.77. The stock has a market capitalization of $90.75 billion, a price-to-earnings ratio of 73.153 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. On average, analysts predict that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
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Abbott Laboratories 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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