Tompkins Financial Corp Cuts Stake in Abbott Laboratories (NYSE:ABT)

Tompkins Financial Corp reduced its stake in Abbott Laboratories (NYSE:ABTFree Report) by 2.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 85,259 shares of the healthcare product maker’s stock after selling 2,373 shares during the quarter. Abbott Laboratories accounts for approximately 1.5% of Tompkins Financial Corp’s portfolio, making the stock its 17th largest holding. Tompkins Financial Corp’s holdings in Abbott Laboratories were worth $9,295,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABT. Fairfield Bush & CO. bought a new position in shares of Abbott Laboratories in the first quarter worth approximately $131,000. United Bank boosted its stake in shares of Abbott Laboratories by 7.2% during the first quarter. United Bank now owns 27,280 shares of the healthcare product maker’s stock valued at $3,229,000 after purchasing an additional 1,826 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Abbott Laboratories by 1.9% during the first quarter. Mackenzie Financial Corp now owns 813,253 shares of the healthcare product maker’s stock valued at $96,257,000 after purchasing an additional 15,521 shares during the period. Kinneret Advisory LLC boosted its stake in shares of Abbott Laboratories by 2.3% during the first quarter. Kinneret Advisory LLC now owns 19,467 shares of the healthcare product maker’s stock valued at $2,304,000 after purchasing an additional 436 shares during the period. Finally, Lumature Wealth Partners LLC boosted its stake in shares of Abbott Laboratories by 636.2% during the first quarter. Lumature Wealth Partners LLC now owns 2,216 shares of the healthcare product maker’s stock valued at $262,000 after purchasing an additional 1,915 shares during the period. 73.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Daniel J. Starks sold 50,000 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $113.76, for a total transaction of $5,688,000.00. Following the completion of the transaction, the director now directly owns 6,775,316 shares in the company, valued at $770,759,948.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Daniel J. Starks sold 50,000 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $113.76, for a total transaction of $5,688,000.00. Following the completion of the transaction, the director now directly owns 6,775,316 shares in the company, valued at $770,759,948.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrea F. Wainer sold 10,400 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $105.03, for a total value of $1,092,312.00. Following the transaction, the executive vice president now owns 65,027 shares of the company’s stock, valued at $6,829,785.81. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ABT. Barclays increased their price objective on Abbott Laboratories from $127.00 to $132.00 and gave the company an “overweight” rating in a research note on Monday, July 24th. StockNews.com began coverage on Abbott Laboratories in a research note on Thursday, August 17th. They set a “buy” rating for the company. Wolfe Research raised Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 21st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $112.00 price target on shares of Abbott Laboratories in a research note on Friday, July 21st. Finally, Mizuho raised their price target on Abbott Laboratories from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.82.

Check Out Our Latest Stock Report on Abbott Laboratories

Abbott Laboratories Stock Down 0.3 %

ABT traded down $0.35 during trading on Tuesday, reaching $100.65. The stock had a trading volume of 813,550 shares, compared to its average volume of 4,883,889. The stock’s 50 day moving average is $106.17 and its two-hundred day moving average is $105.24. The company has a current ratio of 1.64, a quick ratio of 1.16 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $174.66 billion, a price-to-earnings ratio of 34.47, a P/E/G ratio of 4.54 and a beta of 0.68. Abbott Laboratories has a one year low of $93.25 and a one year high of $115.83.

Abbott Laboratories (NYSE:ABTGet Free Report) last posted its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. Abbott Laboratories had a return on equity of 20.50% and a net margin of 12.83%. The business had revenue of $9.98 billion during the quarter, compared to the consensus estimate of $9.71 billion. During the same quarter in the prior year, the company earned $1.43 earnings per share. The firm’s quarterly revenue was down 11.4% compared to the same quarter last year. As a group, analysts expect that Abbott Laboratories will post 4.4 earnings per share for the current year.

About Abbott Laboratories

(Free Report)

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 Established Pharmaceutical Products segment 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.

Further Reading

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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