CNB Bank Decreases Stock Holdings in Abbott Laboratories (NYSE:ABT)

CNB Bank trimmed its stake in Abbott Laboratories (NYSE:ABT) by 8.5% during the fourth quarter, Holdings Channel reports. The fund owned 6,414 shares of the healthcare product maker’s stock after selling 594 shares during the period. CNB Bank’s holdings in Abbott Laboratories were worth $725,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its stake in Abbott Laboratories by 25.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock valued at $1,518,539,000 after purchasing an additional 2,711,586 shares during the last quarter. Sessa Capital IM L.P. purchased a new position in shares of Abbott Laboratories during the 2nd quarter valued at $264,876,000. State Street Corp grew its stake in shares of Abbott Laboratories by 3.1% during the 3rd quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker’s stock worth $8,746,896,000 after acquiring an additional 2,323,807 shares during the period. International Assets Investment Management LLC increased its holdings in Abbott Laboratories by 13,194.9% in the 3rd quarter. International Assets Investment Management LLC now owns 1,679,805 shares of the healthcare product maker’s stock worth $191,515,000 after acquiring an additional 1,667,170 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Abbott Laboratories by 13.7% during the third quarter. Franklin Resources Inc. now owns 9,764,061 shares of the healthcare product maker’s stock valued at $1,144,818,000 after purchasing an additional 1,180,040 shares during the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Down 0.0 %

Shares of NYSE ABT opened at $113.86 on Friday. The stock has a market capitalization of $197.48 billion, a P/E ratio of 34.67, a PEG ratio of 2.40 and a beta of 0.73. Abbott Laboratories has a one year low of $99.71 and a one year high of $121.64. The firm’s 50 day simple moving average is $115.02 and its two-hundred day simple moving average is $112.65. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The company had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. During the same quarter last year, the company earned $1.14 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. As a group, analysts expect that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Wednesday, January 15th. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s payout ratio is 66.87%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ABT. UBS Group increased their target price on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays increased their price objective on Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Raymond James reaffirmed a “buy” rating and set a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. Mizuho raised their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Piper Sandler Companies started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $131.57.

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.