Abbott Laboratories (NYSE:ABT) Stake Cut by First City Capital Management Inc.

First City Capital Management Inc. decreased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 16.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,166 shares of the healthcare product maker’s stock after selling 1,565 shares during the period. First City Capital Management Inc.’s holdings in Abbott Laboratories were worth $849,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Unique Wealth Strategies LLC bought a new position in Abbott Laboratories in the second quarter worth about $28,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories in the first quarter valued at $30,000. Richardson Financial Services Inc. acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at $29,000. Transcendent Capital Group LLC bought a new position in shares of Abbott Laboratories during the fourth quarter worth about $29,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Abbott Laboratories in the 2nd quarter worth about $32,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

ABT opened at $113.70 on Friday. The business has a fifty day simple moving average of $110.50 and a 200-day simple moving average of $108.53. The firm has a market cap of $197.80 billion, a PE ratio of 35.42, a P/E/G ratio of 2.90 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64.

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. The firm had revenue of $10.38 billion for 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 for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.08 EPS. As a group, equities analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.93%. Abbott Laboratories’s payout ratio is currently 68.54%.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 owns 220,059 shares in the company, valued at approximately $25,617,068.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ABT has been the subject of several recent analyst reports. Piper Sandler started coverage on shares of Abbott Laboratories in a research report on Thursday. They issued an “overweight” rating and a $131.00 target price for the company. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday. They issued an “overweight” rating and a $131.00 target price on the stock. The Goldman Sachs Group began coverage on Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Finally, Barclays lifted their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $123.33.

About Abbott Laboratories

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.