Nuveen Asset Management LLC raised its stake in Abbott Laboratories (NYSE:ABT) by 3.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,100,593 shares of the healthcare product maker’s stock after purchasing an additional 359,477 shares during the period. Nuveen Asset Management LLC owned approximately 0.57% of Abbott Laboratories worth $923,496,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. Stephens Inc. AR increased its position in Abbott Laboratories by 5.6% in the 2nd quarter. Stephens Inc. AR now owns 242,733 shares of the healthcare product maker’s stock valued at $22,193,000 after acquiring an additional 12,765 shares in the last quarter. Asset Dedication LLC increased its position in Abbott Laboratories by 5.7% in the 2nd quarter. Asset Dedication LLC now owns 9,880 shares of the healthcare product maker’s stock valued at $904,000 after acquiring an additional 534 shares in the last quarter. Rockbridge Investment Management LCC acquired a new stake in Abbott Laboratories in the 2nd quarter valued at about $201,000. RMR Wealth Builders acquired a new stake in Abbott Laboratories in the 2nd quarter valued at about $388,000. Finally, Orion Portfolio Solutions LLC increased its position in Abbott Laboratories by 4.5% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 19,074 shares of the healthcare product maker’s stock valued at $1,744,000 after acquiring an additional 824 shares in the last quarter. 73.09% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ABT traded up $0.55 during midday trading on Tuesday, reaching $106.24. The company’s stock had a trading volume of 167,462 shares, compared to its average volume of 7,492,290. The company has a current ratio of 1.57, a quick ratio of 1.10 and a debt-to-equity ratio of 0.59. Abbott Laboratories has a fifty-two week low of $61.61 and a fifty-two week high of $114.19. The stock has a market capitalization of $187.13 billion, a price-to-earnings ratio of 61.75, a PEG ratio of 2.91 and a beta of 0.96. The stock has a 50 day simple moving average of $102.92 and a 200-day simple moving average of $91.69.
In related news, SVP Michael J. Pederson sold 23,008 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $98.00, for a total value of $2,254,784.00. Following the transaction, the senior vice president now directly owns 96,899 shares in the company, valued at approximately $9,496,102. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Roxanne S. Austin sold 6,844 shares of the stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $99.80, for a total value of $683,031.20. Following the completion of the transaction, the director now owns 40,043 shares in the company, valued at $3,996,291.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,621 shares of company stock worth $8,373,428. 1.70% of the stock is owned by company insiders.
Several research firms have weighed in on ABT. Wells Fargo & Company raised their price objective on shares of Abbott Laboratories from $107.00 to $115.00 in a research report on Thursday, August 27th. SVB Leerink raised their price objective on shares of Abbott Laboratories from $97.00 to $110.00 and gave the company a “market perform” rating in a research report on Friday, July 17th. Argus raised their price objective on shares of Abbott Laboratories from $110.00 to $125.00 in a research report on Thursday, July 23rd. Stifel Nicolaus raised their target price on shares of Abbott Laboratories from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Finally, Wolfe Research initiated coverage on shares of Abbott Laboratories in a research note on Friday. They issued an “outperform” rating and a $124.00 target price on the stock. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $111.19.
Abbott Laboratories Company Profile
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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