Traders Buy Shares of Abbott Laboratories (ABT) on Weakness
Investors bought shares of Abbott Laboratories (NYSE:ABT) on weakness during trading on Thursday. $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 19th highest net in-flow for the day. Abbott Laboratories traded down ($0.81) for the day and closed at $42.02
Several equities analysts recently commented on the stock. TheStreet raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. Bank of America Corp. reaffirmed a “buy” rating and set a $50.00 price objective on shares of Abbott Laboratories in a research note on Friday, August 12th. BTIG Research reaffirmed a “buy” rating and set a $45.00 price objective on shares of Abbott Laboratories in a research note on Wednesday, August 10th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Tuesday, August 9th. Finally, Jefferies Group boosted their price objective on shares of Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.08.
The company has a 50-day moving average of $43.84 and a 200 day moving average of $40.91. The company has a market capitalization of $62.18 billion and a price-to-earnings ratio of 27.92.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, beating the 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. During the same quarter in the previous year, the business earned $0.52 EPS. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Equities research analysts predict that Abbott Laboratories will post $2.20 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Friday, July 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Wednesday, July 13th.
In related news, 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 transaction, the executive vice president now directly owns 91,857 shares of the company’s stock, valued at $3,411,568.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Miles D. White bought 242,547 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was acquired at an average cost of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the acquisition, the chairman now owns 2,010,517 shares of the company’s stock, valued at approximately $86,814,124.06. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors have bought and sold shares of the company. Home Federal Bank of Tennessee acquired a new position in Abbott Laboratories during the fourth quarter worth $1,133,000. Ancora Advisors LLC raised its position in 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 position in 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 position in 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 position in 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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