Procyon Advisors LLC Lowers Stock Position in Abbott Laboratories $ABT

Key Points

• Procyon Advisors LLC has reduced its holdings in Abbott Laboratories by 11.2%, now owning 29,104 shares valued at approximately $3.96 million after selling 3,676 shares in the second quarter.
• Institutional investors own 75.18% of Abbott Laboratories, with significant increases in stakes by firms such as Vanguard Group, Wellington Management, and Goldman Sachs Group.
• Abbott Laboratories reported earnings of $1.26 per share for the last quarter, matching analysts' expectations, and its revenue increased 7.4% year-over-year to $11.14 billion.

Procyon Advisors LLC reduced its position in Abbott Laboratories (NYSE:ABT - Free Report) by 11.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,104 shares of the healthcare product maker's stock after selling 3,676 shares during the period. Procyon Advisors LLC's holdings in Abbott Laboratories were worth $3,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hughes Financial Services LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth $27,000. Abound Financial LLC purchased a new stake in shares of Abbott Laboratories in the first quarter valued at about $28,000. Elequin Capital LP purchased a new stake in shares of Abbott Laboratories in the first quarter valued at about $30,000. Wormser Freres Gestion acquired a new position in Abbott Laboratories in the fourth quarter valued at about $32,000. Finally, JCIC Asset Management Inc. acquired a new position in Abbott Laboratories in the first quarter valued at about $32,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Abbott Laboratories Stock Up 1.2%

Abbott Laboratories stock traded up $1.65 during mid-day trading on Friday, hitting $136.22. The company had a trading volume of 11,531,874 shares, compared to its average volume of 4,828,819. The stock has a market cap of $237.09 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 2.58 and a beta of 0.69. Abbott Laboratories has a 1 year low of $110.86 and a 1 year high of $141.23. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. The business has a fifty day moving average of $130.47 and a 200 day moving average of $131.14.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, meeting the consensus estimate of $1.26. The company had revenue of $11.14 billion for the quarter, compared to analyst estimates of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The firm's revenue was up 7.4% on a year-over-year basis. During the same period 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. On average, sell-side analysts expect 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 given a dividend of $0.59 per share. The ex-dividend date 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 (DPR) is 29.57%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Jefferies Financial Group raised shares of Abbott Laboratories from a "hold" rating to a "buy" rating and upped their target price for the company from $143.00 to $145.00 in a research report on Friday, July 18th. Leerink Partners assumed coverage on shares of Abbott Laboratories in a research report on Monday, June 16th. They issued a "market perform" rating and a $143.00 target price on the stock. Royal Bank Of Canada upped their target price on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Morgan Stanley increased their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Finally, Mizuho increased their price target on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of "Moderate Buy" and a consensus target price of $145.22.

Insider Activity

In other news, CFO Philip P. Boudreau sold 5,550 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the transaction, the chief financial officer directly owned 51,003 shares in the company, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.46% of the company's stock.

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.