Cullinan Associates Inc. Sells 3,000 Shares of Abbott Laboratories $ABT

Key Points

• Cullinan Associates Inc. reduced its stake in Abbott Laboratories by 8.1%, selling 3,000 shares, and now holds 34,094 shares worth approximately $4.637 million.
• Abbott reported earnings of $1.26 per share during the last quarter, meeting analysts' expectations, with a revenue increase of 7.4% year-over-year.
• Several analysts have adjusted their price targets for Abbott, with a current average target of $145.39 and a rating consensus of "Moderate Buy."

Cullinan Associates Inc. lowered its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 8.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,094 shares of the healthcare product maker's stock after selling 3,000 shares during the period. Cullinan Associates Inc.'s holdings in Abbott Laboratories were worth $4,637,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. BTIG Research dropped their price objective on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Raymond James Financial dropped their price objective on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Leerink Partners assumed coverage on Abbott Laboratories in a research note on Monday, June 16th. They set a "market perform" rating and a $143.00 price objective for the company. William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a research note on Thursday, July 17th. Finally, Leerink Partnrs raised shares of Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $145.39.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock opened at $134.49 on Monday. Abbott Laboratories has a 52-week low of $110.86 and a 52-week high of $141.23. The stock has a market capitalization of $234.07 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 2.55 and a beta of 0.69. The company has a fifty day moving average of $131.94 and a 200-day moving average of $131.39. 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 announced its quarterly earnings data 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. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The firm's 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. Equities research analysts expect that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Wednesday, October 15th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.8%. Abbott Laboratories's dividend payout ratio is 29.57%.

Insider Activity

In other news, CFO Philip P. Boudreau sold 5,550 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $134.55, for a total value of $746,752.50. Following the completion of the sale, the chief financial officer owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. This represents a 9.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company's stock.

About Abbott Laboratories

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.

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