Hemenway Trust Co LLC Purchases 2,354 Shares of Abbott Laboratories (NYSE:ABT)

Hemenway Trust Co LLC lifted its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 345,317 shares of the healthcare product maker’s stock after acquiring an additional 2,354 shares during the period. Abbott Laboratories comprises 3.1% of Hemenway Trust Co LLC’s investment portfolio, making the stock its 12th largest position. Hemenway Trust Co LLC’s holdings in Abbott Laboratories were worth $35,882,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the 2nd quarter valued at $28,000. Transcendent Capital Group LLC purchased a new stake in Abbott Laboratories in the fourth quarter worth about $29,000. Richardson Financial Services Inc. bought a new position in shares of Abbott Laboratories during the fourth quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new position in shares of Abbott Laboratories during the first quarter valued at approximately $30,000. Finally, True Wealth Design LLC increased its position in shares of Abbott Laboratories by 1,677.8% during the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 302 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ABT shares. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. The Goldman Sachs Group assumed coverage on Abbott Laboratories in a research report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price target for the company. Barclays upped their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Evercore ISI dropped their target price on shares of Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Finally, Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $121.80.

Abbott Laboratories Stock Up 0.5 %

NYSE:ABT traded up $0.61 during trading hours on Friday, hitting $113.71. The company’s stock had a trading volume of 410,759 shares, compared to its average volume of 5,835,794. The stock has a fifty day moving average of $107.67 and a 200-day moving average of $108.79. The stock has a market capitalization of $197.81 billion, a P/E ratio of 35.23, a price-to-earnings-growth ratio of 2.82 and a beta of 0.72. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.08 EPS. On average, equities analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Monday, July 15th. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

About Abbott Laboratories

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 company 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.