Abbott Laboratories (ABT) Receives “Buy” Rating from Bank of America Corp.
ABT has been the topic of a number of other research reports. Royal Bank Of Canada reaffirmed an outperform rating and issued a $48.00 price target on shares of Abbott Laboratories in a report on Monday. Barclays PLC reaffirmed an overweight rating and issued a $48.00 price target on shares of Abbott Laboratories in a report on Tuesday, July 12th. Jefferies Group lifted their price target on shares of Abbott Laboratories from $44.00 to $45.00 and gave the stock a buy rating in a report on Tuesday, June 14th. TheStreet cut shares of Abbott Laboratories to a hold rating in a report on Thursday, May 26th. Finally, Zacks Investment Research raised shares of Abbott Laboratories from a hold rating to a buy rating and set a $44.00 price target on the stock in a report on Tuesday, July 5th. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $47.02.
Shares of Abbott Laboratories (NYSE:ABT) opened at 41.68 on Monday. Abbott Laboratories has a one year low of $36.00 and a one year high of $46.38. The stock’s 50 day moving average price is $43.36 and its 200 day moving average price is $41.15. The firm has a market cap of $61.27 billion, a price-to-earnings ratio of 27.51 and a beta of 0.82.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter last year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.50%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is presently 68.87%.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 41,500 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 196,467 shares of the company’s stock, valued at $8,841,015. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Miles D. White purchased 242,547 shares of the 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 purchase, the chairman now directly owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of ABT. Jarislowsky Fraser Ltd increased its stake in Abbott Laboratories by 780.3% in the second quarter. Jarislowsky Fraser Ltd now owns 18,800,322 shares of the healthcare product maker’s stock valued at $1,060,533,000 after buying an additional 16,664,605 shares in the last quarter. Mondrian Investment Partners LTD purchased a new position in shares of Abbott Laboratories during the first quarter valued at approximately $268,822,000. Massachusetts Financial Services Co. MA increased its position in shares of Abbott Laboratories by 16.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 36,209,595 shares of the healthcare product maker’s stock valued at $1,423,400,000 after buying an additional 5,115,232 shares during the period. Flossbach Von Storch AG increased its position in shares of Abbott Laboratories by 51.5% in the second quarter. Flossbach Von Storch AG now owns 14,514,773 shares of the healthcare product maker’s stock valued at $570,576,000 after buying an additional 4,936,655 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new position in shares of Abbott Laboratories during the second quarter valued at approximately $162,264,000. 73.12% of the stock is owned by institutional investors and hedge funds.
Abbott Laboratories Company Profile
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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