Eastern Bank Has $814,000 Position in Abbott Laboratories (ABT)
Eastern Bank boosted its stake in Abbott Laboratories (NYSE:ABT) by 6.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,764 shares of the healthcare product maker’s stock after buying an additional 961 shares during the quarter. Eastern Bank’s holdings in Abbott Laboratories were worth $814,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Villere ST Denis J & Co. LLC raised its position in Abbott Laboratories by 2.3% in the 2nd quarter. Villere ST Denis J & Co. LLC now owns 268,200 shares of the healthcare product maker’s stock valued at $13,037,000 after buying an additional 5,950 shares during the last quarter. Whittier Trust Co. raised its position in Abbott Laboratories by 1.7% in the 1st quarter. Whittier Trust Co. now owns 401,048 shares of the healthcare product maker’s stock valued at $17,807,000 after buying an additional 6,751 shares during the last quarter. Private Bank & Trust Co. raised its position in Abbott Laboratories by 12.3% in the 2nd quarter. Private Bank & Trust Co. now owns 30,322 shares of the healthcare product maker’s stock valued at $1,473,000 after buying an additional 3,330 shares during the last quarter. Century Capital Management LLC purchased a new stake in Abbott Laboratories in the 1st quarter valued at $4,332,000. Finally, Comerica Securities Inc. purchased a new stake in Abbott Laboratories in the 1st quarter valued at $2,833,000. 71.50% of the stock is owned by institutional investors and hedge funds.
In related news, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 221,488 shares in the company, valued at $10,963,656. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the company’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $52.95, for a total value of $3,307,257.00. Following the sale, the insider now owns 113,426 shares of the company’s stock, valued at approximately $6,005,906.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 333,310 shares of company stock valued at $16,857,255. 0.76% of the stock is owned by company insiders.
ABT has been the subject of a number of analyst reports. Zacks Investment Research lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Wells Fargo & Company restated an “outperform” rating and issued a $54.00 price objective (up previously from $47.50) on shares of Abbott Laboratories in a research note on Friday, June 30th. TheStreet upgraded Abbott Laboratories from a “c+” rating to a “b” rating in a research note on Monday, July 3rd. Barclays PLC restated an “overweight” rating and issued a $57.00 price objective (up previously from $52.00) on shares of Abbott Laboratories in a research note on Saturday, July 22nd. Finally, BMO Capital Markets restated a “hold” rating and issued a $48.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, July 11th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Abbott Laboratories currently has an average rating of “Buy” and an average target price of $53.64.
Abbott Laboratories (ABT) opened at 53.36 on Friday. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $53.79. The stock’s 50 day moving average price is $50.14 and its 200 day moving average price is $47.04. The company has a market cap of $92.71 billion, a P/E ratio of 74.73 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $6.64 billion during 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%. Abbott Laboratories’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 earnings per share. On average, equities analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
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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