Spinnaker Trust Acquires 349 Shares of Abbott Laboratories (ABT)
Spinnaker Trust grew its holdings in Abbott Laboratories (NYSE:ABT) by 1.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,815 shares of the healthcare product maker’s stock after acquiring an additional 349 shares during the period. Spinnaker Trust’s holdings in Abbott Laboratories were worth $1,352,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. V Wealth Management LLC acquired a new stake in shares of Abbott Laboratories in the second quarter worth $127,000. Atwood & Palmer Inc. lifted its stake in shares of Abbott Laboratories by 157.5% in the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after buying an additional 2,000 shares during the last quarter. Farmers National Bank lifted its stake in shares of Abbott Laboratories by 1.5% in the first quarter. Farmers National Bank now owns 3,568 shares of the healthcare product maker’s stock worth $158,000 after buying an additional 52 shares during the last quarter. Advantage Investment Management LLC lifted its stake in shares of Abbott Laboratories by 17.3% in the first quarter. Advantage Investment Management LLC now owns 3,674 shares of the healthcare product maker’s stock worth $163,000 after buying an additional 543 shares during the last quarter. Finally, Delta Asset Management LLC TN lifted its stake in shares of Abbott Laboratories by 1.3% in the first quarter. Delta Asset Management LLC TN now owns 3,996 shares of the healthcare product maker’s stock worth $178,000 after buying an additional 51 shares during the last quarter. 71.50% of the stock is owned by institutional investors.
A number of analysts have recently weighed in on ABT shares. Jefferies Group LLC restated a “buy” rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research note on Friday, June 16th. BidaskClub upgraded shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. BTIG Research started coverage on shares of Abbott Laboratories in a research note on Wednesday, June 21st. They issued a “buy” rating and a $56.00 price objective for the company. Guggenheim started coverage on shares of Abbott Laboratories in a research note on Thursday, June 29th. They issued a “buy” rating and a $58.00 price objective for the company. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $54.00 price objective (up from $47.50) on shares of Abbott Laboratories in a research note on Friday, June 30th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Abbott Laboratories currently has a consensus rating of “Buy” and an average price target of $54.75.
In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 62,460 shares of Abbott Laboratories stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $52.95, for a total value of $3,307,257.00. Following the transaction, the insider now owns 113,426 shares in the company, valued at $6,005,906.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jaime Contreras sold 52,700 shares of Abbott Laboratories stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $51.97, for a total value of $2,738,819.00. Following the completion of the transaction, the insider now owns 58,739 shares in the company, valued at approximately $3,052,665.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 333,310 shares of company stock valued at $16,857,255. 0.76% of the stock is owned by insiders.
Shares of Abbott Laboratories (ABT) opened at 55.00 on Friday. The stock has a 50 day moving average of $51.71 and a 200 day moving average of $47.76. The company has a market cap of $95.56 billion, a price-to-earnings ratio of 77.03 and a beta of 1.06. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $55.11.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating 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%. Abbott Laboratories’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.55 earnings per share. On average, equities analysts expect that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend 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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