Abbott Laboratories (ABT) Coverage Initiated by Analysts at J P Morgan Chase & Co
Investment analysts at J P Morgan Chase & Co initiated coverage on shares of Abbott Laboratories (NYSE:ABT) in a research report issued to clients and investors on Friday. The firm set a “neutral” rating on the healthcare product maker’s stock.
Several other research firms also recently commented on ABT. Jefferies Group LLC reaffirmed a “buy” rating and issued a $58.00 price target on shares of Abbott Laboratories in a research note on Thursday, August 3rd. BMO Capital Markets reissued a “hold” rating and set a $53.00 target price on shares of Abbott Laboratories in a research report on Friday, September 1st. Cowen and Company reissued a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Thursday, August 17th. Royal Bank Of Canada reissued a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Tuesday. Finally, TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $54.40.
Abbott Laboratories (NYSE ABT) opened at 54.92 on Friday. Abbott Laboratories has a 12 month low of $37.38 and a 12 month high of $55.11. The company’s 50 day moving average is $51.55 and its 200 day moving average is $47.69. The stock has a market cap of $95.42 billion, a PE ratio of 76.92 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The firm’s revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 EPS. On average, analysts anticipate that Abbott Laboratories will post $2.49 EPS for the current fiscal year.
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In related news, insider Stephen R. Fussell sold 196,550 shares of Abbott Laboratories stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $49.50, for a total value of $9,729,225.00. Following the completion of the sale, the insider now directly owns 221,488 shares in the company, valued at approximately $10,963,656. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel Gesua Sive Salvadori sold 62,460 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, September 26th. The stock was 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 owns 113,426 shares of the company’s stock, valued at $6,005,906.70. The disclosure for this sale can be found here. Insiders sold a total of 333,310 shares of company stock worth $16,857,255 over the last 90 days. Company insiders own 0.76% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. McQueen Ball & Associates Inc. boosted its stake in Abbott Laboratories by 2.8% in the 3rd quarter. McQueen Ball & Associates Inc. now owns 47,791 shares of the healthcare product maker’s stock worth $2,550,000 after purchasing an additional 1,311 shares in the last quarter. Curbstone Financial Management Corp boosted its stake in Abbott Laboratories by 95.2% in the 3rd quarter. Curbstone Financial Management Corp now owns 39,728 shares of the healthcare product maker’s stock worth $2,120,000 after purchasing an additional 19,371 shares in the last quarter. Park National Corp OH boosted its stake in Abbott Laboratories by 0.4% in the 3rd quarter. Park National Corp OH now owns 602,236 shares of the healthcare product maker’s stock worth $32,135,000 after purchasing an additional 2,236 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Abbott Laboratories in the 2nd quarter worth approximately $1,038,000. Finally, Frontier Investment Mgmt Co. boosted its stake in Abbott Laboratories by 18.8% in the 2nd quarter. Frontier Investment Mgmt Co. now owns 10,095 shares of the healthcare product maker’s stock worth $491,000 after purchasing an additional 1,598 shares in the last quarter. Institutional investors own 71.50% 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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