Mechanics Bank Trust Department Decreases Position in Abbott Laboratories (NYSE:ABT)

Mechanics Bank Trust Department lowered its position in Abbott Laboratories (NYSE:ABT) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,356 shares of the healthcare product maker’s stock after selling 628 shares during the quarter. Abbott Laboratories accounts for approximately 1.2% of Mechanics Bank Trust Department’s holdings, making the stock its 24th biggest holding. Mechanics Bank Trust Department’s holdings in Abbott Laboratories were worth $8,637,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Groupama Asset Managment increased its position in Abbott Laboratories by 22.2% during the third quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock worth $26,000 after buying an additional 41,557 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Abbott Laboratories during the third quarter valued at $31,000. Itau Unibanco Holding S.A. purchased a new stake in Abbott Laboratories during the 2nd quarter worth about $32,000. Peterson Financial Group Inc. acquired a new position in Abbott Laboratories in the 3rd quarter valued at about $32,000. Finally, Valued Wealth Advisors LLC lifted its holdings in Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

ABT opened at $113.45 on Monday. The company has a 50 day moving average of $114.93 and a two-hundred day moving average of $112.80. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $121.64. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The company has a market cap of $196.78 billion, a P/E ratio of 34.48, a P/E/G ratio of 2.40 and a beta of 0.73.

Abbott Laboratories Increases Dividend

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

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. UBS Group increased their price target on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Royal Bank of Canada lifted their price objective on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Morgan Stanley increased their target price on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Barclays lifted their price target on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $131.57.

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.