Investors Sell Abbott Laboratories (ABT) on Strength (ABT)
Investors sold shares of Abbott Laboratories (NYSE:ABT) on strength during trading on Thursday. $50.47 million flowed into the stock on the tick-up and $101.92 million flowed out of the stock on the tick-down, for a money net flow of $51.45 million out of the stock. Of all stocks tracked, Abbott Laboratories had the 0th highest net out-flow for the day. Abbott Laboratories traded up $0.31 for the day and closed at $42.28
ABT has been the topic of a number of recent analyst reports. Cowen and Company restated a “buy” rating and issued a $48.00 price target (up from $44.00) on shares of Abbott Laboratories in a research report on Thursday, April 21st. BTIG Research restated a “buy” rating and issued a $45.00 price target on shares of Abbott Laboratories in a research report on Wednesday, April 20th. Piper Jaffray Cos. lowered shares of Abbott Laboratories from an “overweight” rating to a “neutral” rating in a research report on Thursday, April 28th. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Friday, April 15th. Finally, First Global lowered shares of Abbott Laboratories from an “outperform” rating to a “marketperform” rating in a research report on Thursday, April 14th. Eight equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $46.65.
The company has a market capitalization of $61.85 billion and a P/E ratio of 25.92. The stock has a 50 day moving average of $39.34 and a 200 day moving average of $39.96.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 20th. The healthcare product maker reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. During the same period last year, the firm posted $0.47 earnings per share. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.77 billion. The company’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts expect that Abbott Laboratories will post $2.21 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 15th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Wednesday, July 13th.
In related news, EVP Hubert L. Allen sold 3,400 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $37.14, for a total transaction of $126,276.00. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Other large investors have bought and sold shares of the company. Wellington Shields & Co. LLC increased its stake in Abbott Laboratories by 22.7% in the fourth quarter. Wellington Shields & Co. LLC now owns 22,274 shares of the healthcare product maker’s stock valued at $1,000,000 after buying an additional 4,124 shares in the last quarter. Baldwin Investment Management LLC increased its stake in Abbott Laboratories by 0.6% in the fourth quarter. Baldwin Investment Management LLC now owns 23,068 shares of the healthcare product maker’s stock valued at $1,036,000 after buying an additional 143 shares in the last quarter. American National Bank & Trust Co. VA increased its stake in Abbott Laboratories by 10.1% in the fourth quarter. American National Bank & Trust Co. VA now owns 25,243 shares of the healthcare product maker’s stock valued at $1,133,000 after buying an additional 2,307 shares in the last quarter. Home Federal Bank of Tennessee acquired a new stake in Abbott Laboratories during the fourth quarter valued at approximately $1,133,000. Finally, Wetherby Asset Management Inc. increased its stake in Abbott Laboratories by 8.4% in the fourth quarter. Wetherby Asset Management Inc. now owns 26,018 shares of the healthcare product maker’s stock valued at $1,169,000 after buying an additional 2,016 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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