Abbott Laboratories (NYSE:ABT) Shares Sold by Sunflower Bank N.A.

22 Dec 2023, 15:06 by Renee Jackson · The Cerbat Gem

Sunflower Bank N.A. cut its holdings in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 71.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,359 shares of the healthcare product maker’s stock after selling 35,587 shares during the quarter. Abbott Laboratories accounts for 0.3% of Sunflower Bank N.A.’s investment portfolio, making the stock its 27th largest position. Sunflower Bank N.A.’s holdings in Abbott Laboratories were worth $1,391,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Halpern Financial Inc. purchased a new stake in shares of Abbott Laboratories in the 3rd quarter valued at approximately $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Abbott Laboratories in the 4th quarter valued at approximately $28,000. Cornerstone Planning Group LLC purchased a new stake in shares of Abbott Laboratories in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC purchased a new stake in shares of Abbott Laboratories in the 2nd quarter valued at approximately $32,000. Finally, FWL Investment Management LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at $33,000. 73.70% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Down 0.5 %

ABT stock opened at $107.91 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.23 and a current ratio of 1.74. Abbott Laboratories has a one year low of $89.67 and a one year high of $115.83. The company has a fifty day moving average of $99.46 and a 200-day moving average of $102.60. The stock has a market capitalization of $187.34 billion, a PE ratio of 36.90, a price-to-earnings-growth ratio of 2.71 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT – Get Free Report) last announced its quarterly earnings data on Wednesday, October 18th. The healthcare product maker reported $1.14 EPS for the quarter, beating the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 12.92% and a return on equity of 20.15%. The firm had revenue of $10.14 billion during the quarter, compared to analysts’ expectations of $9.82 billion. During the same quarter last year, the business earned $1.15 earnings per share. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, analysts expect that Abbott Laboratories will post 4.44 EPS for the current year.

Abbott Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be paid a $0.55 dividend. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, January 11th. This represents a $2.20 annualized dividend and a dividend yield of 2.04%. Abbott Laboratories’s dividend payout ratio (DPR) is 74.83%.

Analyst Ratings Changes

ABT has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Abbott Laboratories from $116.00 to $121.00 and gave the company an “overweight” rating in a research report on Wednesday, December 13th. StockNews.com assumed coverage on shares of Abbott Laboratories in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Morgan Stanley lowered their price objective on shares of Abbott Laboratories from $112.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 19th. Citigroup lowered their price objective on shares of Abbott Laboratories from $130.00 to $122.00 in a research report on Monday, October 2nd. Finally, UBS Group lowered their price objective on shares of Abbott Laboratories from $130.00 to $118.00 in a research report on Thursday, October 19th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.80.

Read Our Latest Stock Analysis on ABT

Insider Activity at Abbott Laboratories

In related news, EVP Andrea F. Wainer sold 15,000 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $108.00, for a total value of $1,620,000.00. Following the completion of the sale, the executive vice president now owns 65,027 shares in the company, valued at $7,022,916. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Abbott Laboratories news, EVP Andrea F. Wainer sold 15,000 shares of Abbott Laboratories stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $108.00, for a total transaction of $1,620,000.00. Following the completion of the transaction, the executive vice president now owns 65,027 shares in the company, valued at $7,022,916. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Starks sold 50,000 shares of Abbott Laboratories stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $94.05, for a total transaction of $4,702,500.00. Following the transaction, the director now owns 6,725,316 shares of the company’s stock, valued at approximately $632,515,969.80. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Abbott Laboratories Profile

(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 Established Pharmaceutical Products segment 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.