Abbott Laboratories (ABT) Raised to “Outperform” at BMO Capital Markets
BMO Capital Markets upgraded shares of Abbott Laboratories (NYSE:ABT) from a market perform rating to an outperform rating in a research note released on Tuesday, Marketbeat Ratings reports. The firm currently has $65.00 price objective on the healthcare product maker’s stock, up from their previous price objective of $58.00.
A number of other brokerages have also commented on ABT. ValuEngine lowered Abbott Laboratories from a buy rating to a hold rating in a report on Friday, December 1st. Jefferies Group reaffirmed a buy rating and issued a $65.00 price objective on shares of Abbott Laboratories in a report on Thursday, October 19th. Royal Bank of Canada upped their price objective on Abbott Laboratories from $55.00 to $60.00 and gave the company an outperform rating in a report on Thursday, October 19th. Stifel Nicolaus upped their price objective on Abbott Laboratories from $58.00 to $63.00 and gave the company a buy rating in a report on Thursday, October 19th. Finally, Cowen set a $68.00 price objective on Abbott Laboratories and gave the company a buy rating in a report on Thursday, October 19th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $57.56.
Abbott Laboratories (ABT) traded down $0.33 on Tuesday, reaching $54.73. The company had a trading volume of 5,935,100 shares, compared to its average volume of 6,609,938. Abbott Laboratories has a twelve month low of $37.90 and a twelve month high of $56.69. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company has a market cap of $95,837.49, a PE ratio of 22.85, a PEG ratio of 2.06 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The business had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. During the same quarter in the prior year, the business earned $0.59 EPS. The firm’s revenue for the quarter was up 28.8% on a year-over-year basis. analysts predict that Abbott Laboratories will post 2.49 earnings per share for the current year.
In other news, insider Daniel Gesua Sive Salvadori sold 28,319 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $54.92, for a total transaction of $1,555,279.48. Following the sale, the insider now directly owns 102,117 shares of the company’s stock, valued at approximately $5,608,265.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Alejandro D. Wellisch sold 2,153 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $55.86, for a total value of $120,266.58. Following the sale, the insider now directly owns 10,256 shares in the company, valued at $572,900.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 616,332 shares of company stock worth $33,579,226. 0.76% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Villere ST Denis J & Co. LLC lifted its holdings in Abbott Laboratories by 2.3% during the second quarter. Villere ST Denis J & Co. LLC now owns 268,200 shares of the healthcare product maker’s stock worth $13,037,000 after acquiring an additional 5,950 shares during the period. Private Bank & Trust Co. lifted its holdings in Abbott Laboratories by 12.3% during the second quarter. Private Bank & Trust Co. now owns 30,322 shares of the healthcare product maker’s stock worth $1,473,000 after acquiring an additional 3,330 shares during the period. Gratus Capital LLC lifted its holdings in Abbott Laboratories by 0.9% during the second quarter. Gratus Capital LLC now owns 205,067 shares of the healthcare product maker’s stock worth $9,968,000 after acquiring an additional 1,869 shares during the period. Comerica Securities Inc. bought a new stake in Abbott Laboratories during the first quarter worth $2,833,000. Finally, AQR Capital Management LLC lifted its holdings in Abbott Laboratories by 264.8% during the first quarter. AQR Capital Management LLC now owns 634,391 shares of the healthcare product maker’s stock worth $28,173,000 after acquiring an additional 460,477 shares during the period. 71.32% of the stock is currently owned by institutional investors.
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About Abbott Laboratories
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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