Bangor Savings Bank Cuts Stock Position in Abbott Laboratories (NYSE:ABT)

Bangor Savings Bank lowered its stake in Abbott Laboratories (NYSE:ABT) by 6.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,437 shares of the healthcare product maker’s stock after selling 398 shares during the period. Bangor Savings Bank’s holdings in Abbott Laboratories were worth $721,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABT. Three Seasons Wealth LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $1,428,000. Voleon Capital Management LP purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $273,000. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Abbott Laboratories by 5.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,095,443 shares of the healthcare product maker’s stock worth $133,691,000 after buying an additional 57,499 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in shares of Abbott Laboratories by 1.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker’s stock worth $17,274,000 after buying an additional 2,774 shares during the last quarter. Finally, DSM Capital Partners LLC boosted its stake in shares of Abbott Laboratories by 75.6% in the 4th quarter. DSM Capital Partners LLC now owns 859,404 shares of the healthcare product maker’s stock worth $97,207,000 after buying an additional 370,049 shares during the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $133.61 on Friday. The company’s fifty day moving average price is $130.74 and its 200 day moving average price is $125.84. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $141.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The firm has a market capitalization of $232.45 billion, a P/E ratio of 17.46, a P/E/G ratio of 2.52 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.38 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. As a group, sell-side analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sally E. Blount sold 2,600 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total transaction of $337,116.00. Following the completion of the transaction, the director now owns 34,058 shares of the company’s stock, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on ABT. Jefferies Financial Group raised their target price on Abbott Laboratories from $135.00 to $137.00 and gave the stock a “hold” rating in a report on Thursday, April 17th. Wall Street Zen cut Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $145.00 target price (up from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. The Goldman Sachs Group raised their target price on Abbott Laboratories from $138.00 to $154.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Finally, Raymond James raised their target price on Abbott Laboratories from $132.00 to $142.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.59.

Abbott Laboratories 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.