Fulton Bank N.A. Lowers Holdings in Abbott Laboratories $ABT

Key Points

• Fulton Bank N.A. reduced its stake in Abbott Laboratories by 16.9% in Q2, selling 5,105 shares, leaving them with a total of 25,053 shares valued at $3.4 million.
• Multiple large investors have recently adjusted their positions in Abbott Laboratories, with 75.18% of the stock owned by hedge funds and other institutional investors.
• Abbott Laboratories reported $1.26 EPS for Q2, matching consensus estimates, with a revenue of $11.14 billion, reflecting a 7.4% year-over-year increase.

Fulton Bank N.A. trimmed its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 16.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,053 shares of the healthcare product maker's stock after selling 5,105 shares during the period. Fulton Bank N.A.'s holdings in Abbott Laboratories were worth $3,407,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Hughes Financial Services LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $27,000. Abound Financial LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $28,000. Elequin Capital LP purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $30,000. JCIC Asset Management Inc. purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $32,000. Finally, Vision Financial Markets LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $33,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Up 1.2%

Shares of ABT traded up $1.65 during mid-day trading on Friday, reaching $136.22. 11,531,874 shares of the company's stock traded hands, compared to its average volume of 4,828,819. The stock has a market cap of $237.09 billion, a P/E ratio of 17.07, a P/E/G ratio of 2.55 and a beta of 0.69. The stock's 50-day moving average is $130.47 and its two-hundred day moving average is $131.19. Abbott Laboratories has a 12 month low of $110.86 and a 12 month high of $141.23. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, meeting analysts' consensus estimates of $1.26. The firm had revenue of $11.14 billion for the quarter, compared to analysts' expectations of $11.01 billion. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%.The company's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.14 earnings per share. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. Research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.7%. Abbott Laboratories's dividend payout ratio is currently 29.57%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ABT shares. Royal Bank Of Canada boosted their target price on Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. William Blair raised Abbott Laboratories to a "strong-buy" rating in a research note on Thursday, July 17th. Evercore ISI boosted their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Mizuho boosted their price objective on Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Leerink Partners started coverage on Abbott Laboratories in a research note on Monday, June 16th. They set a "market perform" rating and a $143.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $145.22.

Insider Activity

In related news, CFO Philip P. Boudreau sold 5,550 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $134.55, for a total value of $746,752.50. Following the completion of the sale, the chief financial officer owned 51,003 shares in the company, valued at approximately $6,862,453.65. The trade was a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company's stock.

Abbott Laboratories Company 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.