Atlantic Union Bankshares Corp Trims Stock Holdings in Abbott Laboratories (NYSE:ABT)

Atlantic Union Bankshares Corp decreased its stake in Abbott Laboratories (NYSE:ABT) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,097 shares of the healthcare product maker’s stock after selling 2,699 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Abbott Laboratories were worth $7,740,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dark Forest Capital Management LP purchased a new stake in shares of Abbott Laboratories during the third quarter worth about $310,000. Operose Advisors LLC bought a new position in Abbott Laboratories during the third quarter valued at approximately $87,000. O Shaughnessy Asset Management LLC boosted its stake in Abbott Laboratories by 28.3% during the third quarter. O Shaughnessy Asset Management LLC now owns 102,882 shares of the healthcare product maker’s stock valued at $9,964,000 after buying an additional 22,674 shares during the last quarter. Mather Group LLC. boosted its stake in Abbott Laboratories by 6.7% during the third quarter. Mather Group LLC. now owns 35,142 shares of the healthcare product maker’s stock valued at $3,404,000 after buying an additional 2,202 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its stake in Abbott Laboratories by 7.2% during the third quarter. Valley National Advisers Inc. now owns 3,091 shares of the healthcare product maker’s stock valued at $300,000 after buying an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.7 %

ABT stock traded down $0.71 on Friday, hitting $103.94. 8,283,252 shares of the company’s stock were exchanged, compared to its average volume of 5,707,569. The firm has a 50 day moving average price of $104.79 and a two-hundred day moving average price of $110.08. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a market cap of $180.82 billion, a P/E ratio of 32.38, a price-to-earnings-growth ratio of 2.52 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS 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 quarter in the previous year, the firm posted $1.03 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts expect that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $0.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $2.20 annualized dividend and a dividend yield of 2.12%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ABT shares. Evercore ISI raised their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Raymond James reissued a “buy” rating and set a $124.00 price target on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Barclays decreased their price target on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research note on Monday, April 22nd. The Goldman Sachs Group began coverage on Abbott Laboratories in a research note on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Finally, Citigroup reduced 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. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $120.64.

Insider Activity at Abbott Laboratories

In related news, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction dated 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 transaction, the executive vice president now owns 61,462 shares in the company, valued at approximately $6,530,337.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’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 transaction of $1,055,843.29. Following the completion of the sale, the executive vice president now directly owns 211,341 shares in the company, valued at approximately $22,099,928.37. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lisa D. Earnhardt sold 22,852 shares of the business’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 sale, the executive vice president now owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

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.