1ST Source Bank Trims Stake in Abbott Laboratories (NYSE:ABT)

1ST Source Bank lowered its stake in Abbott Laboratories (NYSE:ABT) by 1.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 40,830 shares of the healthcare product maker’s stock after selling 731 shares during the quarter. 1ST Source Bank’s holdings in Abbott Laboratories were worth $4,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABT. Gilbert & Cook Inc. grew its stake in shares of Abbott Laboratories by 17.4% in the 4th quarter. Gilbert & Cook Inc. now owns 7,556 shares of the healthcare product maker’s stock worth $832,000 after buying an additional 1,120 shares during the last quarter. Accretive Wealth Partners LLC grew its stake in shares of Abbott Laboratories by 1.2% in the 4th quarter. Accretive Wealth Partners LLC now owns 13,322 shares of the healthcare product maker’s stock worth $1,466,000 after buying an additional 152 shares during the last quarter. Aveo Capital Partners LLC grew its stake in shares of Abbott Laboratories by 13.3% in the 4th quarter. Aveo Capital Partners LLC now owns 3,525 shares of the healthcare product maker’s stock worth $388,000 after buying an additional 413 shares during the last quarter. Gryphon Financial Partners LLC grew its stake in shares of Abbott Laboratories by 3.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 111,176 shares of the healthcare product maker’s stock worth $12,252,000 after buying an additional 3,767 shares during the last quarter. Finally, Jump Financial LLC grew its stake in shares of Abbott Laboratories by 34.3% in the 4th quarter. Jump Financial LLC now owns 7,030 shares of the healthcare product maker’s stock worth $774,000 after buying an additional 1,794 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Abbott Laboratories Price Performance

NYSE ABT opened at $116.40 on Friday. The business’s fifty day moving average price is $109.24 and its 200-day moving average price is $108.73. The stock has a market capitalization of $202.52 billion, a price-to-earnings ratio of 36.26, a PEG ratio of 2.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64.

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

Analyst Ratings Changes

Several research firms recently issued reports on ABT. Evercore ISI lowered their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Citigroup upped 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. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, Barclays upped their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.80.

Abbott Laboratories Company 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.