Truist Financial Corp Sells 96,735 Shares of Abbott Laboratories (NYSE:ABT)

Truist Financial Corp reduced its position in Abbott Laboratories (NYSE:ABT) by 3.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,839,281 shares of the healthcare product maker’s stock after selling 96,735 shares during the period. Truist Financial Corp owned 0.16% of Abbott Laboratories worth $312,520,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Abbott Laboratories by 4.3% during the 3rd quarter. Wellington Management Group LLP now owns 31,208,711 shares of the healthcare product maker’s stock valued at $3,022,564,000 after buying an additional 1,298,219 shares in the last quarter. Northern Trust Corp lifted its position in shares of Abbott Laboratories by 1.5% during the third quarter. Northern Trust Corp now owns 23,016,235 shares of the healthcare product maker’s stock worth $2,229,122,000 after acquiring an additional 343,559 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Abbott Laboratories by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,153,877 shares of the healthcare product maker’s stock worth $1,164,611,000 after acquiring an additional 32,157 shares during the period. Flossbach Von Storch AG raised its stake in shares of Abbott Laboratories by 1.5% during the 4th quarter. Flossbach Von Storch AG now owns 9,149,611 shares of the healthcare product maker’s stock valued at $1,007,098,000 after purchasing an additional 135,821 shares during the period. Finally, Invesco Ltd. lifted its holdings in Abbott Laboratories by 0.4% during the 3rd quarter. Invesco Ltd. now owns 5,949,700 shares of the healthcare product maker’s stock worth $576,228,000 after purchasing an additional 20,851 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of recent analyst reports. Evercore ISI lifted their target price on Abbott Laboratories from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup upped their target price on shares of Abbott Laboratories from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Raymond James reiterated a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a research note on Wednesday. Royal Bank of Canada decreased their price target on shares of Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating on the stock in a report on Thursday, April 18th. Finally, Barclays dropped their price objective on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research note on Monday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $121.50.

Insider Transactions at Abbott Laboratories

In related news, VP John A. Jr. Mccoy sold 472 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $55,932.00. Following the transaction, the vice president now directly owns 18,760 shares in the company, valued at approximately $2,223,060. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Andrea F. Wainer sold 42,500 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $112.50, for a total transaction of $4,781,250.00. Following the completion of the sale, the executive vice president now directly owns 65,027 shares in the company, valued at $7,315,537.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $118.50, for a total value of $55,932.00. Following the transaction, the vice president now owns 18,760 shares in the company, valued at approximately $2,223,060. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,435 shares of company stock worth $6,451,298. Company insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock traded up $0.65 during trading on Friday, hitting $107.51. 3,575,246 shares of the stock traded hands, compared to its average volume of 5,660,976. The stock has a market cap of $186.55 billion, a price-to-earnings ratio of 33.49, a PEG ratio of 2.57 and a beta of 0.74. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.35. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64. The firm’s fifty day moving average is $113.64 and its 200-day moving average is $108.03.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.32%. The business had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. During the same period last year, the business earned $1.03 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts expect that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 68.54%.

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.