Camden National Bank Sells 472 Shares of Abbott Laboratories (NYSE:ABT)

Camden National Bank cut its holdings in Abbott Laboratories (NYSE:ABT) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,828 shares of the healthcare product maker’s stock after selling 472 shares during the quarter. Camden National Bank’s holdings in Abbott Laboratories were worth $664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ABT. Massachusetts Financial Services Co. MA raised its holdings in shares of Abbott Laboratories by 25.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock valued at $1,518,539,000 after acquiring an additional 2,711,586 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Abbott Laboratories by 5.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,675,827 shares of the healthcare product maker’s stock worth $1,103,997,000 after purchasing an additional 508,524 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Abbott Laboratories by 27.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,428,752 shares of the healthcare product maker’s stock valued at $771,940,000 after purchasing an additional 1,596,835 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Abbott Laboratories by 8.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,683,586 shares of the healthcare product maker’s stock valued at $761,996,000 after buying an additional 524,683 shares during the period. Finally, Swiss National Bank lifted its holdings in Abbott Laboratories by 0.5% in the third quarter. Swiss National Bank now owns 5,163,580 shares of the healthcare product maker’s stock worth $588,700,000 after buying an additional 26,000 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

NYSE ABT opened at $117.76 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $121.64. The business has a 50-day moving average price of $115.58 and a 200-day moving average price of $109.88. The firm has a market cap of $204.25 billion, a price-to-earnings ratio of 35.79, a price-to-earnings-growth ratio of 2.76 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The company had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. During the same period last year, the company posted $1.14 earnings per share. Abbott Laboratories’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts predict that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders 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 dividend yield of 1.87%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. This represents a 39.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ABT. Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. UBS Group upped their price target on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Oppenheimer assumed coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 target price for the company. Jefferies Financial Group lifted their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, October 17th. Finally, Piper Sandler increased their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $130.07.

Abbott Laboratories Company 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.