Cornell Pochily Investment Advisors Inc. Increases Position in Abbott Laboratories $ABT

Key Points

• Cornell Pochily Investment Advisors Inc. increased its position in Abbott Laboratories by 16.5% in Q2, holding a total of 24,553 shares valued at approximately $3.34 million.
• Insider activity includes CFO Philip P. Boudreau selling 5,550 shares, decreasing his ownership by nearly 10% in August.
• Abbott Laboratories reported Q2 earnings meeting analysts’ expectations with $1.26 EPS and growth in revenue by 7.4% year-over-year.

Cornell Pochily Investment Advisors Inc. lifted its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 16.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,553 shares of the healthcare product maker's stock after purchasing an additional 3,484 shares during the period. Abbott Laboratories comprises about 1.1% of Cornell Pochily Investment Advisors Inc.'s portfolio, making the stock its 22nd largest holding. Cornell Pochily Investment Advisors Inc.'s holdings in Abbott Laboratories were worth $3,339,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Hughes Financial Services LLC acquired a new stake in Abbott Laboratories in the 1st quarter worth about $27,000. Abound Financial LLC acquired a new stake in Abbott Laboratories in the 1st quarter worth about $28,000. Elequin Capital LP acquired a new stake in Abbott Laboratories in the 1st quarter worth about $30,000. JCIC Asset Management Inc. acquired a new stake in Abbott Laboratories in the 1st quarter worth about $32,000. Finally, Vision Financial Markets LLC acquired a new stake in Abbott Laboratories in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Insider Buying and Selling

In related news, CFO Philip P. Boudreau sold 5,550 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $134.55, for a total value of $746,752.50. Following the transaction, the chief financial officer directly owned 51,003 shares in the company, valued at approximately $6,862,453.65. This represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. BTIG Research lowered their price objective on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a report on Friday, July 18th. William Blair upgraded Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. Leerink Partnrs upgraded Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Raymond James Financial lowered their target price on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Finally, The Goldman Sachs Group boosted their target price on Abbott Laboratories from $153.00 to $157.00 and gave the stock a "buy" rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.39.

Abbott Laboratories Trading Down 0.3%

ABT opened at $133.05 on Friday. Abbott Laboratories has a one year low of $110.86 and a one year high of $141.23. The stock has a market capitalization of $231.56 billion, a PE ratio of 16.67, a P/E/G ratio of 2.53 and a beta of 0.69. The business's 50 day moving average price is $131.78 and its 200 day moving average price is $131.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings data 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 return on equity of 18.32% and a net margin of 32.43%.The firm had revenue of $11.14 billion for the quarter, compared to analysts' expectations of $11.01 billion. During the same period in the prior year, the firm posted $1.14 earnings per share. The firm's quarterly revenue was up 7.4% on a year-over-year basis. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. As a group, equities research analysts expect that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Wednesday, October 15th will be issued a $0.59 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. Abbott Laboratories's dividend payout ratio is currently 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.

Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.