United Fire Group Inc. reduced its holdings in Abbott Laboratories (NYSE:ABT – Get Rating) by 31.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,000 shares of the healthcare product maker’s stock after selling 25,000 shares during the quarter. Abbott Laboratories comprises 3.4% of United Fire Group Inc.’s investment portfolio, making the stock its 8th largest position. United Fire Group Inc.’s holdings in Abbott Laboratories were worth $6,510,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in ABT. Van ECK Associates Corp lifted its stake in shares of Abbott Laboratories by 1.9% in the 4th quarter. Van ECK Associates Corp now owns 27,776 shares of the healthcare product maker’s stock valued at $3,909,000 after purchasing an additional 512 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management raised its stake in Abbott Laboratories by 10.5% during the fourth quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 3,270 shares of the healthcare product maker’s stock valued at $460,000 after buying an additional 310 shares during the last quarter. Highland Capital Management LLC raised its stake in Abbott Laboratories by 21.8% during the fourth quarter. Highland Capital Management LLC now owns 11,169 shares of the healthcare product maker’s stock valued at $1,572,000 after buying an additional 2,000 shares during the last quarter. Amplius Wealth Advisors LLC purchased a new position in Abbott Laboratories during the fourth quarter valued at $204,000. Finally, National Asset Management Inc. raised its stake in Abbott Laboratories by 2.0% during the fourth quarter. National Asset Management Inc. now owns 45,847 shares of the healthcare product maker’s stock valued at $6,454,000 after buying an additional 884 shares during the last quarter. 73.46% of the stock is currently owned by institutional investors.
Abbott Laboratories Trading Up 0.4 %
NYSE:ABT traded up $0.42 on Thursday, reaching $110.41. The company’s stock had a trading volume of 218,669 shares, compared to its average volume of 4,557,696. Abbott Laboratories has a 12-month low of $101.24 and a 12-month high of $142.60. The company has a quick ratio of 1.40, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average price of $110.01 and a 200 day moving average price of $116.80. The firm has a market cap of $193.32 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 4.04 and a beta of 0.75.
Abbott Laboratories Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 15th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Thursday, July 14th. This represents a $1.88 annualized dividend and a yield of 1.70%. Abbott Laboratories’s dividend payout ratio (DPR) is 39.25%.
Insider Buying and Selling at Abbott Laboratories
In related news, Director Daniel J. Starks sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $113.22, for a total transaction of $5,661,000.00. Following the completion of the sale, the director now directly owns 6,973,500 shares in the company, valued at $789,539,670. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Daniel J. Starks sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $113.22, for a total value of $5,661,000.00. Following the transaction, the director now directly owns 6,973,500 shares of the company’s stock, valued at approximately $789,539,670. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Randel William Woodgrift sold 24,000 shares of Abbott Laboratories stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $113.00, for a total value of $2,712,000.00. Following the completion of the sale, the senior vice president now owns 47,854 shares of the company’s stock, valued at $5,407,502. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,457 shares of company stock worth $8,640,936. 0.52% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of brokerages have issued reports on ABT. Raymond James lowered their price objective on Abbott Laboratories from $143.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, April 21st. Wells Fargo & Company decreased their price target on Abbott Laboratories from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, April 8th. Stifel Nicolaus decreased their price target on Abbott Laboratories from $136.00 to $126.00 in a research note on Monday, July 18th. Citigroup decreased their price target on Abbott Laboratories from $125.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, July 21st. Finally, Cowen decreased their price target on Abbott Laboratories from $150.00 to $130.00 in a research note on Wednesday, July 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus target price of $132.46.
Abbott Laboratories Company Profile
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.
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