Investors Buy Abbott Laboratories (ABT) on Weakness
Traders 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
A number of research analysts have weighed in on the company. Bank of America Corp. reaffirmed a “buy” rating and set a $50.00 target price on shares of Abbott Laboratories in a report on Friday, August 12th. TheStreet lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Edward Jones raised Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Thursday, May 12th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Wednesday, June 8th. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Abbott Laboratories presently has an average rating of “Buy” and a consensus target price of $47.08.
The stock has a market capitalization of $61.87 billion and a P/E ratio of 27.78. The firm has a 50 day moving average price of $43.83 and a 200-day moving average price of $40.92.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The firm earned $5.30 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the company posted $0.52 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year. Analysts expect that Abbott Laboratories will post $2.20 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 15th. Shareholders of record on Friday, July 15th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Wednesday, July 13th.
In other Abbott Laboratories news, VP Robert E. Funck sold 26,800 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $43.08, for a total value of $1,154,544.00. Following the transaction, the vice president now owns 111,819 shares of the company’s stock, valued at $4,817,162.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Stephen R. Fussell sold 41,500 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $45.00, for a total value of $1,867,500.00. Following the completion of the transaction, the insider now directly owns 196,467 shares in the company, valued at approximately $8,841,015. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently bought and sold shares of ABT. Home Federal Bank of Tennessee purchased a new position in Abbott Laboratories during the fourth quarter worth $1,133,000. Ancora Advisors LLC increased 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 in the last quarter. Genesee Valley Trust Co. increased 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 in the last quarter. Montag A & Associates Inc. increased 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 in the last quarter. Finally, Autus Asset Management LLC increased 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 in 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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