Merely laying on of hands is done for healing, tongues, and ordination. In Timothy's case it likely was ordination, meaning that he receive the ministry gifts to accomplish His calling. We may never know the extent of it all Timothy is seen by some as a bishop, a teacher, but here an evangelist. Source:
What is Paul referring to in 1 Timothy 4:14?
2 Timothy 4:5 (NASB)
5 But you, be sober in all things, endure hardship, do the work of an
evangelist, fulfill your ministry.
was likely a Bishop and teacher,
Lutheran Pastor Dmitry Rozet:
1 Timothy 4:14 does not speak of any "gift of the priesthood." The literal translation of this verse looks like this:
"Do not neglect the spiritual gift (charismathos) that is in you, which was given according to prophecy with the laying on of the hands of the presbyters."
The concept of the "gift of the priesthood" is absent not only here, but also in the Bible in general. The word "charisma" used in this verse, in 1 Corinthians 12:4, Paul refers to spiritual gifts (the word of wisdom, the word of knowledge, prophecy, etc.). Paul does not specify which specific gift is in question in this case, but
a) the gift received by Timothy was "piece-by-piece", since it was given "according to prophecy", we are not talking about a mass phenomenon;
b) most likely, he had to do with the ability to "instruct and teach," which Paul writes about in 1 Tim. 4:13.
I would also like to note that the word "heirotonia" is NOT used in this verse (ordination, lit. "voting by stretching out one's hand"), which in the church tradition is called ordination or ordination (2 Cor. 8:19; Acts. 14:23), and the combination "epithesis ton heiron" is used, i.e. letters. The "laying on of hands", which is associated with a blessing. And, on the contrary, in those cases where the Bible explicitly mentions ordination or the blessing of non-ministry, there is no mention of the communication of some special spiritual gift by laying on of hands.