Abbott Laboratories (NYSE:ABT) Stake Trimmed by AMG National Trust Bank

AMG National Trust Bank trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 30.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,290 shares of the healthcare product maker's stock after selling 13,633 shares during the period. AMG National Trust Bank's holdings in Abbott Laboratories were worth $3,567,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ABT. Swiss National Bank grew its stake in Abbott Laboratories by 0.5% in the 3rd quarter. Swiss National Bank now owns 5,163,580 shares of the healthcare product maker's stock valued at $588,700,000 after acquiring an additional 26,000 shares during the last quarter. S&CO Inc. raised its holdings in Abbott Laboratories by 1.2% in the 3rd quarter. S&CO Inc. now owns 262,646 shares of the healthcare product maker's stock valued at $29,944,000 after acquiring an additional 3,135 shares during the last quarter. Concord Asset Management LLC VA lifted its position in Abbott Laboratories by 14.2% during the third quarter. Concord Asset Management LLC VA now owns 15,188 shares of the healthcare product maker's stock worth $1,732,000 after buying an additional 1,890 shares during the period. Peterson Financial Group Inc. acquired a new position in shares of Abbott Laboratories during the 3rd quarter valued at about $32,000. Finally, Tower Bridge Advisors increased its position in Abbott Laboratories by 3.7% during the third quarter. Tower Bridge Advisors now owns 45,017 shares of the healthcare product maker's stock worth $5,132,000 after purchasing an additional 1,597 shares during the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock traded down $0.62 during trading on Tuesday, hitting $116.74. 2,508,780 shares of the stock were exchanged, compared to its average volume of 5,688,388. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The stock's fifty day moving average is $115.55 and its 200 day moving average is $109.62. The stock has a market cap of $202.48 billion, a PE ratio of 35.49, a P/E/G ratio of 2.73 and a beta of 0.72. Abbott Laboratories has a 12 month low of $98.95 and a 12 month high of $121.64.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating the consensus estimate of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analysts' expectations of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The firm's revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $1.14 EPS. As a group, sell-side analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Tuesday, October 15th. Abbott Laboratories's dividend payout ratio (DPR) is presently 66.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ABT shares. Jefferies Financial Group raised their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a "hold" rating in a research note on Thursday, October 17th. Sanford C. Bernstein boosted their price target on Abbott Laboratories from $133.00 to $138.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Mizuho upped their target price on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Royal Bank of Canada raised their target price on Abbott Laboratories from $125.00 to $130.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Finally, Piper Sandler Companies began coverage on Abbott Laboratories in a research note on Thursday, September 19th. They set an "overweight" rating and a $131.00 price objective for the company. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Abbott Laboratories currently has an average rating of "Moderate Buy" and a consensus target price of $130.07.

Insiders Place Their Bets

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 39.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.47% of the stock is currently owned by insiders.

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.