Abbott Laboratories (ABT) Price Target Cut to $48.00 by Analysts at Jefferies Group
Abbott Laboratories (NYSE:ABT) had its price objective reduced by Jefferies Group from $52.00 to $48.00 in a research report sent to investors on Tuesday. They currently have a buy rating on the healthcare product maker’s stock.
Several other research analysts have also recently commented on the stock. TheStreet upgraded shares of Abbott Laboratories from a hold rating to a buy rating in a report on Monday, August 22nd. Bank of America Corp. reiterated a buy rating and issued a $50.00 price target on shares of Abbott Laboratories in a research note on Friday, August 12th. BTIG Research reiterated a buy rating and issued a $45.00 price target on shares of Abbott Laboratories in a research note on Wednesday, August 10th. Deutsche Bank AG reiterated a buy rating on shares of Abbott Laboratories in a research note on Tuesday, August 9th. Finally, Argus reiterated a buy rating and issued a $55.00 price target on shares of Abbott Laboratories in a research note on Thursday, July 28th. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $46.83.
Shares of Abbott Laboratories (NYSE:ABT) opened at 41.87 on Tuesday. The stock’s 50 day moving average is $43.68 and its 200 day moving average is $41.08. The firm has a market capitalization of $61.55 billion, a price-to-earnings ratio of 27.64 and a beta of 0.82. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The business earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. Abbott Laboratories’s payout ratio is currently 68.87%.
In related news, Chairman Miles D. White purchased 242,547 shares of Abbott Laboratories stock in a transaction dated Monday, July 25th. The shares were bought at an average cost of $43.18 per share, for a total transaction of $10,473,179.46. Following the purchase, the chairman now owns 2,010,517 shares in the company, valued at approximately $86,814,124.06. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen R. Fussell sold 41,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $45.00, for a total transaction of $1,867,500.00. Following the completion of the sale, the insider now owns 196,467 shares in the company, valued at $8,841,015. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Park National Corp OH increased its stake in Abbott Laboratories by 2.3% in the first quarter. Park National Corp OH now owns 589,623 shares of the healthcare product maker’s stock valued at $24,663,000 after buying an additional 13,371 shares in the last quarter. Choate Investment Advisors increased its stake in Abbott Laboratories by 7.2% in the fourth quarter. Choate Investment Advisors now owns 138,909 shares of the healthcare product maker’s stock valued at $6,254,000 after buying an additional 9,319 shares in the last quarter. Investment Counsel Inc. acquired a new stake in Abbott Laboratories during the fourth quarter valued at approximately $1,346,000. Norges Bank acquired a new stake in Abbott Laboratories during the fourth quarter valued at approximately $553,344,000. Finally, J.P. Marvel Investment Advisors LLC acquired a new stake in Abbott Laboratories during the fourth quarter valued at approximately $2,394,000. Institutional investors own 73.12% of the company’s stock.
Abbott Laboratories Company Profile
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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