Abbott Laboratories (NYSE:ABT) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its position in Abbott Laboratories (NYSE:ABT) by 27.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,030,687 shares of the healthcare product maker’s stock after selling 787,294 shares during the period. Truist Financial Corp owned approximately 0.12% of Abbott Laboratories worth $211,009,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ABT. Aveo Capital Partners LLC grew its holdings in Abbott Laboratories by 13.3% during the fourth quarter. Aveo Capital Partners LLC now owns 3,525 shares of the healthcare product maker’s stock worth $388,000 after acquiring an additional 413 shares during the period. CWA Asset Management Group LLC grew its stake in shares of Abbott Laboratories by 94.1% during the 4th quarter. CWA Asset Management Group LLC now owns 10,518 shares of the healthcare product maker’s stock worth $1,158,000 after purchasing an additional 5,098 shares during the period. Cornerstone Advisory LLC increased its holdings in shares of Abbott Laboratories by 13.8% in the 4th quarter. Cornerstone Advisory LLC now owns 5,439 shares of the healthcare product maker’s stock valued at $599,000 after purchasing an additional 659 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Abbott Laboratories by 1.9% during the fourth quarter. Peapack Gladstone Financial Corp now owns 135,026 shares of the healthcare product maker’s stock worth $14,862,000 after buying an additional 2,557 shares in the last quarter. Finally, Nicholas Company Inc. grew its position in Abbott Laboratories by 5.4% during the fourth quarter. Nicholas Company Inc. now owns 89,350 shares of the healthcare product maker’s stock worth $9,835,000 after buying an additional 4,560 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Robert B. Ford sold 141,679 shares of the 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 filing with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is currently owned by insiders.

Abbott Laboratories Stock Up 1.4 %

Shares of NYSE ABT opened at $114.01 on Tuesday. The firm has a market cap of $198.34 billion, a P/E ratio of 35.52, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The firm’s 50 day moving average price is $111.78 and its 200 day moving average price is $108.16.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. During the same quarter last year, the firm earned $1.08 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.93%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ABT. Jefferies Financial Group reiterated a “hold” rating and set a $120.00 price target on shares of Abbott Laboratories in a research report on Thursday, September 26th. Piper Sandler began coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Barclays raised their price target on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Citigroup boosted their price objective on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Finally, Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $124.00.

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.