PNC Financial Services Group Inc. cut its position in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,090,422 shares of the healthcare product maker’s stock after selling 87,267 shares during the quarter. PNC Financial Services Group Inc. owned 0.29% of Abbott Laboratories worth $554,958,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Scissortail Wealth Management LLC purchased a new stake in shares of Abbott Laboratories in the 1st quarter worth about $1,475,747,000. Aspire Private Capital LLC acquired a new position in Abbott Laboratories during the first quarter worth about $16,271,874,000. Graham Capital Wealth Management LLC acquired a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $244,037,000. Altshuler Shaham Ltd purchased a new position in shares of Abbott Laboratories during the 4th quarter worth approximately $28,000. Finally, Financial Gravity Asset Management Inc. raised its position in shares of Abbott Laboratories by 134.5% during the 1st quarter. Financial Gravity Asset Management Inc. now owns 258 shares of the healthcare product maker’s stock worth $316,000 after purchasing an additional 148 shares during the last quarter. 73.70% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have commented on ABT. TheStreet cut Abbott Laboratories from a “b-” rating to a “c+” rating in a report on Monday, October 16th. Barclays boosted their target price on shares of Abbott Laboratories from $127.00 to $132.00 and gave the company an “overweight” rating in a research note on Monday, July 24th. Raymond James decreased their price target on shares of Abbott Laboratories from $123.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, October 19th. Citigroup reduced their price objective on shares of Abbott Laboratories from $130.00 to $122.00 in a research note on Monday, October 2nd. Finally, UBS Group cut their price target on Abbott Laboratories from $130.00 to $118.00 in a report on Thursday, October 19th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $117.47.
Abbott Laboratories Trading Up 0.1 %
ABT stock traded up $0.15 during trading on Tuesday, reaching $101.35. 392,347 shares of the stock traded hands, compared to its average volume of 5,134,814. The business’s 50 day moving average price is $96.45 and its 200-day moving average price is $102.86. The firm has a market capitalization of $175.95 billion, a PE ratio of 34.44, a P/E/G ratio of 4.34 and a beta of 0.69. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.74 and a quick ratio of 1.23. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $115.83.
Abbott Laboratories (NYSE:ABT – Get Free Report) last issued its earnings results on Wednesday, October 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The business had revenue of $10.14 billion during the quarter, compared to analysts’ expectations of $9.82 billion. Abbott Laboratories had a return on equity of 20.15% and a net margin of 12.92%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 EPS. As a group, sell-side analysts forecast that Abbott Laboratories will post 4.44 earnings per share for the current year.
Abbott Laboratories Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Friday, October 13th were issued a dividend of $0.51 per share. The ex-dividend date was Thursday, October 12th. This represents a $2.04 annualized dividend and a dividend yield of 2.01%. Abbott Laboratories’s payout ratio is 69.39%.
Insider Buying and Selling
In other Abbott Laboratories news, Director Daniel J. Starks sold 50,000 shares of the firm’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $94.05, for a total value of $4,702,500.00. Following the transaction, the director now directly owns 6,725,316 shares of the company’s stock, valued at $632,515,969.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by corporate insiders.
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 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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