Adirondack Trust Co. Lowers Stock Position in Abbott Laboratories (NYSE:ABT)

Adirondack Trust Co. lessened its holdings in Abbott Laboratories (NYSE:ABT) by 1.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,614 shares of the healthcare product maker’s stock after selling 99 shares during the quarter. Adirondack Trust Co.’s holdings in Abbott Laboratories were worth $979,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of ABT. Aigen Investment Management LP lifted its position in shares of Abbott Laboratories by 120.6% during the 3rd quarter. Aigen Investment Management LP now owns 6,321 shares of the healthcare product maker’s stock valued at $612,000 after acquiring an additional 3,455 shares during the period. Bison Wealth LLC raised its position in shares of Abbott Laboratories by 2.5% during the 3rd quarter. Bison Wealth LLC now owns 23,846 shares of the healthcare product maker’s stock worth $2,310,000 after purchasing an additional 575 shares during the last quarter. Rathbones Group PLC raised its position in shares of Abbott Laboratories by 9.4% during the 3rd quarter. Rathbones Group PLC now owns 2,137,574 shares of the healthcare product maker’s stock worth $207,024,000 after purchasing an additional 183,803 shares during the last quarter. Provence Wealth Management Group raised its position in shares of Abbott Laboratories by 30.2% during the 3rd quarter. Provence Wealth Management Group now owns 2,726 shares of the healthcare product maker’s stock worth $264,000 after purchasing an additional 632 shares during the last quarter. Finally, Institutional & Family Asset Management LLC raised its position in shares of Abbott Laboratories by 0.7% during the 3rd quarter. Institutional & Family Asset Management LLC now owns 40,980 shares of the healthcare product maker’s stock worth $3,969,000 after purchasing an additional 286 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ABT has been the subject of several research reports. Barclays cut their price objective on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research report on Monday, April 22nd. The Goldman Sachs Group assumed coverage on Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 price objective for the company. Citigroup cut their price target on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Evercore ISI boosted their price target on Abbott Laboratories from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 price target on shares of Abbott Laboratories in a report on Tuesday, June 4th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.64.

Insider Buying and Selling at Abbott Laboratories

In other news, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares in the company, valued at approximately $22,099,928.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares in the company, valued at approximately $22,099,928.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the completion of the sale, the executive vice president now owns 61,462 shares in the company, valued at approximately $6,530,337.50. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

Abbott Laboratories Stock Up 2.4 %

Abbott Laboratories stock traded up $2.49 during trading on Thursday, reaching $106.48. 4,027,031 shares of the company’s stock were exchanged, compared to its average volume of 5,628,766. The company’s 50-day moving average is $105.20 and its two-hundred day moving average is $110.10. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The firm has a market cap of $185.24 billion, a price-to-earnings ratio of 32.40, a PEG ratio of 2.50 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The company had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. On average, analysts predict that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $0.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.07%. Abbott Laboratories’s payout ratio is currently 68.54%.

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.