CNB Bank Cuts Holdings in Abbott Laboratories $ABT

CNB Bank trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT) by 18.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,156 shares of the healthcare product maker’s stock after selling 1,168 shares during the quarter. CNB Bank’s holdings in Abbott Laboratories were worth $701,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its position in shares of Abbott Laboratories by 10.1% in the fourth quarter. Brighton Jones LLC now owns 51,719 shares of the healthcare product maker’s stock valued at $5,850,000 after purchasing an additional 4,755 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Abbott Laboratories by 17.0% during the 1st quarter. GAMMA Investing LLC now owns 38,467 shares of the healthcare product maker’s stock worth $5,103,000 after acquiring an additional 5,590 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Abbott Laboratories by 151.1% during the 1st quarter. Golden State Wealth Management LLC now owns 5,640 shares of the healthcare product maker’s stock worth $748,000 after acquiring an additional 3,394 shares during the last quarter. Pure Financial Advisors LLC lifted its holdings in shares of Abbott Laboratories by 27.3% during the 1st quarter. Pure Financial Advisors LLC now owns 8,883 shares of the healthcare product maker’s stock worth $1,178,000 after acquiring an additional 1,904 shares during the last quarter. Finally, Western Wealth Management LLC lifted its holdings in shares of Abbott Laboratories by 4.3% during the 1st quarter. Western Wealth Management LLC now owns 13,261 shares of the healthcare product maker’s stock worth $1,759,000 after acquiring an additional 552 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ABT. Sanford C. Bernstein boosted their price target on shares of Abbott Laboratories from $145.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. BTIG Research restated a “buy” rating and issued a $145.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, October 15th. Raymond James Financial boosted their price objective on shares of Abbott Laboratories from $141.00 to $146.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. The Goldman Sachs Group boosted their price objective on shares of Abbott Laboratories from $153.00 to $157.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Finally, Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average target price of $147.00.

Insider Activity

In related news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the transaction, the chief financial officer owned 51,003 shares in the company, valued at $6,862,453.65. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.

Abbott Laboratories Price Performance

Shares of ABT opened at $126.78 on Friday. The stock has a market cap of $220.65 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 2.40 and a beta of 0.69. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82. Abbott Laboratories has a fifty-two week low of $110.86 and a fifty-two week high of $141.23. The firm’s 50-day simple moving average is $132.09 and its two-hundred day simple moving average is $131.55.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.30. The business had revenue of $11.37 billion for the quarter, compared to analysts’ expectations of $11.40 billion. Abbott Laboratories had a net margin of 31.88% and a return on equity of 17.78%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.21 earnings per share. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. Analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Wednesday, October 15th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 29.57%.

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.