Abbott Laboratories (NYSE:ABT) Shares Sold by Chemung Canal Trust Co.

Chemung Canal Trust Co. decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,006 shares of the healthcare product maker’s stock after selling 600 shares during the period. Chemung Canal Trust Co.’s holdings in Abbott Laboratories were worth $1,592,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. WoodTrust Financial Corp raised its position in Abbott Laboratories by 3.4% in the 1st quarter. WoodTrust Financial Corp now owns 5,691 shares of the healthcare product maker’s stock valued at $647,000 after purchasing an additional 187 shares in the last quarter. Griffin Asset Management Inc. raised its position in Abbott Laboratories by 0.9% in the 1st quarter. Griffin Asset Management Inc. now owns 64,948 shares of the healthcare product maker’s stock valued at $7,382,000 after purchasing an additional 553 shares in the last quarter. Avity Investment Management Inc. raised its position in Abbott Laboratories by 2.6% in the 1st quarter. Avity Investment Management Inc. now owns 106,826 shares of the healthcare product maker’s stock valued at $12,142,000 after purchasing an additional 2,685 shares in the last quarter. WD Rutherford LLC raised its position in Abbott Laboratories by 5.3% in the 1st quarter. WD Rutherford LLC now owns 11,548 shares of the healthcare product maker’s stock valued at $1,313,000 after purchasing an additional 580 shares in the last quarter. Finally, Independence Bank of Kentucky raised its position in Abbott Laboratories by 59.4% in the 1st quarter. Independence Bank of Kentucky now owns 17,166 shares of the healthcare product maker’s stock valued at $1,951,000 after purchasing an additional 6,399 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on ABT shares. Raymond James reiterated a “buy” rating and issued a $124.00 price objective on shares of Abbott Laboratories in a report on Wednesday, April 24th. Citigroup dropped their price objective on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Barclays dropped their price objective on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a report on Tuesday, June 4th. Finally, Evercore ISI increased their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.64.

Insider Activity

In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the completion of the sale, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at approximately $6,530,337.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Jr. Robert E. Funck sold 10,097 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the sale, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at approximately $22,099,928.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Down 0.7 %

Abbott Laboratories stock opened at $103.91 on Friday. Abbott Laboratories has a twelve month low of $89.67 and a twelve month high of $121.64. The stock has a 50 day moving average of $104.79 and a two-hundred day moving average of $110.10. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $180.76 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 2.50 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The company had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $9.88 billion. During the same period last year, the firm earned $1.03 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.12%. Abbott Laboratories’s payout ratio is 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.