Abbott Laboratories $ABT Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 0.9% during the third quarter, HoldingsChannel reports. The fund owned 1,700,120 shares of the healthcare product maker’s stock after selling 16,205 shares during the quarter. Fifth Third Bancorp’s holdings in Abbott Laboratories were worth $168,023,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ABT. Foresight Capital Management Advisors Inc. bought a new stake in Abbott Laboratories in the third quarter worth about $31,000. Manning & Napier Advisors LLC purchased a new stake in shares of Abbott Laboratories in the second quarter worth approximately $31,000. Balance Wealth Partners LLC bought a new stake in shares of Abbott Laboratories during the 3rd quarter worth approximately $34,000. Summit Securities Group LLC lifted its stake in shares of Abbott Laboratories by 41.3% during the 2nd quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker’s stock worth $37,000 after acquiring an additional 118 shares during the last quarter. Finally, Addison Advisors LLC purchased a new position in Abbott Laboratories during the 2nd quarter valued at $40,000. Institutional investors own 75.18% of the company’s stock.

Insiders Place Their Bets

In other Abbott Laboratories news, EVP Mary Moreland sold 3,500 shares of the firm’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $116.00, for a total value of $406,000.00. Following the completion of the sale, the executive vice president owned 100,791 shares of the company’s stock, valued at approximately $11,691,756. This trade represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ABT has been the topic of several research analyst reports. Piper Sandler reaffirmed 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. Wolfe Research raised shares of Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target for the company in a research note on Thursday, August 13th. Rothschild & Co Redburn upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and boosted their price target for the company from $119.00 to $127.00 in a report on Friday, October 2nd. Wall Street Zen raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. Finally, Barclays started coverage on shares of Abbott Laboratories in a report on Wednesday, October 7th. They issued an “overweight” rating and a $120.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $118.32.

Abbott Laboratories Stock Performance

ABT stock opened at $109.38 on Thursday. The firm has a market cap of $189.43 billion, a price-to-earnings ratio of 40.81, a PEG ratio of 1.94 and a beta of 0.54. The firm has a 50-day simple moving average of $104.00 and a two-hundred day simple moving average of $101.74. Abbott Laboratories has a one year low of $81.97 and a one year high of $132.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.45.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.42. Abbott Laboratories had a net margin of 9.75% and a return on equity of 18.04%. The firm had revenue of $13.01 billion for the quarter, compared to the consensus estimate of $12.99 billion. During the same quarter in the previous year, the firm earned $1.30 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities analysts forecast that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $0.63 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.3%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 94.03%.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings. Abbott’s offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac. Its established pharmaceuticals business sells branded generic medicines in markets outside the United States.