Penobscot Investment Management Company Inc. Decreases Stake in Abbott Laboratories $ABT

Key Points

• Penobscot Investment Management Company Inc. reduced its stake in Abbott Laboratories by 4.8% during the second quarter, owning 43,346 shares worth approximately $5,895,000 after selling 2,177 shares.
• Abbott Laboratories has announced a quarterly dividend of $0.59, to be paid on November 17th, representing a 1.8% dividend yield.
• Analysts have mixed ratings for Abbott, with a consensus "Moderate Buy" rating and a target price of $145.39, though prices from various firms range up to $147.00.

Penobscot Investment Management Company Inc. lowered its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 4.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,346 shares of the healthcare product maker's stock after selling 2,177 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Abbott Laboratories were worth $5,895,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ABT. Consilium Wealth Advisory LLC lifted its holdings in shares of Abbott Laboratories by 2.1% in the first quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock valued at $507,000 after purchasing an additional 78 shares in the last quarter. Mayflower Financial Advisors LLC lifted its stake in Abbott Laboratories by 0.5% in the 1st quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker's stock valued at $2,298,000 after acquiring an additional 78 shares in the last quarter. FF Advisors LLC boosted its position in Abbott Laboratories by 4.3% during the 2nd quarter. FF Advisors LLC now owns 1,904 shares of the healthcare product maker's stock worth $259,000 after acquiring an additional 79 shares during the last quarter. Charles Schwab Trust Co raised its holdings in shares of Abbott Laboratories by 0.6% in the second quarter. Charles Schwab Trust Co now owns 14,018 shares of the healthcare product maker's stock valued at $1,907,000 after purchasing an additional 79 shares during the last quarter. Finally, Opes Wealth Management LLC lifted its position in shares of Abbott Laboratories by 2.9% in the first quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock worth $379,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.

Insider Activity at Abbott Laboratories

In related news, CFO Philip P. Boudreau sold 5,550 shares of the company's 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 transaction, the chief financial officer owned 51,003 shares in the company, valued at approximately $6,862,453.65. This represents a 9.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company's stock.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $134.49 on Friday. Abbott Laboratories has a twelve month low of $110.86 and a twelve month high of $141.23. The company has a market cap of $234.07 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.52 and a beta of 0.69. The business's 50 day moving average price is $131.94 and its two-hundred day moving average price is $131.33. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, hitting the consensus estimate of $1.26. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%.The company had revenue of $11.14 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same period in the previous year, the company posted $1.14 EPS. The firm's revenue for the quarter was up 7.4% compared to the same quarter last year. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. On average, analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ABT. Wells Fargo & Company decreased their target price on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Royal Bank Of Canada raised their price objective on Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Evercore ISI upped their target price on Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Weiss Ratings restated a "buy (b)" rating on shares of Abbott Laboratories in a research note on Saturday, September 27th. Finally, Leerink Partners initiated 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. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $145.39.

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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