PNC Financial Services Group Inc. Sells 31,848 Shares of Abbott Laboratories (NYSE:ABT)

Key Points

• PNC Financial Services Group Inc. has reduced its stake in Abbott Laboratories by 0.7%, now owning approximately 4.64 million shares worth about $615 million.
• Abbott Laboratories reported a quarterly earning of $1.26 EPS, meeting analysts' expectations with a revenue of $11.14 billion, up 7.4% year-over-year.
• The company announced a quarterly dividend of $0.59 per share, with an annualized yield of 1.9%, reflecting a dividend payout ratio of 29.57%.

PNC Financial Services Group Inc. cut its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,638,706 shares of the healthcare product maker's stock after selling 31,848 shares during the period. PNC Financial Services Group Inc. owned about 0.27% of Abbott Laboratories worth $615,324,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Jupiter Asset Management Ltd. acquired a new position in Abbott Laboratories during the 1st quarter worth approximately $214,000. Barings LLC acquired a new stake in Abbott Laboratories in the first quarter valued at $214,000. IFG Advisory LLC boosted its position in shares of Abbott Laboratories by 3.3% during the 1st quarter. IFG Advisory LLC now owns 33,096 shares of the healthcare product maker's stock worth $4,390,000 after purchasing an additional 1,060 shares in the last quarter. SPC Financial Inc. increased its holdings in shares of Abbott Laboratories by 2.0% in the 1st quarter. SPC Financial Inc. now owns 18,375 shares of the healthcare product maker's stock valued at $2,437,000 after purchasing an additional 362 shares in the last quarter. Finally, TIAA Trust National Association increased its holdings in Abbott Laboratories by 2.6% in the first quarter. TIAA Trust National Association now owns 135,791 shares of the healthcare product maker's stock valued at $18,013,000 after buying an additional 3,457 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ABT shares. Wells Fargo & Company cut their price target on Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Mizuho lifted their target price on Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Leerink Partners began coverage on 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. William Blair raised Abbott Laboratories to a "strong-buy" rating in a research note on Thursday, July 17th. Finally, Raymond James Financial reduced their price objective on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $144.47.

Abbott Laboratories Trading Up 2.2%

ABT stock traded up $2.76 on Monday, reaching $130.05. The company's stock had a trading volume of 5,670,467 shares, compared to its average volume of 7,983,422. Abbott Laboratories has a 12-month low of $107.11 and a 12-month high of $141.23. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82. The business has a fifty day simple moving average of $131.78 and a two-hundred day simple moving average of $130.61. The firm has a market cap of $226.35 billion, a PE ratio of 16.30, a PEG ratio of 2.41 and a beta of 0.70.

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

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's payout ratio 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.