Somerset Trust Co Raises Stock Position in Abbott Laboratories (NYSE:ABT)

Somerset Trust Co increased its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,078 shares of the healthcare product maker's stock after purchasing an additional 1,947 shares during the period. Abbott Laboratories makes up 2.1% of Somerset Trust Co's investment portfolio, making the stock its 12th largest holding. Somerset Trust Co's holdings in Abbott Laboratories were worth $5,847,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ABT. IFG Advisors LLC purchased a new stake in Abbott Laboratories during the first quarter valued at approximately $225,000. Andrew Hill Investment Advisors Inc. purchased a new stake in Abbott Laboratories during the first quarter valued at approximately $234,000. Legacy Financial Strategies LLC increased its holdings in Abbott Laboratories by 6.5% during the first quarter. Legacy Financial Strategies LLC now owns 27,042 shares of the healthcare product maker's stock valued at $3,587,000 after buying an additional 1,642 shares during the last quarter. Welch Group LLC boosted its position in shares of Abbott Laboratories by 2.8% in the first quarter. Welch Group LLC now owns 70,553 shares of the healthcare product maker's stock worth $9,230,000 after purchasing an additional 1,900 shares during the period. Finally, Legacy Solutions LLC bought a new position in shares of Abbott Laboratories in the first quarter worth approximately $226,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Down 0.1%

ABT stock traded down $0.07 during trading on Monday, hitting $133.51. The company had a trading volume of 4,463,942 shares, compared to its average volume of 6,150,902. The firm has a market capitalization of $232.29 billion, a P/E ratio of 17.45, a PEG ratio of 2.52 and a beta of 0.74. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $141.23. The company has a 50 day simple moving average of $130.46 and a 200-day simple moving average of $125.31. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

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

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 91,167 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $133.82, for a total transaction of $12,199,967.94. Following the transaction, the executive vice president now owns 71,928 shares of the company's stock, valued at approximately $9,625,404.96. This trade represents a 55.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sally E. Blount sold 2,600 shares of the firm's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total transaction of $337,116.00. Following the transaction, the director now directly owns 34,058 shares in the company, valued at $4,415,960.28. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

ABT has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. The Goldman Sachs Group upped their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Bank of America upped their price target on shares of Abbott Laboratories from $133.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Piper Sandler restated an "overweight" rating and set a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Finally, Raymond James upped their target price on shares of Abbott Laboratories from $132.00 to $142.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $142.59.

About Abbott Laboratories

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.