Mechanics Bank Trust Department Has $9.63 Million Stock Holdings in Abbott Laboratories (NYSE:ABT)

Mechanics Bank Trust Department lowered its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,560 shares of the healthcare product maker's stock after selling 3,796 shares during the quarter. Abbott Laboratories accounts for about 1.3% of Mechanics Bank Trust Department's investment portfolio, making the stock its 22nd biggest position. Mechanics Bank Trust Department's holdings in Abbott Laboratories were worth $9,625,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ABT. Cim LLC lifted its position in shares of Abbott Laboratories by 0.4% during the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock worth $1,919,000 after buying an additional 73 shares during the period. Cape Investment Advisory Inc. lifted its holdings in shares of Abbott Laboratories by 6.6% during the fourth quarter. Cape Investment Advisory Inc. now owns 1,236 shares of the healthcare product maker's stock valued at $140,000 after acquiring an additional 76 shares during the period. Capital Square LLC boosted its stake in shares of Abbott Laboratories by 2.7% in the 4th quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock valued at $368,000 after purchasing an additional 77 shares in the last quarter. Cyrus J. Lawrence LLC grew its holdings in shares of Abbott Laboratories by 9.0% in the 4th quarter. Cyrus J. Lawrence LLC now owns 954 shares of the healthcare product maker's stock worth $107,000 after purchasing an additional 79 shares during the last quarter. Finally, LMG Wealth Partners LLC lifted its holdings in Abbott Laboratories by 3.8% during the 4th quarter. LMG Wealth Partners LLC now owns 2,161 shares of the healthcare product maker's stock valued at $244,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.

Abbott Laboratories Trading Down 0.5%

ABT traded down $0.72 during midday trading on Wednesday, reaching $132.99. 3,973,909 shares of the company were exchanged, compared to its average volume of 6,146,580. The stock has a market capitalization of $231.38 billion, a P/E ratio of 17.38, a PEG ratio of 2.52 and a beta of 0.74. Abbott Laboratories has a one year low of $99.71 and a one year high of $141.23. The stock's 50-day simple moving average is $130.64 and its 200 day simple moving average is $125.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

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

Analyst Ratings Changes

Several analysts have recently weighed in on ABT shares. Jefferies Financial Group raised their price objective on shares of Abbott Laboratories from $135.00 to $137.00 and gave the stock a "hold" rating in a report on Thursday, April 17th. Raymond James boosted their price objective on Abbott Laboratories from $132.00 to $142.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. 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 report on Thursday, April 17th. Stifel Nicolaus upped their price target on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Finally, Royal Bank of Canada raised their price objective on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and a consensus price target of $142.59.

Insider Activity

In related news, Director Sally E. Blount sold 2,600 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the transaction, the director now directly owns 34,058 shares of the company's stock, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa D. Earnhardt sold 91,167 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $133.82, for a total value of $12,199,967.94. Following the completion of the sale, the executive vice president now owns 71,928 shares in the company, valued at approximately $9,625,404.96. This trade represents a 55.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.