Traders Sell Abbott Laboratories (ABT) on Strength (ABT)
Traders sold shares of Abbott Laboratories (NYSE:ABT) on strength during trading hours on Monday. $59.44 million flowed into the stock on the tick-up and $132.79 million flowed out of the stock on the tick-down, for a money net flow of $73.35 million out of the stock. Of all equities tracked, Abbott Laboratories had the 0th highest net out-flow for the day. Abbott Laboratories traded up $0.24 for the day and closed at $43.41
Several research firms have issued reports on ABT. Cowen and Company reissued a “buy” rating and issued a $48.00 price target (up previously from $44.00) on shares of Abbott Laboratories in a research note on Thursday, April 21st. BTIG Research reissued a “buy” rating and issued a $45.00 price target on shares of Abbott Laboratories in a research note on Wednesday, April 20th. Piper Jaffray Cos. downgraded Abbott Laboratories from an “overweight” rating to a “neutral” rating in a research note on Thursday, April 28th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Friday, April 15th. Finally, First Global downgraded Abbott Laboratories from an “outperform” rating to a “marketperform” rating in a research note on Thursday, April 14th. Eight investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $46.77.
The company has a market capitalization of $63.78 billion and a price-to-earnings ratio of 28.65. The stock’s 50 day moving average is $39.90 and its 200 day moving average is $39.89.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.02. During the same quarter in the prior year, the company posted $0.52 EPS. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.24 billion. Abbott Laboratories’s revenue was up 3.2% compared to the same quarter last year. On average, equities analysts predict that Abbott Laboratories will post $2.20 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 15th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.40%.
In related news, EVP Hubert L. Allen sold 3,400 shares of the company’s stock in a transaction on Tuesday, June 28th. The shares were sold at an average price of $37.14, for a total transaction of $126,276.00. Following the completion of the transaction, the executive vice president now owns 91,857 shares in the company, valued at $3,411,568.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
A number of institutional investors have added to or reduced their stakes in ABT. Dorsey & Whitney Trust CO LLC raised its position in Abbott Laboratories by 0.3% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 30,616 shares of the healthcare product maker’s stock valued at $1,377,000 after buying an additional 101 shares during the period. Hedeker Wealth Management Group LLC raised its position in Abbott Laboratories by 0.5% in the fourth quarter. Hedeker Wealth Management Group LLC now owns 27,893 shares of the healthcare product maker’s stock valued at $1,252,000 after buying an additional 135 shares during the period. Baldwin Investment Management LLC raised its position in Abbott Laboratories by 0.6% in the fourth quarter. Baldwin Investment Management LLC now owns 23,068 shares of the healthcare product maker’s stock valued at $1,036,000 after buying an additional 143 shares during the period. Twin Capital Management Inc. raised its position in Abbott Laboratories by 0.5% in the fourth quarter. Twin Capital Management Inc. now owns 60,530 shares of the healthcare product maker’s stock valued at $2,718,000 after buying an additional 320 shares during the period. Finally, Ray Gerald L & Associates Ltd. raised its position in Abbott Laboratories by 1.8% in the fourth quarter. Ray Gerald L & Associates Ltd. now owns 27,581 shares of the healthcare product maker’s stock valued at $1,238,000 after buying an additional 500 shares during the period.
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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