Mechanics Bank Trust Department Has $9.03 Million Position in Abbott Laboratories (NYSE:ABT)

Mechanics Bank Trust Department lessened its stake in shares of Abbott Laboratories (NYSE:ABTFree Report) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,424 shares of the healthcare product maker’s stock after selling 3,341 shares during the quarter. Abbott Laboratories comprises 1.3% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 22nd biggest holding. Mechanics Bank Trust Department’s holdings in Abbott Laboratories were worth $9,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in ABT. Dark Forest Capital Management LP bought a new position in Abbott Laboratories in the 3rd quarter valued at about $310,000. Clearbridge Investments LLC lifted its position in shares of Abbott Laboratories by 0.4% during the 3rd quarter. Clearbridge Investments LLC now owns 80,955 shares of the healthcare product maker’s stock worth $7,840,000 after buying an additional 348 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Abbott Laboratories during the 3rd quarter worth approximately $14,993,000. Parkside Financial Bank & Trust lifted its position in shares of Abbott Laboratories by 41.7% during the 3rd quarter. Parkside Financial Bank & Trust now owns 12,867 shares of the healthcare product maker’s stock worth $1,246,000 after buying an additional 3,785 shares in the last quarter. Finally, Paragon Private Wealth Management LLC lifted its position in shares of Abbott Laboratories by 2.3% during the 3rd quarter. Paragon Private Wealth Management LLC now owns 17,114 shares of the healthcare product maker’s stock worth $1,658,000 after buying an additional 381 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

Shares of NYSE ABT traded up $0.17 during mid-day trading on Tuesday, reaching $105.47. 2,412,668 shares of the company were exchanged, compared to its average volume of 5,682,657. The stock has a market capitalization of $183.48 billion, a PE ratio of 32.80, a PEG ratio of 2.54 and a beta of 0.74. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64. The company’s 50 day moving average price is $104.97 and its 200 day moving average price is $110.16.

Abbott Laboratories (NYSE:ABTGet Free Report) last issued its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Sell-side analysts forecast that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.09%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup dropped their target price on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating on the stock in a research report on Wednesday, May 22nd. Evercore ISI raised their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Raymond James restated 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 shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research note on Monday, April 22nd. Finally, The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a research note on Thursday, May 30th. They set a “buy” rating and a $121.00 price target for the company. Three equities research 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 presently has an average rating of “Moderate Buy” and an average target price of $120.64.

Read Our Latest Stock Analysis on ABT

Insider Activity at Abbott Laboratories

In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the transaction, the executive vice president now owns 211,341 shares in the company, valued at $22,099,928.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the transaction, the executive vice president now directly owns 211,341 shares in the company, valued at $22,099,928.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lisa D. Earnhardt sold 22,852 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction 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 $6,530,337.50. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

Abbott Laboratories Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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