Chemung Canal Trust Co. Trims Position in Abbott Laboratories $ABT

Chemung Canal Trust Co. lessened its stake in Abbott Laboratories (NYSE:ABT) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,527 shares of the healthcare product maker’s stock after selling 189 shares during the period. Chemung Canal Trust Co.’s holdings in Abbott Laboratories were worth $1,432,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ABT. Brighton Jones LLC increased its stake in Abbott Laboratories by 10.1% in the 4th quarter. Brighton Jones LLC now owns 51,719 shares of the healthcare product maker’s stock worth $5,850,000 after buying an additional 4,755 shares during the period. First National Corp MA ADV increased its position in Abbott Laboratories by 1.1% during the 1st quarter. First National Corp MA ADV now owns 11,270 shares of the healthcare product maker’s stock valued at $1,495,000 after purchasing an additional 123 shares during the period. Impact Capital Partners LLC increased its position in Abbott Laboratories by 3.9% during the 1st quarter. Impact Capital Partners LLC now owns 21,810 shares of the healthcare product maker’s stock valued at $2,893,000 after purchasing an additional 826 shares during the period. Congress Asset Management Co. increased its position in Abbott Laboratories by 6.3% during the 1st quarter. Congress Asset Management Co. now owns 3,529 shares of the healthcare product maker’s stock valued at $468,000 after purchasing an additional 210 shares during the period. Finally, Sara Bay Financial increased its position in Abbott Laboratories by 9.2% during the 1st quarter. Sara Bay Financial now owns 8,416 shares of the healthcare product maker’s stock valued at $1,101,000 after purchasing an additional 709 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 1.1%

ABT stock opened at $134.49 on Friday. The firm has a 50 day moving average of $131.94 and a 200 day moving average of $131.36. The stock has a market capitalization of $234.07 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.55 and a beta of 0.69. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. Abbott Laboratories has a 52 week low of $110.86 and a 52 week high of $141.23.

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

Abbott Laboratories Dividend Announcement

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

Insider Buying and Selling

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the completion of the sale, the chief financial officer directly owned 51,003 shares in the company, valued at approximately $6,862,453.65. The trade was a 9.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on ABT shares. Raymond James Financial cut their target price on shares of Abbott Laboratories from $142.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, July 18th. Leerink Partners started coverage on shares of Abbott Laboratories in a research report on Monday, June 16th. They set a “market perform” rating and a $143.00 target price on the stock. Mizuho lifted their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Royal Bank Of Canada lifted their price objective on shares of Abbott Laboratories from $145.00 to $147.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company cut their price objective on shares of Abbott Laboratories from $147.00 to $142.00 and set an “overweight” rating on the stock in a research report on Friday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $145.39.

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.