Traders Buy Abbott Laboratories (ABT) on Weakness
Investors purchased shares of Abbott Laboratories (NYSE:ABT) on weakness during trading on Monday. $76.43 million flowed into the stock on the tick-up and $26.14 million flowed out of the stock on the tick-down, for a money net flow of $50.29 million into the stock. Of all stocks tracked, Abbott Laboratories had the 5th highest net in-flow for the day. Abbott Laboratories traded down ($0.24) for the day and closed at $45.02
ABT has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, July 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $48.00 price target (up from $45.00) on shares of Abbott Laboratories in a research note on Monday, April 11th. Cowen and Company reaffirmed a “buy” rating and issued a $48.00 price target (up from $44.00) on shares of Abbott Laboratories in a research note on Thursday, April 21st. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Abbott Laboratories in a research note on Thursday, May 12th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $45.00 price target on shares of Abbott Laboratories in a research note on Wednesday, April 20th. Eight 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 company’s stock. The stock presently has an average rating of “Buy” and an average target price of $47.27.
The firm has a market cap of $66.18 billion and a P/E ratio of 29.72. The stock’s 50 day moving average is $41.75 and its 200-day moving average is $40.19.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. During the same quarter in the previous year, the business earned $0.52 earnings per share. The business earned $5.30 billion during the quarter, compared to the consensus estimate of $5.24 billion. The firm’s revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts expect that Abbott Laboratories will post $2.20 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Friday, July 15th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, July 13th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%.
In related news, EVP Hubert L. Allen sold 3,400 shares of the 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 transaction, the executive vice president now directly owns 91,857 shares in the company, valued at approximately $3,411,568.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Warmuth sold 26,800 shares of the stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $43.49, for a total transaction of $1,165,532.00. Following the completion of the transaction, the insider now owns 81,811 shares of the company’s stock, valued at $3,557,960.39. The disclosure for this sale can be found here.
A number of hedge funds have recently added to or reduced their stakes in ABT. Cooke & Bieler LP purchased a new stake in Abbott Laboratories during the fourth quarter worth $54,198,000. Diamond Hill Capital Management Inc. raised its stake in Abbott Laboratories by 2.8% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 8,621,765 shares of the healthcare product maker’s stock worth $387,203,000 after buying an additional 236,352 shares in the last quarter. Tredje AP fonden raised its stake in Abbott Laboratories by 3,538.8% in the fourth quarter. Tredje AP fonden now owns 242,996 shares of the healthcare product maker’s stock worth $10,913,000 after buying an additional 236,318 shares in the last quarter. BHF Kleinwort Benson Group S.A. raised its stake in Abbott Laboratories by 20.2% in the fourth quarter. BHF Kleinwort Benson Group S.A. now owns 1,003,661 shares of the healthcare product maker’s stock worth $45,074,000 after buying an additional 168,343 shares in the last quarter. Finally, RBO & Co. LLC purchased a new stake in Abbott Laboratories during the fourth quarter worth $7,558,000.
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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