First Commonwealth Financial Corp PA Trims Stake in Abbott Laboratories (NYSE:ABT)

by · The Cerbat Gem

First Commonwealth Financial Corp PA lessened its stake in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 1.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 6,708 shares of the healthcare product maker’s stock after selling 100 shares during the period. First Commonwealth Financial Corp PA’s holdings in Abbott Laboratories were worth $765,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ABT. Unique Wealth Strategies LLC bought a new position in shares of Abbott Laboratories in the second quarter worth approximately $28,000. Future Financial Wealth Managment LLC bought a new stake in Abbott Laboratories during the third quarter valued at about $31,000. Itau Unibanco Holding S.A. purchased a new position in shares of Abbott Laboratories in the second quarter valued at about $32,000. Peterson Financial Group Inc. bought a new position in shares of Abbott Laboratories in the third quarter worth about $32,000. Finally, Valued Wealth Advisors LLC grew its holdings in Abbott Laboratories by 78.4% during the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after buying an additional 127 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The trade was a 39.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.47% of the company’s stock.

Abbott Laboratories Stock Up 0.6 %

ABT stock traded up $0.76 on Wednesday, hitting $118.72. 179,487 shares of the company’s stock were exchanged, compared to its average volume of 5,669,494. The firm has a 50 day moving average price of $115.59 and a two-hundred day moving average price of $110.13. The stock has a market cap of $205.91 billion, a P/E ratio of 35.85, a price-to-earnings-growth ratio of 2.78 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. Abbott Laboratories has a 12-month low of $99.71 and a 12-month high of $121.64.

Abbott Laboratories (NYSE:ABT – Get Free Report) last issued its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS. As a group, equities research analysts expect that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were given a dividend of $0.55 per share. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.85%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ABT shares. Royal Bank of Canada raised their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Oppenheimer assumed coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price on the stock. Mizuho lifted their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Piper Sandler increased their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Sanford C. Bernstein raised their price objective on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $130.07.

Get Our Latest Report on Abbott Laboratories

About Abbott Laboratories

(Free Report)

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.

Read More