Mechanics Bank Trust Department Sells 13,970 Shares of Abbott Laboratories $ABT

Key Points

• Mechanics Bank Trust Department reduced its stake in Abbott Laboratories by 19.3%, now holding 58,590 shares valued at approximately $7.97 million.
• Abbott Laboratories reported $1.26 earnings per share for the quarter, meeting analyst expectations and marking a 7.4% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.59, to be paid on November 17th, representing a yield of 1.7%.

Mechanics Bank Trust Department decreased its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 19.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,590 shares of the healthcare product maker's stock after selling 13,970 shares during the quarter. Abbott Laboratories makes up approximately 1.1% of Mechanics Bank Trust Department's holdings, making the stock its 23rd biggest holding. Mechanics Bank Trust Department's holdings in Abbott Laboratories were worth $7,969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in ABT. Hughes Financial Services LLC acquired a new stake in Abbott Laboratories in the first quarter worth $27,000. Abound Financial LLC bought a new position in Abbott Laboratories in the 1st quarter worth about $28,000. Elequin Capital LP bought a new stake in shares of Abbott Laboratories during the first quarter valued at approximately $30,000. JCIC Asset Management Inc. acquired a new stake in Abbott Laboratories in the 1st quarter valued at approximately $32,000. Finally, Vision Financial Markets LLC bought a new position in shares of Abbott Laboratories in the first quarter worth $33,000. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Up 0.6%

NYSE:ABT traded up $0.78 during mid-day trading on Monday, reaching $136.82. The stock had a trading volume of 4,837,007 shares, compared to its average volume of 5,199,671. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. The stock has a market cap of $238.13 billion, a P/E ratio of 17.15, a PEG ratio of 2.58 and a beta of 0.69. The business's 50 day moving average is $130.56 and its 200 day moving average is $131.11. Abbott Laboratories has a fifty-two week low of $110.86 and a fifty-two week high of $141.23.

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

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.7%. Abbott Laboratories's dividend payout ratio is presently 29.57%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. BTIG Research lowered their price objective on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Leerink Partners began coverage on Abbott Laboratories in a research report on Monday, June 16th. They set a "market perform" rating and a $143.00 price target on the stock. Leerink Partnrs raised Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Evercore ISI lifted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Mizuho raised their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $145.22.

Insider Buying and Selling

In other news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction that occurred 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 transaction, the chief financial officer owned 51,003 shares of the company's stock, valued at $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by company insiders.

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.