Abbott Laboratories’ (ABT) “Buy” Rating Reaffirmed at TD Cowen

Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating restated by analysts at TD Cowen in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $135.00 target price on the healthcare product maker’s stock. TD Cowen’s price objective would indicate a potential upside of 29.35% from the company’s current price.

ABT has been the topic of a number of other research reports. UBS Group decreased their price target on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and increased their target price for the stock from $119.00 to $127.00 in a research report on Friday, October 2nd. JPMorgan Chase & Co. lifted their target price on Abbott Laboratories from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, July 17th. BTIG Research boosted their price target on Abbott Laboratories from $131.00 to $134.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Finally, Piper Sandler reiterated an “overweight” rating and set a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a report on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.88.

Abbott Laboratories Trading Down 0.3%

Shares of ABT stock traded down $0.31 during trading hours on Friday, hitting $104.37. 2,482,933 shares of the company were exchanged, compared to its average volume of 11,249,487. The firm has a market cap of $180.60 billion, a PE ratio of 33.77, a PEG ratio of 1.91 and a beta of 0.59. Abbott Laboratories has a 1 year low of $81.97 and a 1 year 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 firm has a fifty day moving average of $105.97 and a 200 day moving average of $98.26.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (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 the consensus estimate of $12.52 billion. During the same period in the previous year, the firm earned $1.26 earnings per share. Abbott Laboratories’s revenue was up 13.0% compared to the same quarter last year. Analysts expect that Abbott Laboratories will post 5.52 earnings per share for the current year.

Institutional Trading of Abbott Laboratories

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Abbott Laboratories by 4.6% during the 2nd quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock valued at $13,843,610,000 after acquiring an additional 6,769,518 shares in the last quarter. State Street Corp increased its stake in Abbott Laboratories by 1.7% during the second quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock valued at $7,343,246,000 after purchasing an additional 1,350,766 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Abbott Laboratories by 0.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 17,887,109 shares of the healthcare product maker’s stock worth $2,241,076,000 after purchasing an additional 118,014 shares during the period. Bank of America Corp DE acquired a new stake in shares of Abbott Laboratories during the second quarter worth $1,603,607,000. Finally, Deutsche Bank AG lifted its position in shares of 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 worth $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.