First American Bank Trims Holdings in Abbott Laboratories (NYSE:ABT)

First American Bank reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 3.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,381 shares of the healthcare product maker’s stock after selling 1,186 shares during the quarter. First American Bank’s holdings in Abbott Laboratories were worth $4,034,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BDF Gestion purchased a new position in Abbott Laboratories during the second quarter valued at approximately $7,651,000. Dundas Partners LLP raised its position in Abbott Laboratories by 2.1% during the second quarter. Dundas Partners LLP now owns 330,227 shares of the healthcare product maker’s stock valued at $34,313,000 after acquiring an additional 6,897 shares in the last quarter. Duality Advisers LP purchased a new position in Abbott Laboratories during the first quarter valued at approximately $5,634,000. Oak Harvest Investment Services raised its position in Abbott Laboratories by 32.7% during the first quarter. Oak Harvest Investment Services now owns 73,651 shares of the healthcare product maker’s stock valued at $8,371,000 after acquiring an additional 18,131 shares in the last quarter. Finally, Empowered Funds LLC increased its position in shares of Abbott Laboratories by 40.3% in the first quarter. Empowered Funds LLC now owns 49,483 shares of the healthcare product maker’s stock valued at $5,624,000 after buying an additional 14,215 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on ABT shares. Citigroup boosted their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Piper Sandler boosted their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Jefferies Financial Group boosted their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, October 17th. Finally, Raymond James reaffirmed a “buy” rating and issued a $129.00 price target (up from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average price target of $129.67.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock opened at $114.22 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The firm has a market cap of $198.70 billion, a PE ratio of 35.58, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 52 week low of $91.64 and a 52 week high of $121.64. The business’s fifty day simple moving average is $114.63 and its 200-day simple moving average is $108.66.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The firm had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.93%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the sale, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Abbott Laboratories 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 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.