Bank of New York Mellon Corp Sells 483,453 Shares of Abbott Laboratories $ABT

Key Points

• Bank of New York Mellon reduced its stake in Abbott Laboratories by 3.7% in the first quarter, selling 483,453 shares and ending with about 12.44 million shares valued at roughly $1.28 billion.
• Wall Street sentiment remains positive overall, with Abbott carrying a Moderate Buy consensus rating and a consensus price target of $117.61, even though several analysts recently trimmed their individual targets.
• Abbott reported solid quarterly results, posting $1.15 EPS on revenue of $11.16 billion, both slightly ahead of estimates, while also declaring a quarterly dividend of $0.63 per share.

Bank of New York Mellon Corp lessened its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 3.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,442,717 shares of the healthcare product maker's stock after selling 483,453 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.71% of Abbott Laboratories worth $1,277,494,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC lifted its holdings in shares of Abbott Laboratories by 10.1% in the 4th quarter. Brighton Jones LLC now owns 51,719 shares of the healthcare product maker's stock valued at $5,850,000 after acquiring an additional 4,755 shares during the last quarter. Sivia Capital Partners LLC increased its stake in Abbott Laboratories by 3.5% during the second quarter. Sivia Capital Partners LLC now owns 4,768 shares of the healthcare product maker's stock worth $648,000 after acquiring an additional 162 shares during the last quarter. United Bank raised its position in Abbott Laboratories by 7.4% during the second quarter. United Bank now owns 29,004 shares of the healthcare product maker's stock valued at $3,945,000 after purchasing an additional 2,001 shares during the period. Main Street Financial Solutions LLC lifted its stake in shares of Abbott Laboratories by 13.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,894 shares of the healthcare product maker's stock valued at $1,618,000 after purchasing an additional 1,428 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Abbott Laboratories by 25.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,435,683 shares of the healthcare product maker's stock worth $195,267,000 after purchasing an additional 292,547 shares during the period. 75.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ABT has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on Abbott Laboratories from $122.00 to $109.00 and set an "overweight" rating on the stock in a report on Friday, April 17th. Stifel Nicolaus cut their price objective on shares of Abbott Laboratories from $145.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, April 17th. Argus reduced their target price on shares of Abbott Laboratories from $140.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. Piper Sandler restated an "overweight" rating and issued a $115.00 target price on shares of Abbott Laboratories in a report on Monday, June 22nd. Finally, Citigroup dropped their price target on shares of Abbott Laboratories from $136.00 to $108.00 and set a "buy" rating for the company in a research note on Friday, April 17th. Three research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Abbott Laboratories presently has a consensus rating of "Moderate Buy" and a consensus price target of $117.61.

Abbott Laboratories Price Performance

Abbott Laboratories stock opened at $89.27 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.39 and a quick ratio of 1.01. The stock has a market cap of $155.49 billion, a price-to-earnings ratio of 25.01, a price-to-earnings-growth ratio of 1.53 and a beta of 0.61. The firm has a 50-day moving average of $89.33 and a two-hundred day moving average of $102.36. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $137.49.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its earnings results on Thursday, April 16th. The healthcare product maker reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.01. The business had revenue of $11.16 billion for the quarter, compared to analyst estimates of $10.99 billion. Abbott Laboratories had a net margin of 13.90% and a return on equity of 17.62%. The company's quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted $1.09 earnings per share. On average, research analysts forecast that Abbott Laboratories will post 5.48 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th will be paid a dividend of $0.63 per share. The ex-dividend date is Wednesday, July 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.8%. Abbott Laboratories's dividend payout ratio (DPR) is currently 70.59%.

Insider Activity

In other Abbott Laboratories news, Director Daniel J. Starks purchased 10,000 shares of Abbott Laboratories stock in a transaction dated Monday, April 27th. The stock was acquired at an average price of $92.65 per share, for a total transaction of $926,500.00. Following the acquisition, the director owned 6,751,103 shares in the company, valued at $625,489,692.95. This trade represents a 0.15% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Philip P. Boudreau purchased 2,200 shares of the stock in a transaction dated Thursday, April 23rd. The stock was acquired at an average cost of $91.50 per share, with a total value of $201,300.00. Following the transaction, the chief financial officer directly owned 2,200 shares in the company, valued at approximately $201,300. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 0.46% of the company's stock.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.

In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.

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