Cheviot Value Management LLC Decreases Position in Abbott Laboratories (ABT)
Cheviot Value Management LLC reduced its stake in Abbott Laboratories (NYSE:ABT) by 9.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,243 shares of the healthcare product maker’s stock after selling 4,900 shares during the period. Abbott Laboratories accounts for 1.7% of Cheviot Value Management LLC’s portfolio, making the stock its 19th largest position. Cheviot Value Management LLC’s holdings in Abbott Laboratories were worth $3,272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently added to or reduced their stakes in ABT. Oregon Public Employees Retirement Fund raised its stake in Abbott Laboratories by 7,559.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 30,095,862 shares of the healthcare product maker’s stock worth $416,000 after buying an additional 29,702,943 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Abbott Laboratories by 102,159.4% in the third quarter. Bank of New York Mellon Corp now owns 27,234,758 shares of the healthcare product maker’s stock worth $1,997,943,000 after buying an additional 27,208,125 shares in the last quarter. Matthew Goff Investment Advisor LLC raised its stake in Abbott Laboratories by 5,999.0% in the third quarter. Matthew Goff Investment Advisor LLC now owns 6,418,950 shares of the healthcare product maker’s stock worth $105,246,000 after buying an additional 6,313,704 shares in the last quarter. BlackRock Inc. increased its stake in shares of Abbott Laboratories by 3.3% during the fourth quarter. BlackRock Inc. now owns 121,045,590 shares of the healthcare product maker’s stock valued at $8,755,228,000 after purchasing an additional 3,842,101 shares in the last quarter. Finally, Sustainable Growth Advisers LP increased its stake in shares of Abbott Laboratories by 147.4% during the fourth quarter. Sustainable Growth Advisers LP now owns 4,390,018 shares of the healthcare product maker’s stock valued at $317,530,000 after purchasing an additional 2,615,446 shares in the last quarter. 75.16% of the stock is owned by institutional investors.
In other news, insider Joseph J. Manning sold 5,613 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $79.58, for a total transaction of $446,682.54. Following the sale, the insider now owns 56,029 shares in the company, valued at $4,458,787.82. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Sharon J. Bracken sold 5,500 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $77.83, for a total transaction of $428,065.00. Following the sale, the insider now owns 50,019 shares in the company, valued at approximately $3,892,978.77. The disclosure for this sale can be found here. In the last quarter, insiders have sold 280,021 shares of company stock worth $20,485,856. Corporate insiders own 0.70% of the company’s stock.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, January 23rd. The healthcare product maker reported $0.81 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.81. Abbott Laboratories had a net margin of 7.74% and a return on equity of 16.55%. The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.82 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities analysts predict that Abbott Laboratories will post 3.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, April 12th. Abbott Laboratories’s payout ratio is 44.44%.
ABT has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Morgan Stanley raised their target price on shares of Abbott Laboratories from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, January 2nd. Royal Bank of Canada raised their target price on shares of Abbott Laboratories to $82.00 and gave the company a “buy” rating in a research note on Monday. They noted that the move was a valuation call. Citigroup downgraded shares of Abbott Laboratories from a “neutral” rating to a “sell” rating and decreased their target price for the company from $72.00 to $68.00 in a research note on Wednesday, January 2nd. Finally, Bank of America reaffirmed a “buy” rating and set a $81.00 target price (up previously from $73.00) on shares of Abbott Laboratories in a research note on Thursday, February 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $80.48.
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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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