Penobscot Investment Management Company Inc. Sells 849 Shares of Abbott Laboratories (NYSE:ABT)

Penobscot Investment Management Company Inc. lowered its stake in Abbott Laboratories (NYSE:ABT) by 1.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,105 shares of the healthcare product maker’s stock after selling 849 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Abbott Laboratories were worth $6,065,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ST Germain D J Co. Inc. boosted its stake in shares of Abbott Laboratories by 0.6% in the 3rd quarter. ST Germain D J Co. Inc. now owns 21,756 shares of the healthcare product maker’s stock valued at $2,107,000 after purchasing an additional 131 shares during the last quarter. FAS Wealth Partners Inc. acquired a new position in shares of Abbott Laboratories during the 3rd quarter valued at $483,000. RMR Wealth Builders raised its holdings in Abbott Laboratories by 41.6% during the third quarter. RMR Wealth Builders now owns 14,035 shares of the healthcare product maker’s stock worth $1,359,000 after buying an additional 4,121 shares during the last quarter. Sweet Financial Partners LLC grew its holdings in shares of Abbott Laboratories by 4.6% during the third quarter. Sweet Financial Partners LLC now owns 21,830 shares of the healthcare product maker’s stock valued at $2,114,000 after buying an additional 968 shares during the last quarter. Finally, Toews Corp ADV bought a new stake in shares of Abbott Laboratories during the third quarter worth about $775,000. Institutional investors own 75.18% of the company’s stock.

Insider Transactions at Abbott Laboratories

In related news, VP John A. Jr. Mccoy sold 472 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $55,932.00. Following the sale, the vice president now owns 18,760 shares in the company, valued at approximately $2,223,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Andrea F. Wainer sold 12,500 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the executive vice president now owns 78,704 shares in the company, valued at approximately $9,444,480. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $118.50, for a total transaction of $55,932.00. Following the sale, the vice president now directly owns 18,760 shares of the company’s stock, valued at $2,223,060. The disclosure for this sale can be found here. Insiders have sold 13,935 shares of company stock valued at $1,670,048 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays reduced their price objective on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating for the company in a research report on Monday, April 22nd. Citigroup boosted their target price on Abbott Laboratories from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Raymond James restated a “buy” rating and issued a $124.00 price target on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Royal Bank of Canada decreased their target price on Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating for the company in a research report on Thursday, April 18th. Finally, Evercore ISI raised their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $121.50.

Abbott Laboratories Price Performance

Shares of ABT traded down $1.21 during trading hours on Tuesday, reaching $106.06. 1,562,749 shares of the stock traded hands, compared to its average volume of 5,581,612. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The company has a current ratio of 1.64, a quick ratio of 1.16 and a debt-to-equity ratio of 0.35. The company has a market cap of $184.03 billion, a P/E ratio of 33.16, a price-to-earnings-growth ratio of 2.59 and a beta of 0.74. The company’s 50-day moving average price is $113.50 and its two-hundred day moving average price is $108.34.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The company had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a return on equity of 20.32% and a net margin of 13.96%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.03 EPS. On average, analysts anticipate that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Friday, April 12th. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Abbott Laboratories 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.