Investors Buy Abbott Laboratories (ABT) on Weakness
Investors bought shares of Abbott Laboratories (NYSE:ABT) on weakness during trading on Wednesday. $114.37 million flowed into the stock on the tick-up and $52.35 million flowed out of the stock on the tick-down, for a money net flow of $62.02 million into the stock. Of all companies tracked, Abbott Laboratories had the 18th highest net in-flow for the day. Abbott Laboratories traded down ($0.81) for the day and closed at $42.02
A number of brokerages have weighed in on ABT. Bank of America Corp. reissued a “buy” rating and set a $50.00 target price on shares of Abbott Laboratories in a report on Friday, August 12th. Deutsche Bank AG reissued a “buy” rating on shares of Abbott Laboratories in a report on Tuesday, August 9th. Jefferies Group increased their target price on shares of Abbott Laboratories from $49.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. BTIG Research reissued a “buy” rating and set a $45.00 target price on shares of Abbott Laboratories in a report on Wednesday, August 10th. Finally, TheStreet raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Abbott Laboratories has a consensus rating of “Buy” and an average price target of $47.08.
The stock has a market capitalization of $61.77 billion and a P/E ratio of 27.74. The company’s 50 day moving average price is $43.83 and its 200-day moving average price is $40.90.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.24 billion. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 earnings per share. On average, equities research analysts predict that Abbott Laboratories will post $2.20 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Friday, July 15th were paid a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%.
In other Abbott Laboratories news, Chairman Miles D. White bought 242,547 shares of the stock in a transaction dated Monday, July 25th. The stock was bought at an average cost of $43.18 per share, for a total transaction of $10,473,179.46. Following the completion of the purchase, the chairman now owns 2,010,517 shares in the company, valued at approximately $86,814,124.06. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Hubert L. Allen sold 3,400 shares of the firm’s stock in a transaction on Tuesday, June 28th. The shares were sold at an average price of $37.14, for a total value of $126,276.00. Following the completion of the sale, the executive vice president now owns 91,857 shares of the company’s stock, valued at $3,411,568.98. The disclosure for this sale can be found here.
Several hedge funds have made changes to their positions in the stock. Home Federal Bank of Tennessee acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth $1,133,000. Ancora Advisors LLC raised its stake in shares of Abbott Laboratories by 11.7% in the fourth quarter. Ancora Advisors LLC now owns 50,506 shares of the healthcare product maker’s stock worth $2,274,000 after buying an additional 5,300 shares during the period. Genesee Valley Trust Co. raised its stake in shares of Abbott Laboratories by 2.5% in the fourth quarter. Genesee Valley Trust Co. now owns 64,089 shares of the healthcare product maker’s stock worth $2,878,000 after buying an additional 1,569 shares during the period. Montag A & Associates Inc. raised its stake in shares of Abbott Laboratories by 1.7% in the fourth quarter. Montag A & Associates Inc. now owns 64,376 shares of the healthcare product maker’s stock worth $2,891,000 after buying an additional 1,060 shares during the period. Finally, Autus Asset Management LLC raised its stake in shares of Abbott Laboratories by 5.4% in the fourth quarter. Autus Asset Management LLC now owns 99,700 shares of the healthcare product maker’s stock worth $4,478,000 after buying an additional 5,126 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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