PNC Financial Services Group Inc. Sells 66,175 Shares of Abbott Laboratories $ABT

PNC Financial Services Group Inc. lowered its stake in Abbott Laboratories (NYSE:ABT) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,597,646 shares of the healthcare product maker’s stock after selling 66,175 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Abbott Laboratories were worth $472,040,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ABT. Cornerstone Financial Management LLC bought a new position in shares of Abbott Laboratories during the 4th quarter valued at approximately $25,000. MidAtlantic Capital Management Inc. bought a new position in Abbott Laboratories during the fourth quarter valued at $25,000. Purpose Unlimited Inc. purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $25,000. Portfolio Resources Advisor Group Inc. purchased a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $26,000. Finally, Abound Financial LLC purchased a new position in Abbott Laboratories in the fourth quarter worth about $26,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Philip P. Boudreau acquired 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $201,300.00. Following the completion of the acquisition, the chief financial officer directly owned 2,200 shares of the company’s stock, valued at $201,300. The trade was a ? increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel J. Starks bought 10,000 shares of the company’s stock in a transaction on Monday, April 27th. The shares were acquired at an average price of $92.65 per share, for a total transaction of $926,500.00. Following the completion of the acquisition, the director owned 6,751,103 shares in the company, valued at $625,489,692.95. This represents a 0.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ABT. Evercore lowered their price objective on Abbott Laboratories from $134.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, April 17th. Citigroup boosted their price objective on shares of Abbott Laboratories from $108.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Abbott Laboratories from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Piper Sandler reissued an “overweight” rating and issued a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. Finally, Oppenheimer dropped their target price on Abbott Laboratories from $132.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, April 17th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.61.

Abbott Laboratories Price Performance

Abbott Laboratories stock opened at $99.67 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.39 and a quick ratio of 1.01. The stock has a market cap of $173.61 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 2.03 and a beta of 0.61. The firm has a 50-day moving average of $90.58 and a two-hundred day moving average of $101.66. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $137.49.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.03. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.65%. The firm had revenue of $12.51 billion during the quarter, compared to the consensus estimate of $12.52 billion. During the same quarter in the previous year, the firm posted $1.26 earnings per share. The company’s revenue was up 13.0% on a year-over-year basis. Abbott Laboratories has set its Q3 2026 guidance at 1.380-1.46 EPS and its FY 2026 guidance at 5.450-5.60 EPS. On average, research analysts forecast that Abbott Laboratories will post 5.51 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.5%. Abbott Laboratories’s dividend payout ratio is presently 81.55%.

Abbott Laboratories Profile

Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.

In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.