Bank of New York Mellon Corp Cuts Position in Abbott Laboratories $ABT

Bank of New York Mellon Corp cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 4.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,738,672 shares of the healthcare product maker’s stock after selling 649,703 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.73% of Abbott Laboratories worth $1,732,587,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IMG Wealth Management Inc. grew its holdings in Abbott Laboratories by 759.1% during the second quarter. IMG Wealth Management Inc. now owns 189 shares of the healthcare product maker’s stock valued at $26,000 after purchasing an additional 167 shares during the period. Hughes Financial Services LLC purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at $27,000. Abound Financial LLC bought a new position in shares of Abbott Laboratories during the 1st quarter worth $28,000. Elequin Capital LP purchased a new stake in Abbott Laboratories in the 1st quarter worth about $30,000. Finally, Vision Financial Markets LLC bought a new stake in Abbott Laboratories in the 1st quarter valued at about $33,000. 75.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ABT has been the subject of several recent research reports. Evercore ISI reduced their target price on shares of Abbott Laboratories from $144.00 to $142.00 and set an “outperform” rating for the company in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Abbott Laboratories in a report on Wednesday, October 8th. Royal Bank Of Canada reiterated an “outperform” rating and set a $147.00 price objective on shares of Abbott Laboratories in a research note on Thursday, October 16th. Barclays raised their target price on Abbott Laboratories from $159.00 to $162.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Finally, Benchmark initiated coverage on Abbott Laboratories in a research report on Friday, October 10th. They set a “buy” rating and a $145.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $147.00.

Insiders Place Their Bets

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $134.55, for a total transaction of $746,752.50. Following the completion of the sale, the chief financial officer owned 51,003 shares of the company’s stock, valued at $6,862,453.65. The trade was a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by insiders.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $123.61 on Monday. The stock has a market cap of $214.94 billion, a P/E ratio of 15.49, a PEG ratio of 2.36 and a beta of 0.69. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. The business’s 50-day moving average price is $131.45 and its two-hundred day moving average price is $131.61. Abbott Laboratories has a twelve month low of $110.86 and a twelve month high of $141.23.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share for the quarter, hitting the consensus estimate of $1.30. Abbott Laboratories had a net margin of 31.88% and a return on equity of 17.78%. The company had revenue of $11.37 billion for the quarter, compared to analysts’ expectations of $11.40 billion. During the same period in the prior year, the business earned $1.21 earnings per share. Abbott Laboratories’s revenue for the quarter was up 6.9% compared to the same quarter last year. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. As a group, equities analysts predict that Abbott Laboratories will post 5.14 EPS 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. Investors of record on Wednesday, October 15th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 29.57%.

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.