Abbott Laboratories’ (ABT) “Buy” Rating Reaffirmed at Barclays
Barclays restated their buy rating on shares of Abbott Laboratories (NYSE:ABT) in a research note issued to investors on Monday morning. They currently have a $66.00 price objective on the healthcare product maker’s stock.
ABT has been the subject of a number of other research reports. Zacks Investment Research upgraded Abbott Laboratories from a hold rating to a buy rating and set a $58.00 target price for the company in a report on Friday, September 22nd. Jefferies Group reiterated a buy rating and set a $65.00 target price on shares of Abbott Laboratories in a report on Thursday, October 19th. JPMorgan Chase & Co. assumed coverage on Abbott Laboratories in a report on Friday, October 6th. They set a neutral rating and a $60.00 target price for the company. Morgan Stanley upgraded Abbott Laboratories from an equal weight rating to an overweight rating and set a $67.00 price target for the company in a report on Tuesday, January 2nd. Finally, Cowen restated a buy rating on shares of Abbott Laboratories in a report on Sunday, September 24th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Abbott Laboratories presently has an average rating of Buy and an average target price of $60.24.
Shares of Abbott Laboratories (NYSE ABT) traded up $0.40 during trading hours on Monday, hitting $58.95. The stock had a trading volume of 4,240,900 shares, compared to its average volume of 6,166,962. The company has a quick ratio of 2.26, a current ratio of 2.69 and a debt-to-equity ratio of 0.72. Abbott Laboratories has a 1-year low of $39.25 and a 1-year high of $59.60. The stock has a market cap of $102,570.00, a PE ratio of 48.72, a P/E/G ratio of 1.88 and a beta of 1.55.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.01. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The business had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.72 billion. During the same quarter in the previous year, the business earned $0.59 EPS. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. research analysts expect that Abbott Laboratories will post 2.5 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.90%. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.27. The ex-dividend date is Thursday, January 11th. Abbott Laboratories’s dividend payout ratio is presently 87.60%.
In related news, insider Sharon J. Bracken sold 2,188 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.12, for a total transaction of $122,790.56. Following the sale, the insider now directly owns 25,618 shares of the company’s stock, valued at approximately $1,437,682.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Miles D. White sold 276,886 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $54.41, for a total value of $15,065,367.26. Following the sale, the chairman now directly owns 3,677,913 shares in the company, valued at $200,115,246.33. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 501,172 shares of company stock worth $27,533,150. 0.76% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of ABT. Rowland & Co. Investment Counsel ADV acquired a new stake in shares of Abbott Laboratories during the 4th quarter valued at approximately $102,000. Heritage Trust Co raised its position in shares of Abbott Laboratories by 10.1% during the 2nd quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock valued at $106,000 after acquiring an additional 200 shares in the last quarter. Tributary Capital Management LLC acquired a new stake in shares of Abbott Laboratories during the 3rd quarter valued at approximately $106,000. Winfield Associates Inc. raised its position in shares of Abbott Laboratories by 3.9% during the 2nd quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after acquiring an additional 89 shares in the last quarter. Finally, Thompson Davis & CO. Inc. increased its position in Abbott Laboratories by 17.7% in the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock worth $120,000 after buying an additional 370 shares during the period. 71.15% of the stock is currently owned by institutional investors and hedge funds.
Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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