United Bank Raises Holdings in Abbott Laboratories (ABT)
United Bank grew its position in Abbott Laboratories (NYSE:ABT) by 10.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,366 shares of the healthcare product maker’s stock after purchasing an additional 2,871 shares during the period. United Bank’s holdings in Abbott Laboratories were worth $1,427,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Winfield Associates Inc. grew its holdings in Abbott Laboratories by 3.9% in the 2nd quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after buying an additional 89 shares during the last quarter. V Wealth Management LLC acquired a new stake in Abbott Laboratories in the 2nd quarter valued at approximately $127,000. JFS Wealth Advisors LLC grew its holdings in Abbott Laboratories by 349.0% in the 2nd quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock valued at $131,000 after buying an additional 2,094 shares during the last quarter. Atwood & Palmer Inc. grew its holdings in Abbott Laboratories by 157.5% in the 1st quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock valued at $145,000 after buying an additional 2,000 shares during the last quarter. Finally, Lee Financial Co grew its holdings in Abbott Laboratories by 1.7% in the 2nd quarter. Lee Financial Co now owns 3,388 shares of the healthcare product maker’s stock valued at $165,000 after buying an additional 57 shares during the last quarter. 71.45% of the stock is currently owned by institutional investors.
TRADEMARK VIOLATION NOTICE: “United Bank Raises Holdings in Abbott Laboratories (ABT)” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece on another domain, it was illegally stolen and reposted in violation of United States & international trademark & copyright laws. The original version of this piece can be accessed at https://www.thecerbatgem.com/2017/10/16/united-bank-raises-holdings-in-abbott-laboratories-abt.html.
ABT has been the topic of a number of research analyst reports. TheStreet raised Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. BidaskClub lowered Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Jefferies Group LLC reiterated a “buy” rating and issued a $58.00 price objective on shares of Abbott Laboratories in a research report on Thursday, August 3rd. Guggenheim started coverage on Abbott Laboratories in a research report on Thursday, June 29th. They issued a “buy” rating and a $58.00 price objective for the company. Finally, BTIG Research started coverage on Abbott Laboratories in a research report on Wednesday, June 21st. They issued a “buy” rating and a $56.00 price objective for the company. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $54.94.
Shares of Abbott Laboratories (NYSE ABT) opened at 54.65 on Monday. The firm has a market capitalization of $94.95 billion, a PE ratio of 76.54 and a beta of 1.06. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $55.43. The stock has a 50 day moving average price of $52.59 and a 200 day moving average price of $48.17.
Abbott Laboratories (NYSE:ABT) last announced 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. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The company had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. During the same period in the prior year, the company earned $0.55 EPS. Abbott Laboratories’s revenue was up 24.5% compared to the same quarter last year. Equities research analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a $0.265 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.06 dividend on an annualized basis and a yield of 1.94%. Abbott Laboratories’s payout ratio is 149.30%.
In related news, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total value of $9,729,225.00. Following the completion of the sale, the insider now directly owns 221,488 shares in the company, valued at $10,963,656. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian J. Blaser sold 15,000 shares of the stock in a transaction on Thursday, July 27th. The shares were 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. Insiders sold 333,310 shares of company stock valued at $16,857,255 over the last 90 days. 0.76% of the stock is currently owned by company insiders.
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.
Receive News & Stock Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related stocks with our FREE daily email newsletter.