Fiduciary Trust Co Sells 3,725 Shares of Abbott Laboratories (NYSE:ABT)

Fiduciary Trust Co reduced its stake in Abbott Laboratories (NYSE:ABT) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 301,855 shares of the healthcare product maker’s stock after selling 3,725 shares during the quarter. Fiduciary Trust Co’s holdings in Abbott Laboratories were worth $34,415,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Insight Folios Inc increased its position in shares of Abbott Laboratories by 3.3% during the 3rd quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock valued at $307,000 after purchasing an additional 87 shares during the last quarter. Boltwood Capital Management boosted its stake in Abbott Laboratories by 0.4% in the third quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock worth $2,488,000 after buying an additional 89 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Abbott Laboratories by 2.9% during the third quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock valued at $359,000 after acquiring an additional 89 shares during the last quarter. Silicon Valley Capital Partners lifted its holdings in shares of Abbott Laboratories by 8.7% in the 3rd quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock worth $126,000 after acquiring an additional 89 shares during the last quarter. Finally, Atwood & Palmer Inc. boosted its stake in shares of Abbott Laboratories by 6.5% in the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock valued at $169,000 after purchasing an additional 90 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Stock Performance

Abbott Laboratories stock opened at $118.96 on Thursday. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $121.64. The stock has a market cap of $206.33 billion, a price-to-earnings ratio of 36.16, a PEG ratio of 2.78 and a beta of 0.72. The stock’s 50 day simple moving average is $115.67 and its two-hundred day simple moving average is $110.19. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The company 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 for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.14 earnings per share. As a group, analysts expect that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend was Tuesday, October 15th. Abbott Laboratories’s payout ratio is currently 66.87%.

Insider Buying and Selling at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. This represents a 39.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ABT. Sanford C. Bernstein lifted their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Evercore ISI increased their target price on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Morgan Stanley lifted their price target on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price on the stock. Finally, UBS Group upped their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $130.07.

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.