Abbott Laboratories (NYSE:ABT) Given “Buy” Rating at TD Cowen

Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating reissued by research analysts at TD Cowen in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $135.00 price objective on the healthcare product maker’s stock. TD Cowen’s price target would suggest a potential upside of 28.06% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on ABT. Robert W. Baird initiated coverage on Abbott Laboratories in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $121.00 price target on the stock. Citigroup increased their price objective on shares of Abbott Laboratories from $108.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Abbott Laboratories from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Rothschild & Co Redburn raised shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $119.00 to $127.00 in a report on Friday, October 2nd. Finally, Wells Fargo & Company upped their price target on shares of Abbott Laboratories from $109.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $118.88.

Abbott Laboratories Stock Up 0.7%

Shares of Abbott Laboratories stock traded up $0.74 during trading hours on Friday, reaching $105.42. 670,350 shares of the company’s stock were exchanged, compared to its average volume of 11,241,207. The stock has a market cap of $182.42 billion, a P/E ratio of 34.18, a P/E/G ratio of 1.91 and a beta of 0.59. The company has a 50 day moving average of $105.97 and a two-hundred day moving average of $98.26. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a fifty-two week low of $81.97 and a fifty-two week high of $132.02.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.69%. The firm had revenue of $12.59 billion during the quarter, compared to analysts’ expectations of $12.52 billion. During the same quarter last year, the company posted $1.26 earnings per share. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, sell-side analysts forecast that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Institutional Trading of Abbott Laboratories

Institutional investors and hedge funds have recently bought and sold shares of the stock. Purpose Unlimited Inc. acquired a new stake in Abbott Laboratories during the 4th quarter worth about $25,000. Manning & Napier Advisors LLC bought a new stake in Abbott Laboratories in the 2nd quarter valued at about $31,000. Summit Securities Group LLC raised its position in shares of Abbott Laboratories by 41.3% during the second quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker’s stock worth $37,000 after purchasing an additional 118 shares during the period. Addison Advisors LLC acquired a new position in Abbott Laboratories during the second quarter worth $40,000. Finally, Hoey Investments Inc. lifted its stake in shares of Abbott Laboratories by 59.3% in the first quarter. Hoey Investments Inc. now owns 446 shares of the healthcare product maker’s stock valued at $46,000 after buying an additional 166 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

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.