Options traders have turned their most bullish in a year on ABT. The put/call ratio hit 0.71 on May 12 — a 52-week low — falling 2.16 standard deviations below its 20-day mean of 0.88. That's the sharpest swing toward calls in at least twelve months.
The timing is striking. The stock has shed 15.9% over the past month, closing at $84.35 on May 12. The divergence between options sentiment and recent price action is the central tension in Abbott's data right now.
The PCR drop didn't happen in isolation. It's been a rapid, sustained rotation. The ratio stood above 0.97 as recently as April 20. It has fallen every week since. Options buyers are increasingly positioned for a rebound, not further weakness.
The analyst community broadly agrees. Nine analysts lowered their price targets after the Q1 print on April 16, which sent the stock down 4.7% on the day. But all nine maintained positive ratings — Buy, Overweight, or Outperform. The consensus target of $118.64 sits 40% above the current price.
Short interest climbed 10.1% in one week to 1.33% of free float. That's the steepest weekly build since late April. In absolute terms, shorts now hold roughly 23.1 million shares, up from 21.3 million a week ago.
At 1.33% of float, SI remains modest. The borrow market reflects that. Availability is extremely loose — cost to borrow sits at just 0.15%, down from a recent high near 0.48% in early April. There is no meaningful squeeze pressure from the lending side.
Two insiders stepped in after the April sell-off. Director Daniel Starks purchased 10,000 shares at $92.65 on April 27, a $926,537 outlay. CFO Philip Boudreau added 2,200 shares at $91.50 on April 23, worth $201,300. Both trades came after the stock had already fallen sharply from its prior level near $115.
The CFO's participation is notable. It's not a token purchase, and it came at a price point well below where several sell-side targets now sit.
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