Venturi Wealth Management LLC lowered its holdings in Abbott Laboratories (NYSE:ABT) by 14.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,232 shares of the healthcare product maker’s stock after selling 2,611 shares during the period. Venturi Wealth Management LLC’s holdings in Abbott Laboratories were worth $1,393,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABT. Capital International Investors grew its holdings in Abbott Laboratories by 17.9% during the 1st quarter. Capital International Investors now owns 55,781,543 shares of the healthcare product maker’s stock worth $4,401,723,000 after acquiring an additional 8,454,341 shares in the last quarter. Polen Capital Management LLC grew its holdings in Abbott Laboratories by 86.7% during the 1st quarter. Polen Capital Management LLC now owns 16,659,583 shares of the healthcare product maker’s stock worth $1,314,608,000 after acquiring an additional 7,735,426 shares in the last quarter. Veritas Asset Management LLP acquired a new position in Abbott Laboratories during the 1st quarter worth approximately $398,420,000. Wellington Management Group LLP grew its holdings in Abbott Laboratories by 11.9% during the 1st quarter. Wellington Management Group LLP now owns 43,184,886 shares of the healthcare product maker’s stock worth $3,407,719,000 after acquiring an additional 4,584,550 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in Abbott Laboratories by 2.7% during the 1st quarter. BlackRock Inc. now owns 128,123,947 shares of the healthcare product maker’s stock worth $10,110,260,000 after acquiring an additional 3,395,345 shares in the last quarter. Institutional investors own 73.59% of the company’s stock.
ABT stock traded down $0.98 on Wednesday, hitting $99.06. The company’s stock had a trading volume of 4,823,300 shares, compared to its average volume of 7,652,633. The firm has a 50 day moving average of $96.05 and a two-hundred day moving average of $89.17. Abbott Laboratories has a 1 year low of $61.61 and a 1 year high of $102.89. The stock has a market cap of $177.12 billion, a price-to-earnings ratio of 57.26, a price-to-earnings-growth ratio of 3.33 and a beta of 0.99. The company has a current ratio of 1.57, a quick ratio of 1.10 and a debt-to-equity ratio of 0.59.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, July 14th. This represents a $1.44 dividend on an annualized basis and a yield of 1.45%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.08. Abbott Laboratories’s dividend payout ratio is presently 44.44%.
In other Abbott Laboratories news, Director Roxanne S. Austin sold 6,844 shares of the company’s stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of $99.80, for a total transaction of $683,031.20. Following the completion of the transaction, the director now owns 40,043 shares in the company, valued at approximately $3,996,291.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $98.00, for a total transaction of $2,254,784.00. Following the transaction, the senior vice president now owns 96,899 shares of the company’s stock, valued at approximately $9,496,102. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,724 shares of company stock valued at $3,017,028. 1.70% of the stock is owned by insiders.
Several research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Abbott Laboratories from a “hold” rating to a “sell” rating and set a $98.00 target price for the company. in a report on Wednesday, April 15th. Argus upped their target price on shares of Abbott Laboratories from $110.00 to $125.00 in a report on Thursday, July 23rd. Credit Suisse Group upped their target price on shares of Abbott Laboratories from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Goldman Sachs Group cut shares of Abbott Laboratories from a “neutral” rating to a “sell” rating and set a $84.00 target price for the company. in a report on Sunday, May 31st. Finally, Morgan Stanley upped their target price on shares of Abbott Laboratories from $100.00 to $106.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $105.13.
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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