Somerset Trust Co Reduces Stake in Abbott Laboratories (NYSE:ABT)

Somerset Trust Co lowered its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,603 shares of the healthcare product maker’s stock after selling 253 shares during the period. Abbott Laboratories accounts for 1.7% of Somerset Trust Co’s investment portfolio, making the stock its 18th biggest holding. Somerset Trust Co’s holdings in Abbott Laboratories were worth $4,629,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Unique Wealth Strategies LLC bought a new position in shares of Abbott Laboratories during the 2nd quarter worth $28,000. Transcendent Capital Group LLC purchased a new position in shares of Abbott Laboratories in the fourth quarter worth about $29,000. Richardson Financial Services Inc. bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories in the 1st quarter worth approximately $30,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Abbott Laboratories in the 3rd quarter valued at approximately $31,000. Institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $120.00 price target on shares of Abbott Laboratories in a report on Thursday, September 26th. Piper Sandler assumed coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Evercore ISI upped their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Barclays raised their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $125.15.

Abbott Laboratories Stock Up 1.2 %

ABT opened at $115.96 on Thursday. The company has a market cap of $201.73 billion, a P/E ratio of 36.12, a P/E/G ratio of 2.86 and a beta of 0.72. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The business’s 50-day moving average price is $112.93 and its 200-day moving average price is $108.26. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33.

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

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

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.