First City Capital Management Inc. Sells 1,565 Shares of Abbott Laboratories (NYSE:ABT)

First City Capital Management Inc. lowered its holdings in shares of Abbott Laboratories (NYSE:ABT) by 16.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,166 shares of the healthcare product maker’s stock after selling 1,565 shares during the quarter. First City Capital Management Inc.’s holdings in Abbott Laboratories were worth $849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of ABT. Unique Wealth Strategies LLC bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $28,000. Transcendent Capital Group LLC acquired a new stake in Abbott Laboratories in the 4th quarter worth approximately $29,000. Richardson Financial Services Inc. bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $29,000. Redmont Wealth Advisors LLC acquired a new position in Abbott Laboratories during the first quarter valued at approximately $30,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Abbott Laboratories in the second quarter valued at approximately $32,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Price Performance

Shares of ABT stock opened at $113.70 on Friday. The stock’s fifty day simple moving average is $110.50 and its 200 day simple moving average is $108.53. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64. The firm has a market cap of $197.80 billion, a price-to-earnings ratio of 35.42, a P/E/G ratio of 2.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.08 EPS. On average, analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.93%. Abbott Laboratories’s dividend payout ratio is 68.54%.

Insider Buying and Selling at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler started coverage on shares of Abbott Laboratories in a report on Thursday. They issued an “overweight” rating and a $131.00 target price on the stock. The Goldman Sachs Group initiated coverage on Abbott Laboratories in a research note on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. Piper Sandler Companies assumed coverage on Abbott Laboratories in a research report on Thursday. They issued an “overweight” rating and a $131.00 price objective for the company. Finally, Barclays boosted their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $123.33.

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.