First Citizens Bank & Trust Co. lowered its stake in Abbott Laboratories (NYSE:ABT – Free Report) by 18.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,209 shares of the healthcare product maker’s stock after selling 5,747 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Abbott Laboratories were worth $2,691,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. MidAtlantic Capital Management Inc. bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $25,000. Cornerstone Financial Management LLC acquired a new position in shares of Abbott Laboratories during the 4th quarter valued at $25,000. Purpose Unlimited Inc. bought a new stake in shares of Abbott Laboratories in the 4th quarter worth $25,000. Portfolio Resources Advisor Group Inc. acquired a new stake in shares of Abbott Laboratories in the fourth quarter valued at $26,000. Finally, Abound Financial LLC bought a new stake in Abbott Laboratories in the fourth quarter worth about $26,000. 75.18% of the stock is currently owned by institutional investors.
Abbott Laboratories Price Performance
Shares of NYSE:ABT opened at $100.69 on Thursday. The company’s fifty day moving average is $90.92 and its two-hundred day moving average is $101.48. The company has a market cap of $175.38 billion, a P/E ratio of 32.59, a price-to-earnings-growth ratio of 1.93 and a beta of 0.61. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $137.49. The company has a quick ratio of 1.01, a current ratio of 1.39 and a debt-to-equity ratio of 0.56.
Abbott Laboratories Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be issued a $0.63 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.5%. Abbott Laboratories’s dividend payout ratio is currently 81.55%.
Insider Activity at Abbott Laboratories
In related news, Director Daniel J. Starks acquired 10,000 shares of the company’s stock in a transaction on Monday, April 27th. The shares were purchased at an average price of $92.65 per share, for a total transaction of $926,500.00. Following the purchase, the director owned 6,751,103 shares in the company, valued at $625,489,692.95. This represents a 0.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Abbott Laboratories from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Leerink Partners reduced their target price on shares of Abbott Laboratories from $119.00 to $106.00 and set a “market perform” rating for the company in a report on Tuesday, April 21st. Weiss Ratings upgraded shares of Abbott Laboratories from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 7th. Stifel Nicolaus dropped their price target on Abbott Laboratories from $145.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, April 17th. Finally, Evercore reduced their price objective on Abbott Laboratories from $134.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, April 17th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $118.61.
Read Our Latest Analysis on Abbott Laboratories
About Abbott Laboratories
Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.
In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.
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