Abbott Laboratories (ABT) Rating Reiterated by Bank of America Corp.
Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating restated by Bank of America Corp. in a research note issued on Monday.
Several other equities analysts have also recently issued reports on the company. TheStreet cut Abbott Laboratories to a “hold” rating in a research note on Thursday, May 26th. Credit Suisse Group AG reiterated a “buy” rating on shares of Abbott Laboratories in a research note on Wednesday, June 8th. Jefferies Group raised their target price on Abbott Laboratories from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Barclays PLC reiterated a “buy” rating and issued a $48.00 target price on shares of Abbott Laboratories in a research note on Saturday, June 18th. Finally, Edward Jones upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Tuesday, June 21st. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $47.02.
Abbott Laboratories (NYSE:ABT) opened at 41.58 on Monday. The stock’s 50 day moving average is $43.26 and its 200-day moving average is $41.17. Abbott Laboratories has a 1-year low of $36.00 and a 1-year high of $46.38. The firm has a market capitalization of $61.12 billion, a PE ratio of 27.45 and a beta of 0.82.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.24 billion. During the same quarter last year, the company earned $0.52 earnings per share. The business’s quarterly revenue was up 3.2% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.04 annualized dividend and a yield of 2.50%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.87%.
In other Abbott Laboratories news, Chairman Miles D. White bought 242,547 shares of the stock in a transaction on Monday, July 25th. The shares were bought at an average price of $43.18 per share, with a total value of $10,473,179.46. Following the purchase, the chairman now directly owns 2,010,517 shares in the company, valued at approximately $86,814,124.06. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Stephen R. Fussell sold 41,500 shares of Abbott Laboratories stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $45.00, for a total value of $1,867,500.00. Following the transaction, the insider now directly owns 196,467 shares in the company, valued at approximately $8,841,015. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Parasol Investment Management LLC boosted its position in Abbott Laboratories by 30.5% in the second quarter. Parasol Investment Management LLC now owns 2,570 shares of the healthcare product maker’s stock valued at $101,000 after buying an additional 600 shares during the period. Krilogy Financial LLC boosted its position in Abbott Laboratories by 9.3% in the second quarter. Krilogy Financial LLC now owns 2,685 shares of the healthcare product maker’s stock valued at $106,000 after buying an additional 229 shares during the period. SeaBridge Investment Advisors LLC boosted its position in Abbott Laboratories by 10.6% in the second quarter. SeaBridge Investment Advisors LLC now owns 2,875 shares of the healthcare product maker’s stock valued at $113,000 after buying an additional 275 shares during the period. CapWealth Advisors LLC boosted its position in Abbott Laboratories by 15.2% in the first quarter. CapWealth Advisors LLC now owns 3,038 shares of the healthcare product maker’s stock valued at $127,000 after buying an additional 400 shares during the period. Finally, Perceptive Advisors LLC acquired a new position in Abbott Laboratories during the second quarter valued at $120,000. 73.03% of the stock is currently owned by institutional investors.
About Abbott Laboratories
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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