Abbott Laboratories $ABT Shares Bought by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its Abbott Laboratories stake by 62.7% in the third quarter, adding 14,370 shares for a total holding valued at approximately $3.68 million. Institutional investors collectively own 75.18% of Abbott’s stock.
• Wall Street maintains a positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $118.88, above its reported opening price of $103.04.
• Abbott exceeded quarterly expectations, reporting $1.31 in earnings per share and $12.59 billion in revenue, while revenue grew 13% year over year. The company also declared a quarterly dividend of $0.63 per share, representing a 2.4% annualized yield.

First Citizens Bank & Trust Co. lifted its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 62.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,281 shares of the healthcare product maker's stock after purchasing an additional 14,370 shares during the period. First Citizens Bank & Trust Co.'s holdings in Abbott Laboratories were worth $3,684,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Purpose Unlimited Inc. acquired a new position in Abbott Laboratories during the 4th quarter worth approximately $25,000. Abound Financial LLC acquired a new stake in Abbott Laboratories in the fourth quarter valued at approximately $26,000. Manning & Napier Advisors LLC acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $31,000. Summit Securities Group LLC increased its holdings in shares of Abbott Laboratories by 41.3% during the second quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker's stock valued at $37,000 after acquiring an additional 118 shares in the last quarter. Finally, Addison Advisors LLC bought a new stake in shares of Abbott Laboratories during the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ABT shares. Citigroup lifted their price target 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. Barclays initiated coverage on shares of Abbott Laboratories in a report on Wednesday, October 7th. They set an "overweight" rating and a $120.00 price objective on the stock. Wolfe Research raised shares of Abbott Laboratories from a "peer perform" rating to an "outperform" rating and set a $130.00 price objective on the stock in a research note on Thursday, August 13th. Robert W. Baird began coverage on shares of Abbott Laboratories in a report on Wednesday, July 1st. They set an "outperform" rating and a $121.00 price objective for the company. Finally, TD Cowen reissued a "buy" rating and set a $135.00 target price on shares of Abbott Laboratories in a research report on Tuesday, September 8th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $118.88.

Abbott Laboratories Stock Up 0.4%

ABT stock opened at $103.04 on Thursday. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $132.02. The stock has a market cap of $178.29 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.90 and a beta of 0.59. The stock's fifty day simple moving average is $106.03 and its two-hundred day simple moving average is $98.26. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.69%. The firm had revenue of $12.59 billion during the quarter, compared to the consensus estimate of $12.52 billion. During the same period in the prior year, the firm earned $1.26 EPS. The company's revenue was up 13.0% compared to the same quarter last year. Analysts expect that Abbott Laboratories will post 5.52 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a $0.63 dividend. The ex-dividend date is Thursday, October 15th. This represents a $2.52 annualized dividend and a yield of 2.4%. Abbott Laboratories's dividend payout ratio is presently 81.55%.

About Abbott Laboratories

Abbott Laboratories NYSE: ABT is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott's medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.

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