Abbott Laboratories’ (ABT) “Buy” Rating Reaffirmed at Stifel Nicolaus
Stifel Nicolaus restated their buy rating on shares of Abbott Laboratories (NYSE:ABT) in a report released on Friday morning. They currently have a $58.00 target price on the healthcare product maker’s stock.
A number of other research analysts have also weighed in on ABT. Zacks Investment Research lowered shares of Abbott Laboratories from a hold rating to a sell rating in a report on Tuesday, March 28th. Cowen and Company reissued a buy rating and issued a $48.00 target price on shares of Abbott Laboratories in a report on Thursday, April 13th. Jefferies Group LLC cut their target price on shares of Abbott Laboratories from $52.00 to $50.00 and set a buy rating for the company in a report on Tuesday, April 18th. UBS AG reissued a neutral rating and issued a $41.00 target price on shares of Abbott Laboratories in a report on Tuesday, April 18th. Finally, Morgan Stanley reissued an equal weight rating and issued a $42.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 19th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Abbott Laboratories presently has an average rating of Buy and an average price target of $52.13.
Shares of Abbott Laboratories (NYSE:ABT) opened at 50.80 on Friday. The stock has a 50 day moving average of $48.44 and a 200-day moving average of $44.89. Abbott Laboratories has a one year low of $37.38 and a one year high of $51.13. The company has a market capitalization of $88.15 billion, a price-to-earnings ratio of 71.15 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 15.53%. The firm had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. During the same period last year, the firm posted $0.55 earnings per share. Abbott Laboratories’s revenue for the quarter was up 24.5% compared to the same quarter last year. On average, equities analysts expect that Abbott Laboratories will post $2.49 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a dividend of $0.265 per share. The ex-dividend date is Wednesday, July 12th. This represents a $1.06 annualized dividend and a dividend yield of 2.09%. Abbott Laboratories’s dividend payout ratio (DPR) is 149.30%.
In other news, insider Jared Watkin sold 552 shares of Abbott Laboratories stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $47.97, for a total transaction of $26,479.44. Following the completion of the sale, the insider now directly owns 47,090 shares in the company, valued at $2,258,907.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joseph J. Manning sold 4,200 shares of Abbott Laboratories stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $43.95, for a total value of $184,590.00. Following the sale, the insider now owns 26,224 shares of the company’s stock, valued at $1,152,544.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 206,902 shares of company stock valued at $9,497,761. Corporate insiders own 0.76% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Abbott Laboratories during the fourth quarter valued at approximately $598,897,000. State Street Corp raised its position in shares of Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after buying an additional 12,806,535 shares in the last quarter. Boston Partners raised its position in shares of Abbott Laboratories by 5,663.7% in the first quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock valued at $364,696,000 after buying an additional 8,069,557 shares in the last quarter. Westwood Holdings Group Inc. purchased a new position in shares of Abbott Laboratories during the fourth quarter valued at approximately $168,455,000. Finally, Bank of New York Mellon Corp raised its position in shares of Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock valued at $1,500,920,000 after buying an additional 3,344,508 shares in the last quarter. Institutional investors and hedge funds own 71.08% of the company’s stock.
About Abbott Laboratories
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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