Abbott Laboratories (ABT) Shares Bought by Sit Investment Associates Inc.
Sit Investment Associates Inc. raised its stake in Abbott Laboratories (NYSE:ABT) by 17.8% during the third quarter, Holdings Channel reports. The fund owned 518,555 shares of the healthcare product maker’s stock after buying an additional 78,175 shares during the period. Sit Investment Associates Inc.’s holdings in Abbott Laboratories were worth $21,930,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of ABT. Parasol Investment Management LLC increased its position in Abbott Laboratories by 30.5% in the second quarter. Parasol Investment Management LLC now owns 2,570 shares of the healthcare product maker’s stock valued at $101,000 after buying an additional 600 shares in the last quarter. Krilogy Financial LLC increased its position in Abbott Laboratories by 9.3% in the second quarter. Krilogy Financial LLC now owns 2,685 shares of the healthcare product maker’s stock valued at $106,000 after buying an additional 229 shares in the last quarter. SeaBridge Investment Advisors LLC increased its position in Abbott Laboratories by 10.6% in the second quarter. SeaBridge Investment Advisors LLC now owns 2,875 shares of the healthcare product maker’s stock valued at $113,000 after buying an additional 275 shares in the last quarter. Perceptive Advisors LLC purchased a new position in Abbott Laboratories during the second quarter valued at about $120,000. Finally, Bellwether Investment Group LLC purchased a new position in Abbott Laboratories during the second quarter valued at about $145,000. 72.12% of the stock is owned by hedge funds and other institutional investors.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.49% during midday trading on Tuesday, hitting $38.93. The stock had a trading volume of 1,638,560 shares. The stock has a market cap of $57.32 billion, a PE ratio of 42.50 and a beta of 0.94. The stock’s 50-day moving average is $39.99 and its 200-day moving average is $41.00. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.22.
Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Abbott Laboratories had a return on equity of 15.46% and a net margin of 6.61%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities analysts anticipate that Abbott Laboratories will post $2.21 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 114.29%.
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Several brokerages recently commented on ABT. BTIG Research reiterated a “buy” rating and issued a $45.00 target price on shares of Abbott Laboratories in a report on Wednesday, August 10th. Jefferies Group reduced their target price on Abbott Laboratories from $52.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, September 13th. Bank of America Corp. reiterated a “buy” rating on shares of Abbott Laboratories in a report on Monday, September 19th. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Tuesday, September 20th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Abbott Laboratories in a report on Tuesday, August 9th. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $47.02.
In related news, Director Sally E. Blount bought 5,100 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were acquired at an average cost of $39.24 per share, with a total value of $200,124.00. Following the completion of the acquisition, the director now owns 20,143 shares of the company’s stock, valued at approximately $790,411.32. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Miles D. White bought 121,456 shares of the company’s stock in a transaction on Thursday, November 10th. The stock was bought at an average cost of $40.45 per share, for a total transaction of $4,912,895.20. Following the completion of the acquisition, the chairman now directly owns 2,802,558 shares of the company’s stock, valued at approximately $113,363,471.10. The disclosure for this purchase can be found here. 0.26% of the stock is owned by company insiders.
Abbott Laboratories Company Profile
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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