Abbott Laboratories $ABT Stock Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its position in shares of Abbott Laboratories (NYSE:ABT) by 0.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,700,120 shares of the healthcare product maker’s stock after selling 16,205 shares during the quarter. Fifth Third Bancorp owned 0.10% of Abbott Laboratories worth $168,023,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Three Bridge Wealth Advisors LLC bought a new position in shares of Abbott Laboratories in the third quarter worth about $54,000. Gagnon Securities LLC bought a new stake in Abbott Laboratories during the 3rd quarter valued at approximately $471,000. Maryland State Retirement & Pension System raised its stake in Abbott Laboratories by 15.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 106,690 shares of the healthcare product maker’s stock valued at $10,544,000 after purchasing an additional 13,924 shares during the period. Ritholtz Wealth Management lifted its holdings in Abbott Laboratories by 13.2% in the 3rd quarter. Ritholtz Wealth Management now owns 53,123 shares of the healthcare product maker’s stock worth $5,250,000 after purchasing an additional 6,196 shares in the last quarter. Finally, Joel Isaacson & Co. LLC lifted its holdings in Abbott Laboratories by 24.6% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 5,948 shares of the healthcare product maker’s stock worth $588,000 after purchasing an additional 1,175 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Insider Activity at Abbott Laboratories

In related news, EVP Mary Moreland sold 3,500 shares of Abbott Laboratories stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $116.00, for a total value of $406,000.00. Following the completion of the transaction, the executive vice president owned 100,791 shares in the company, valued at approximately $11,691,756. This trade represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Abbott Laboratories Stock Performance

NYSE ABT opened at $109.38 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.45 and a quick ratio of 1.00. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $132.02. The business has a 50 day simple moving average of $104.00 and a two-hundred day simple moving average of $101.74. The stock has a market capitalization of $189.43 billion, a PE ratio of 40.81, a P/E/G ratio of 1.94 and a beta of 0.54.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, meeting analysts’ consensus estimates of $1.42. The firm had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.99 billion. Abbott Laboratories had a return on equity of 18.04% and a net margin of 9.75%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.30 EPS. On average, research analysts predict that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 94.03%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Weiss Ratings upgraded Abbott Laboratories from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 18th. JPMorgan Chase & Co. reduced their price objective on shares of Abbott Laboratories from $120.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, October 22nd. Citigroup lowered their target price on shares of Abbott Laboratories from $125.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. TD Cowen dropped their target price on shares of Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus target price of $118.32.

Abbott Laboratories Company Profile

Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings. Abbott’s offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac. Its established pharmaceuticals business sells branded generic medicines in markets outside the United States.