Abbott Laboratories (NYSE:ABT) Shares Sold by First Western Trust Bank

Key Points

• First Western Trust Bank has reduced its stake in Abbott Laboratories by 5.8%, now holding 42,212 shares valued at approximately $5.6 million.
• Abbott Laboratories recently announced a quarterly dividend of $0.59 per share, with a dividend yield of 1.8%.
• A total of 75.18% of Abbott Laboratories' stock is owned by hedge funds and institutional investors, indicating significant institutional interest.

First Western Trust Bank trimmed its position in Abbott Laboratories (NYSE:ABT - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,212 shares of the healthcare product maker's stock after selling 2,587 shares during the period. Abbott Laboratories makes up approximately 0.3% of First Western Trust Bank's holdings, making the stock its 29th biggest holding. First Western Trust Bank's holdings in Abbott Laboratories were worth $5,599,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Donoghue Forlines LLC acquired a new stake in Abbott Laboratories in the first quarter valued at approximately $2,293,000. Zions Bancorporation National Association UT acquired a new stake in Abbott Laboratories in the 1st quarter worth approximately $561,000. Forsta AP Fonden boosted its stake in Abbott Laboratories by 14.7% in the 1st quarter. Forsta AP Fonden now owns 483,700 shares of the healthcare product maker's stock worth $64,163,000 after purchasing an additional 62,000 shares in the last quarter. Savvy Advisors Inc. boosted its stake in Abbott Laboratories by 2.1% in the 1st quarter. Savvy Advisors Inc. now owns 20,668 shares of the healthcare product maker's stock worth $2,742,000 after purchasing an additional 428 shares in the last quarter. Finally, Caisse Des Depots ET Consignations boosted its stake in Abbott Laboratories by 28.9% in the 1st quarter. Caisse Des Depots ET Consignations now owns 15,186 shares of the healthcare product maker's stock worth $2,014,000 after purchasing an additional 3,409 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on ABT. Stifel Nicolaus lifted their target price on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. BTIG Research lowered their target price on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Leerink Partners began coverage on shares of 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. Wells Fargo & Company decreased their price objective on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Finally, Morgan Stanley lifted their price objective on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $144.47.

Abbott Laboratories Price Performance

NYSE:ABT traded down $0.44 during trading hours on Tuesday, reaching $130.92. 5,657,375 shares of the company were exchanged, compared to its average volume of 6,882,736. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The stock's 50-day moving average is $131.65 and its 200-day moving average is $131.17. The firm has a market cap of $227.85 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 2.55 and a beta of 0.70. Abbott Laboratories has a twelve month low of $107.60 and a twelve month high of $141.23.

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

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio is 29.57%.

Insider Activity at Abbott Laboratories

In other news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction dated 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 directly owned 51,003 shares in the company, valued at $6,862,453.65. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is owned by company insiders.

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.