Klingenstein Fields & Co. LLC Has $1.74 Million Position in Abbott Laboratories (ABT)
Klingenstein Fields & Co. LLC reduced its stake in Abbott Laboratories (NYSE:ABT) by 1.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,706 shares of the healthcare product maker’s stock after selling 361 shares during the quarter. Klingenstein Fields & Co. LLC’s holdings in Abbott Laboratories were worth $1,736,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABT. State Street Corp raised its position in Abbott Laboratories by 18.9% in the 1st quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after buying an additional 12,806,535 shares during the last quarter. Boston Partners raised its position in Abbott Laboratories by 5,663.7% in the 1st 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 last quarter. Bank of New York Mellon Corp raised its position in Abbott Laboratories by 11.0% in the 1st 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 last quarter. Ameriprise Financial Inc. raised its position in Abbott Laboratories by 33.8% in the 1st 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 last quarter. Finally, Swiss National Bank raised its position in Abbott Laboratories by 45.3% in the 1st 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 last quarter. 71.50% of the stock is owned by institutional investors and hedge funds.
Abbott Laboratories (ABT) opened at 55.00 on Friday. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $55.11. The stock’s 50 day moving average price is $51.71 and its 200 day moving average price is $47.76. The company has a market cap of $95.56 billion, a P/E ratio of 77.03 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 1.93%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 149.30%.
Several equities research analysts have recently issued reports on ABT shares. J P Morgan Chase & Co started coverage on Abbott Laboratories in a research report on Friday. They set a “neutral” rating and a $60.00 target price for the company. Bank of America Corporation reaffirmed a “buy” rating and set a $60.00 target price (up from $56.00) on shares of Abbott Laboratories in a research report on Wednesday. BMO Capital Markets reaffirmed a “hold” rating and set a $53.00 target price on shares of Abbott Laboratories in a research report on Monday, October 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Finally, Barclays PLC raised their target price on Abbott Laboratories from $57.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 28th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $54.75.
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.
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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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