Abbott Laboratories (ABT) Position Lifted by Eagle Ridge Investment Management
Eagle Ridge Investment Management increased its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 178,095 shares of the healthcare product maker’s stock after purchasing an additional 1,606 shares during the period. Abbott Laboratories accounts for about 2.2% of Eagle Ridge Investment Management’s holdings, making the stock its 10th biggest position. Eagle Ridge Investment Management’s holdings in Abbott Laboratories were worth $12,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of the stock. Csenge Advisory Group acquired a new position in Abbott Laboratories in the 3rd quarter valued at $31,000. 1 North Wealth Services LLC acquired a new position in Abbott Laboratories in the 4th quarter valued at $33,000. Brand Asset Management Group Inc. raised its holdings in Abbott Laboratories by 66.7% in the 4th quarter. Brand Asset Management Group Inc. now owns 500 shares of the healthcare product maker’s stock valued at $36,000 after acquiring an additional 200 shares during the last quarter. Exane Derivatives acquired a new position in Abbott Laboratories in the 4th quarter valued at $42,000. Finally, Hirtle Callaghan & Co LLC acquired a new position in Abbott Laboratories in the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 74.11% of the company’s stock.
Shares of NYSE ABT opened at $79.94 on Thursday. Abbott Laboratories has a 52-week low of $56.81 and a 52-week high of $80.43. The firm has a market cap of $140.45 billion, a PE ratio of 27.76, a P/E/G ratio of 2.13 and a beta of 1.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 1.20.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, April 12th. This represents a $1.28 dividend on an annualized basis and a yield of 1.60%. Abbott Laboratories’s dividend payout ratio (DPR) is 44.44%.
In related news, CFO Brian B. Yoor sold 2,246 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $78.00, for a total transaction of $175,188.00. Following the completion of the sale, the chief financial officer now directly owns 116,627 shares of the company’s stock, valued at approximately $9,096,906. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jared Watkin sold 1,391 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $78.00, for a total transaction of $108,498.00. Following the sale, the senior vice president now directly owns 75,926 shares of the company’s stock, valued at $5,922,228. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 274,408 shares of company stock valued at $20,039,173. 0.74% of the stock is owned by corporate insiders.
Several research analysts have weighed in on ABT shares. Bank of America reiterated a “buy” rating and issued a $81.00 price target (up from $73.00) on shares of Abbott Laboratories in a report on Thursday, February 7th. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Monday, January 28th. Goldman Sachs Group upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and boosted their price target for the company from $78.00 to $81.00 in a report on Friday, November 30th. UBS Group assumed coverage on shares of Abbott Laboratories in a research note on Tuesday, November 27th. They set a “buy” rating and a $83.00 price objective for the company. Finally, Gabelli reissued a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, January 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the stock. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $80.18.
About Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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