Abbott Laboratories (NYSE:ABT) Lowered to “Hold” at BidaskClub
BidaskClub cut shares of Abbott Laboratories (NYSE:ABT) from a buy rating to a hold rating in a research note released on Sunday.
A number of other research firms have also recently weighed in on ABT. Stifel Nicolaus reiterated a buy rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Friday, July 21st. Barclays PLC reiterated an overweight rating and set a $57.00 price target (up from $52.00) on shares of Abbott Laboratories in a report on Saturday, July 22nd. Jefferies Group LLC reiterated a buy rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Thursday. Zacks Investment Research cut Abbott Laboratories from a buy rating to a hold rating in a report on Wednesday, August 2nd. Finally, BTIG Research began coverage on Abbott Laboratories in a report on Wednesday, June 21st. They set a buy rating and a $56.00 price target for the company. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $51.93.
Shares of Abbott Laboratories (NYSE ABT) traded up 0.06% during midday trading on Friday, reaching $49.29. 2,293,818 shares of the company traded hands. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $51.13. The firm has a market capitalization of $85.53 billion, a PE ratio of 69.03 and a beta of 1.07. The stock has a 50 day moving average price of $48.97 and a 200 day moving average price of $45.28.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The company’s revenue was up 24.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 EPS. Analysts expect that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Wednesday, July 12th. Abbott Laboratories’s payout ratio is presently 149.30%.
In other news, insider Brian J. Blaser sold 15,000 shares of Abbott Laboratories stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the completion of the transaction, the insider now owns 143,154 shares in the company, valued at approximately $7,157,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jared Watkin sold 552 shares of Abbott Laboratories stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $47.97, for a total value of $26,479.44. Following the completion of the transaction, the insider now owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 218,702 shares of company stock valued at $10,149,733 in the last quarter. Company insiders own 0.76% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Burt Wealth Advisors boosted its position in shares of Abbott Laboratories by 14.4% in the second quarter. Burt Wealth Advisors now owns 3,181 shares of the healthcare product maker’s stock valued at $154,000 after buying an additional 400 shares during the last quarter. TRUE Private Wealth Advisors bought a new position in shares of Abbott Laboratories during the second quarter valued at about $218,000. Fagan Associates Inc. bought a new position in shares of Abbott Laboratories during the second quarter valued at about $335,000. Venturi Wealth Management LLC bought a new position in shares of Abbott Laboratories during the second quarter valued at about $520,000. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Abbott Laboratories by 7.3% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 119,435 shares of the healthcare product maker’s stock valued at $5,806,000 after buying an additional 8,080 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.
Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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