Penobscot Investment Management Company Inc. Has $5.90 Million Stock Position in Abbott Laboratories $ABT

Penobscot Investment Management Company Inc. cut its holdings in Abbott Laboratories (NYSE:ABT) by 4.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,346 shares of the healthcare product maker’s stock after selling 2,177 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Abbott Laboratories were worth $5,895,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of ABT. Hughes Financial Services LLC bought a new position in shares of Abbott Laboratories during the first quarter worth approximately $27,000. Abound Financial LLC bought a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $28,000. Elequin Capital LP acquired a new stake in Abbott Laboratories during the first quarter worth approximately $30,000. JCIC Asset Management Inc. bought a new position in Abbott Laboratories during the 1st quarter worth $32,000. Finally, Vision Financial Markets LLC acquired a new position in Abbott Laboratories in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Analysts Set New Price Targets

ABT has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their price target on Abbott Laboratories from $153.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday. Leerink Partnrs upgraded shares of Abbott Laboratories to a “hold” rating in a research note on Monday, June 16th. William Blair upgraded shares of Abbott Laboratories to a “strong-buy” rating in a research report on Thursday, July 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Abbott Laboratories in a report on Saturday, September 27th. Finally, Raymond James Financial decreased their price objective on shares of Abbott Laboratories from $142.00 to $141.00 and set an “outperform” rating on the stock in a research note on Friday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.39.

Insider Activity at Abbott Laboratories

In other news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $134.55, for a total transaction of $746,752.50. Following the sale, the chief financial officer directly owned 51,003 shares of the company’s stock, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

Abbott Laboratories Trading Up 1.1%

Shares of Abbott Laboratories stock opened at $134.49 on Friday. The firm’s 50 day moving average is $131.94 and its 200 day moving average is $131.33. The firm has a market capitalization of $234.07 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.52 and a beta of 0.69. Abbott Laboratories has a 1 year low of $110.86 and a 1 year high of $141.23. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.26. The firm had revenue of $11.14 billion for the quarter, compared to analyst estimates of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business posted $1.14 earnings per share. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. Equities research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Wednesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 29.57%.

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.