Investors Sell Shares of Abbott Laboratories (ABT) on Strength (ABT)
Investors sold shares of Abbott Laboratories (NYSE:ABT) on strength during trading on Friday. $24.90 million flowed into the stock on the tick-up and $47.59 million flowed out of the stock on the tick-down, for a money net flow of $22.69 million out of the stock. Of all stocks tracked, Abbott Laboratories had the 0th highest net out-flow for the day. Abbott Laboratories traded up $0.08 for the day and closed at $55.00
ABT has been the subject of several recent research reports. BidaskClub raised Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Jefferies Group LLC reissued a “buy” rating and issued a $58.00 target price on shares of Abbott Laboratories in a report on Thursday, June 29th. TheStreet raised Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Wells Fargo & Company reissued an “outperform” rating and issued a $54.00 target price (up previously from $47.50) on shares of Abbott Laboratories in a report on Friday, June 30th. Finally, Cowen and Company reissued an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Abbott Laboratories in a report on Friday, July 14th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $54.75.
The stock has a market capitalization of $95.56 billion, a price-to-earnings ratio of 77.03 and a beta of 1.06. The firm’s 50-day moving average price is $51.71 and its 200 day moving average price is $47.76.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The company’s revenue was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 earnings per share. On average, equities analysts forecast that Abbott Laboratories will post $2.49 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 1.93%. Abbott Laboratories’s dividend payout ratio (DPR) is 149.30%.
In other news, insider Hubert L. Allen sold 4,600 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $50.79, for a total value of $233,634.00. Following the completion of the sale, the insider now owns 105,479 shares in the company, valued at $5,357,278.41. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sharon J. Bracken sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $49.16, for a total value of $98,320.00. Following the completion of the sale, the insider now owns 28,806 shares of the company’s stock, valued at approximately $1,416,102.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 333,310 shares of company stock valued at $16,857,255. Insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in ABT. Waldron LP lifted its holdings in shares of Abbott Laboratories by 41.0% during the first quarter. Waldron LP now owns 10,042 shares of the healthcare product maker’s stock valued at $442,000 after purchasing an additional 2,922 shares during the last quarter. NBT Bank N A NY lifted its holdings in shares of Abbott Laboratories by 0.7% during the first quarter. NBT Bank N A NY now owns 119,442 shares of the healthcare product maker’s stock valued at $5,304,000 after purchasing an additional 838 shares during the last quarter. Northpointe Capital LLC purchased a new stake in shares of Abbott Laboratories during the first quarter valued at $2,425,000. Alexandria Capital LLC lifted its holdings in shares of Abbott Laboratories by 0.5% during the first quarter. Alexandria Capital LLC now owns 11,318 shares of the healthcare product maker’s stock valued at $503,000 after purchasing an additional 56 shares during the last quarter. Finally, Glen Harbor Capital Management LLC lifted its holdings in shares of Abbott Laboratories by 37.1% during the first quarter. Glen Harbor Capital Management LLC now owns 627,980 shares of the healthcare product maker’s stock valued at $27,889,000 after purchasing an additional 169,864 shares during the last quarter. 71.50% of the stock is owned by institutional investors and hedge funds.
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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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