Citizens Financial Group Inc. RI Decreases Position in Abbott Laboratories (NYSE:ABT)

Key Points

• Citizens Financial Group Inc. reduced its stake in Abbott Laboratories by 19.9%, selling 23,333 shares during the first quarter, bringing their total holdings to 93,887 shares valued at $12.45 million.
• Abbott Laboratories reported $1.26 earnings per share in its latest quarter, matching analysts' expectations, with revenues reaching $11.14 billion, a 7.4% increase year-over-year.
• The company declared a quarterly dividend of $0.59 per share, reflecting an annualized dividend of $2.36 and a dividend yield of 1.8%, with a payout ratio of 29.57%.

Citizens Financial Group Inc. RI cut its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 19.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 93,887 shares of the healthcare product maker's stock after selling 23,333 shares during the period. Citizens Financial Group Inc. RI's holdings in Abbott Laboratories were worth $12,454,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Hughes Financial Services LLC acquired a new position in Abbott Laboratories in the 1st quarter valued at approximately $27,000. Abound Financial LLC acquired a new stake in Abbott Laboratories in the first quarter valued at $28,000. Redwood Park Advisors LLC acquired a new stake in Abbott Laboratories in the fourth quarter valued at $25,000. JCIC Asset Management Inc. bought a new position in Abbott Laboratories during the 1st quarter worth $32,000. Finally, Vision Financial Markets LLC bought a new stake in shares of Abbott Laboratories in the 1st quarter valued at about $33,000. 75.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on ABT shares. Raymond James Financial cut their price target on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Leerink Partnrs raised shares of Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Stifel Nicolaus raised their price target on Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. BTIG Research dropped their price target on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Finally, Royal Bank Of Canada increased their price objective on Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $144.47.

Abbott Laboratories Stock Up 1.8%

Abbott Laboratories stock traded up $2.35 during trading hours on Friday, hitting $134.41. 4,985,430 shares of the stock traded hands, compared to its average volume of 7,868,751. Abbott Laboratories has a one year low of $107.11 and a one year high of $141.23. The company has a market cap of $233.93 billion, a PE ratio of 16.84, a PEG ratio of 2.50 and a beta of 0.70. The firm's 50-day moving average price is $131.68 and its two-hundred day moving average price is $130.85. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.26. The company had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. Abbott Laboratories's revenue was up 7.4% on a year-over-year basis. During the same period last year, the company posted $1.14 EPS. On average, research analysts forecast that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio (DPR) is 29.57%.

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.