Coastline Trust Co Trims Holdings in Abbott Laboratories (NYSE:ABT)

Coastline Trust Co lowered its position in Abbott Laboratories (NYSE:ABT) by 19.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,123 shares of the healthcare product maker’s stock after selling 3,100 shares during the period. Coastline Trust Co’s holdings in Abbott Laboratories were worth $1,496,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of ABT. Capital International Investors raised its holdings in shares of Abbott Laboratories by 9.1% during the first quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock worth $7,976,382,000 after purchasing an additional 5,882,780 shares during the last quarter. Swedbank AB purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at about $341,777,000. Sessa Capital IM L.P. acquired a new position in shares of Abbott Laboratories in the 2nd quarter valued at about $264,876,000. Assenagon Asset Management S.A. boosted its stake in shares of Abbott Laboratories by 493.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,401,190 shares of the healthcare product maker’s stock worth $249,508,000 after buying an additional 1,996,320 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Abbott Laboratories by 13,194.9% during the third quarter. International Assets Investment Management LLC now owns 1,679,805 shares of the healthcare product maker’s stock worth $191,515,000 after acquiring an additional 1,667,170 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insider Activity

In other news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 39.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

ABT stock opened at $115.90 on Friday. Abbott Laboratories has a 1 year low of $97.64 and a 1 year high of $121.64. The firm has a market capitalization of $201.02 billion, a PE ratio of 35.23, a price-to-earnings-growth ratio of 2.72 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The business has a 50 day simple moving average of $115.53 and a 200-day simple moving average of $109.49.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.14 EPS. Equities research analysts anticipate that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued a $0.55 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.90%. Abbott Laboratories’s payout ratio is 66.87%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ABT shares. Oppenheimer began coverage on Abbott Laboratories in a report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price target for the company. Royal Bank of Canada lifted their price target on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Jefferies Financial Group upped their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, October 17th. Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price on the stock. Finally, Barclays upped their price target on shares of Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $130.07.

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.