Abbott Laboratories (NYSE:ABT) Shares Sold by Mechanics Bank Trust Department

Mechanics Bank Trust Department decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 76,356 shares of the healthcare product maker’s stock after selling 628 shares during the period. Abbott Laboratories makes up about 1.2% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 24th biggest position. Mechanics Bank Trust Department’s holdings in Abbott Laboratories were worth $8,637,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABT. Pine Haven Investment Counsel Inc raised its position in shares of Abbott Laboratories by 0.9% in the 4th quarter. Pine Haven Investment Counsel Inc now owns 23,372 shares of the healthcare product maker’s stock valued at $2,644,000 after purchasing an additional 200 shares in the last quarter. LVW Advisors LLC raised its holdings in Abbott Laboratories by 45.0% in the fourth quarter. LVW Advisors LLC now owns 11,440 shares of the healthcare product maker’s stock valued at $1,294,000 after acquiring an additional 3,552 shares in the last quarter. City Holding Co. boosted its stake in Abbott Laboratories by 0.6% during the 4th quarter. City Holding Co. now owns 41,958 shares of the healthcare product maker’s stock valued at $4,746,000 after acquiring an additional 266 shares during the last quarter. Annex Advisory Services LLC increased its position in shares of Abbott Laboratories by 4.5% in the 4th quarter. Annex Advisory Services LLC now owns 73,028 shares of the healthcare product maker’s stock worth $8,260,000 after purchasing an additional 3,177 shares during the last quarter. Finally, Hall Laurie J Trustee raised its stake in shares of Abbott Laboratories by 1.7% in the 4th quarter. Hall Laurie J Trustee now owns 64,543 shares of the healthcare product maker’s stock valued at $7,300,000 after purchasing an additional 1,081 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

Shares of ABT opened at $113.45 on Monday. The firm has a market capitalization of $196.78 billion, a price-to-earnings ratio of 34.48, a price-to-earnings-growth ratio of 2.40 and a beta of 0.73. The stock’s fifty day moving average is $114.93 and its 200-day moving average is $112.80. Abbott Laboratories has a one year low of $99.71 and a one year high of $121.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.08%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, January 15th. Abbott Laboratories’s payout ratio is 66.87%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in 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 objective for the company. UBS Group upped their price target on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Jefferies Financial Group lifted their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, October 17th. Barclays lifted their price target on shares of Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Finally, Piper Sandler raised their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.57.

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.