Renaissance Investment Consultants Holding Company LLC reduced its position in Abbott Laboratories (NYSE:ABT) by 17.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,513 shares of the healthcare product maker’s stock after selling 746 shares during the quarter. Renaissance Investment Consultants Holding Company LLC’s holdings in Abbott Laboratories were worth $351,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in ABT. Abbot Financial Management Inc. increased its stake in shares of Abbott Laboratories by 0.8% during the second quarter. Abbot Financial Management Inc. now owns 12,986 shares of the healthcare product maker’s stock worth $1,187,000 after acquiring an additional 100 shares during the period. Focused Wealth Management Inc raised its holdings in Abbott Laboratories by 12.1% during the 2nd quarter. Focused Wealth Management Inc now owns 947 shares of the healthcare product maker’s stock worth $87,000 after buying an additional 102 shares during the period. Manchester Financial Inc. raised its holdings in Abbott Laboratories by 17.3% during the 1st quarter. Manchester Financial Inc. now owns 700 shares of the healthcare product maker’s stock worth $55,000 after buying an additional 103 shares during the period. Allen Investment Management LLC raised its holdings in Abbott Laboratories by 1.0% during the 1st quarter. Allen Investment Management LLC now owns 11,711 shares of the healthcare product maker’s stock worth $924,000 after buying an additional 111 shares during the period. Finally, Keudell Morrison Wealth Management raised its holdings in Abbott Laboratories by 1.6% during the 2nd quarter. Keudell Morrison Wealth Management now owns 7,081 shares of the healthcare product maker’s stock worth $647,000 after buying an additional 111 shares during the period. Institutional investors own 73.59% of the company’s stock.
In other news, SVP Michael J. Pederson sold 23,008 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 96,899 shares in the company, valued at $9,496,102. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Andrew H. Lane sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $92.00, for a total value of $7,360,000.00. Following the transaction, the executive vice president now owns 107,090 shares of the company’s stock, valued at $9,852,280. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,724 shares of company stock valued at $10,377,028. Corporate insiders own 1.70% of the company’s stock.
Shares of NYSE ABT traded down $0.89 during trading hours on Friday, hitting $100.64. The stock had a trading volume of 4,604,259 shares, compared to its average volume of 4,638,467. The company has a market capitalization of $178.02 billion, a P/E ratio of 58.17, a P/E/G ratio of 3.38 and a beta of 0.97. The firm’s 50-day moving average price is $93.64 and its two-hundred day moving average price is $88.45. Abbott Laboratories has a 52 week low of $61.61 and a 52 week high of $102.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.01 and a current ratio of 1.57.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 16th. The healthcare product maker reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.15. Abbott Laboratories had a return on equity of 17.34% and a net margin of 9.89%. The firm had revenue of $7.33 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period in the previous year, the company earned $0.82 EPS. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. As a group, analysts expect that Abbott Laboratories will post 3.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, July 14th. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.08. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.43%. Abbott Laboratories’s payout ratio is 44.44%.
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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