Abbott Laboratories’ (ABT) “Buy” Rating Reiterated at Bank of America Corporation
Bank of America Corporation reissued their buy rating on shares of Abbott Laboratories (NYSE:ABT) in a research report sent to investors on Wednesday morning. They currently have a $60.00 price objective on the healthcare product maker’s stock, up from their prior price objective of $56.00.
Several other brokerages have also recently commented on ABT. TheStreet raised Abbott Laboratories from a c+ rating to a b rating in a report on Monday, July 3rd. BidaskClub cut Abbott Laboratories from a strong-buy rating to a buy rating in a report on Monday, July 31st. Stifel Nicolaus reissued a buy rating and set a $58.00 target price on shares of Abbott Laboratories in a report on Friday, July 21st. Jefferies Group LLC reissued a buy rating and set a $58.00 target price on shares of Abbott Laboratories in a report on Thursday, June 29th. Finally, Guggenheim assumed coverage on Abbott Laboratories in a report on Thursday, June 29th. They set a buy rating and a $58.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $54.75.
Shares of Abbott Laboratories (NYSE ABT) opened at 55.00 on Wednesday. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $55.11. The stock has a 50 day moving average price of $51.71 and a 200 day moving average price of $47.76. The stock has a market capitalization of $95.56 billion, a P/E ratio of 77.03 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. Abbott Laboratories’s revenue was up 24.5% on a year-over-year basis. During the same quarter last year, the company posted $0.55 earnings per share. On average, equities analysts anticipate that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a dividend of $0.265 per share. The ex-dividend date is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 1.93%. Abbott Laboratories’s payout ratio is 149.30%.
In related news, insider Brian J. Blaser sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $50.00, for a total value of $750,000.00. Following the sale, the insider now owns 143,154 shares of the company’s stock, valued at $7,157,700. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the company’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $52.95, for a total transaction of $3,307,257.00. Following the completion of the sale, the insider now directly owns 113,426 shares in the company, valued at approximately $6,005,906.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 333,310 shares of company stock worth $16,857,255. Insiders own 0.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Abbott Laboratories by 2.6% in the second quarter. Vanguard Group Inc. now owns 129,786,955 shares of the healthcare product maker’s stock valued at $6,308,944,000 after acquiring an additional 3,241,063 shares during the period. State Street Corp increased its stake in 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 acquiring an additional 12,806,535 shares during the period. Capital Research Global Investors increased its stake in Abbott Laboratories by 45.7% in the second quarter. Capital Research Global Investors now owns 47,589,663 shares of the healthcare product maker’s stock valued at $2,313,334,000 after acquiring an additional 14,918,038 shares during the period. Bank of New York Mellon Corp increased its stake in 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 acquiring an additional 3,344,508 shares during the period. Finally, Northern Trust Corp increased its stake in Abbott Laboratories by 3.1% in the second quarter. Northern Trust Corp now owns 26,865,706 shares of the healthcare product maker’s stock valued at $1,305,942,000 after acquiring an additional 809,732 shares during the period. 71.50% of the stock is currently owned by institutional investors and hedge funds.
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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