Abbott Laboratories’ (ABT) Buy Rating Reiterated at TD Cowen

Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating reissued by analysts at TD Cowen in a report issued on Friday, Benzinga reports. They currently have a $135.00 price target on the healthcare product maker’s stock. TD Cowen’s price target indicates a potential upside of 28.83% from the company’s previous close.

Several other analysts also recently commented on the company. Wolfe Research raised Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price objective on the stock in a research note on Thursday, August 13th. Robert W. Baird began coverage on Abbott Laboratories in a research note on Wednesday, July 1st. They set an “outperform” rating and a $121.00 price objective on the stock. Wells Fargo & Company increased their price objective on shares of Abbott Laboratories from $109.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of Abbott Laboratories in a research report on Friday, July 17th. Finally, Barclays began coverage on shares of Abbott Laboratories in a report on Wednesday, October 7th. They set an “overweight” rating and a $120.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $118.88.

Abbott Laboratories Trading Up 0.1%

Abbott Laboratories stock traded up $0.11 during mid-day trading on Friday, hitting $104.79. 7,954,972 shares of the company’s stock were exchanged, compared to its average volume of 11,268,258. The firm has a market capitalization of $181.33 billion, a P/E ratio of 33.91, a PEG ratio of 1.91 and a beta of 0.59. Abbott Laboratories has a fifty-two week low of $81.97 and a fifty-two week high of $132.02. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. The company’s 50 day simple moving average is $105.97 and its 200-day simple moving average is $98.26.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Thursday, July 16th. The healthcare product maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.28 by $0.03. The business had revenue of $12.59 billion for the quarter, compared to the consensus estimate of $12.52 billion. Abbott Laboratories had a return on equity of 17.69% and a net margin of 11.65%. The firm’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 EPS. On average, equities analysts anticipate that Abbott Laboratories will post 5.52 earnings per share for the current year.

Hedge Funds Weigh In On Abbott Laboratories

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its position in Abbott Laboratories by 4.6% during the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock worth $13,843,610,000 after buying an additional 6,769,518 shares during the last quarter. State Street Corp grew its stake in Abbott Laboratories by 1.7% in the 2nd quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock valued at $7,343,246,000 after buying an additional 1,350,766 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Abbott Laboratories by 0.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 17,887,109 shares of the healthcare product maker’s stock valued at $2,241,076,000 after buying an additional 118,014 shares during the last quarter. Bank of America Corp DE acquired a new position in Abbott Laboratories in the 2nd quarter valued at about $1,603,607,000. Finally, Deutsche Bank AG grew its stake in Abbott Laboratories by 18.6% in the 2nd quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock valued at $1,515,963,000 after buying an additional 2,614,965 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories (NYSE:ABT) is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott’s medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.