True North Advisors LLC Sells 3,589 Shares of Abbott Laboratories (NYSE:ABT)

Key Points

• True North Advisors LLC reduced its stake in Abbott Laboratories by 12.3%, selling 3,589 shares and now holding 25,473 shares valued at approximately $3,379,000.
• Abbott Laboratories reported $1.26 EPS for the last quarter, meeting analysts' expectations, with revenue of $11.14 billion, reflecting a 7.4% increase from the previous year.
• The company declared a $0.59 quarterly dividend with a yield of 1.8%, scheduled to be paid on August 15th, 2023.

True North Advisors LLC cut its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 12.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,473 shares of the healthcare product maker's stock after selling 3,589 shares during the quarter. True North Advisors LLC's holdings in Abbott Laboratories were worth $3,379,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Cim LLC boosted its stake in shares of Abbott Laboratories by 0.4% in the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock valued at $1,919,000 after purchasing an additional 73 shares in the last quarter. Capital Square LLC raised its holdings in Abbott Laboratories by 2.7% in the 4th quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock valued at $368,000 after buying an additional 77 shares during the last quarter. Consilium Wealth Advisory LLC raised its holdings in Abbott Laboratories by 2.1% in the 1st quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock valued at $507,000 after buying an additional 78 shares during the last quarter. Mayflower Financial Advisors LLC raised its holdings 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 buying an additional 78 shares during the last quarter. Finally, Opes Wealth Management LLC raised its holdings in Abbott Laboratories by 2.9% during the 1st 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 during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT traded down $0.44 during midday trading on Tuesday, reaching $130.92. The company had a trading volume of 5,657,375 shares, compared to its average volume of 6,882,736. Abbott Laboratories has a 52-week low of $107.60 and a 52-week high of $141.23. 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 company's 50 day moving average price is $131.65 and its 200 day moving average price is $131.17. The stock has a market cap of $227.85 billion, a P/E ratio of 16.41, a P/E/G ratio of 2.55 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings results 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 quarter in the prior year, the firm earned $1.14 EPS. The business's revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

Analyst Upgrades and Downgrades

ABT has been the subject of several analyst reports. Leerink Partners initiated coverage on shares of Abbott Laboratories in a report on Monday, June 16th. They set a "market perform" rating and a $143.00 price target for the company. Raymond James Financial lowered their price target on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Jefferies Financial Group upgraded shares of Abbott Laboratories from a "hold" rating to a "buy" rating and raised their price target for the stock from $143.00 to $145.00 in a report on Friday, July 18th. Barclays raised their price target on shares of Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. Finally, William Blair upgraded shares of Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Abbott Laboratories currently has a consensus rating of "Moderate Buy" and an average price target of $144.47.

Insiders Place Their Bets

In other Abbott Laboratories 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 transaction of $746,752.50. Following the completion of the transaction, the chief financial officer owned 51,003 shares in the company, valued at $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by corporate 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.