Investors Buy Abbott Laboratories (ABT) on Weakness
Investors bought shares of Abbott Laboratories (NYSE:ABT) on weakness during trading on Tuesday. $101.86 million flowed into the stock on the tick-up and $67.60 million flowed out of the stock on the tick-down, for a money net flow of $34.26 million into the stock. Of all stocks tracked, Abbott Laboratories had the 8th highest net in-flow for the day. Abbott Laboratories traded down ($0.42) for the day and closed at $42.83
Several research firms have issued reports on ABT. TheStreet raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Bank of America Corp. reiterated a “buy” rating and set a $50.00 price objective on shares of Abbott Laboratories in a research note on Friday, August 12th. BTIG Research reiterated a “buy” rating and set a $45.00 price objective on shares of Abbott Laboratories in a research note on Wednesday, August 10th. Deutsche Bank AG reiterated a “buy” rating on shares of Abbott Laboratories in a research note on Tuesday, August 9th. Finally, Jefferies Group lifted their price objective 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 equities research 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. Abbott Laboratories has an average rating of “Buy” and an average target price of $47.08.
The stock’s 50 day moving average is $43.84 and its 200 day moving average is $40.89. The firm has a market capitalization of $62.96 billion and a P/E ratio of 28.27.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data 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. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same period in the previous year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities analysts expect that Abbott Laboratories will post $2.20 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Shareholders of record on Friday, July 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.43%. The ex-dividend date was Wednesday, July 13th.
In other news, Chairman Miles D. White bought 242,547 shares of Abbott Laboratories stock in a transaction dated Monday, July 25th. The stock was bought at an average price of $43.18 per share, for a total transaction of $10,473,179.46. Following the purchase, the chairman now owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Hubert L. Allen sold 3,400 shares of the firm’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $37.14, for a total transaction of $126,276.00. Following the completion of the sale, the executive vice president now owns 91,857 shares of the company’s stock, valued at approximately $3,411,568.98. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in the company. Montag A & Associates Inc. boosted its stake 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 valued at $2,891,000 after buying an additional 1,060 shares during the period. Home Federal Bank of Tennessee purchased a new stake in Abbott Laboratories during the fourth quarter valued at approximately $1,133,000. Foresters Investment Management Company Inc. boosted its stake in Abbott Laboratories by 5.3% in the fourth quarter. Foresters Investment Management Company Inc. now owns 713,760 shares of the healthcare product maker’s stock valued at $32,055,000 after buying an additional 35,700 shares during the period. Autus Asset Management LLC boosted its stake 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 valued at $4,478,000 after buying an additional 5,126 shares during the period. Finally, Employees Retirement System of Texas boosted its stake in Abbott Laboratories by 16.4% in the fourth quarter. Employees Retirement System of Texas now owns 249,100 shares of the healthcare product maker’s stock valued at $11,187,000 after buying an additional 35,100 shares during the period.
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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