Investors Buy Abbott Laboratories (ABT) on Weakness
Investors bought shares of Abbott Laboratories (NYSE:ABT) on weakness during trading on Friday. $49.00 million flowed into the stock on the tick-up and $38.90 million flowed out of the stock on the tick-down, for a money net flow of $10.10 million into the stock. Of all stocks tracked, Abbott Laboratories had the 51st highest net in-flow for the day. Abbott Laboratories traded down ($0.21) for the day and closed at $42.09
Several analysts have recently commented on ABT shares. Barclays PLC restated an “overweight” rating and issued a $48.00 target price on shares of Abbott Laboratories in a research note on Tuesday, July 12th. Bank of America Corp. restated a “buy” rating and issued a $50.00 target price on shares of Abbott Laboratories in a research note on Friday, August 12th. TheStreet upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. Credit Suisse Group AG restated a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, June 8th. Finally, Jefferies Group raised their target price on shares of Abbott Laboratories from $49.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. Seven investment 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’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $47.08.
The stock’s 50 day moving average price is $43.83 and its 200-day moving average price is $40.92. The company has a market capitalization of $61.87 billion and a PE ratio of 27.78.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The company earned $5.30 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the company earned $0.52 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. Analysts anticipate that Abbott Laboratories will post $2.20 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Friday, July 15th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Wednesday, July 13th.
In other Abbott Laboratories news, EVP Hubert L. Allen sold 3,400 shares of the company’s stock in a transaction dated 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 directly owns 91,857 shares of the company’s stock, valued at approximately $3,411,568.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Miles D. White purchased 242,547 shares of the business’s stock in a transaction 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 directly owns 2,010,517 shares in the company, valued at approximately $86,814,124.06. The disclosure for this purchase can be found here.
A number of large investors have modified their holdings of ABT. 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 increased 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 last quarter. Genesee Valley Trust Co. increased 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 last quarter. Montag A & Associates Inc. increased 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 last quarter. Finally, Autus Asset Management LLC increased 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 last quarter.
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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