Abbott Laboratories (ABT) Upgraded to “Outperform” by BMO Capital Markets
BMO Capital Markets upgraded shares of Abbott Laboratories (NYSE:ABT) from a market perform rating to an outperform rating in a report issued on Tuesday, Marketbeat reports. They currently have $65.00 price target on the healthcare product maker’s stock, up from their previous price target of $58.00.
A number of other analysts also recently commented on the company. Zacks Investment Research raised Abbott Laboratories from a hold rating to a buy rating and set a $61.00 price objective on the stock in a research note on Tuesday, October 31st. Royal Bank of Canada reissued a buy rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, October 3rd. Jefferies Group reissued a buy rating and issued a $65.00 price objective on shares of Abbott Laboratories in a research note on Thursday, October 19th. Bank of America reissued a buy rating and issued a $60.00 price objective (up previously from $56.00) on shares of Abbott Laboratories in a research note on Wednesday, October 4th. Finally, Citigroup reissued a neutral rating on shares of Abbott Laboratories in a research note on Thursday, October 19th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $57.56.
Abbott Laboratories (NYSE:ABT) opened at $55.50 on Tuesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 2.69. Abbott Laboratories has a 12-month low of $37.90 and a 12-month high of $56.69. The stock has a market capitalization of $97,960.00, a price-to-earnings ratio of 22.85, a price-to-earnings-growth ratio of 2.06 and a beta of 1.55.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be given a dividend of $0.28 per share. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.02%. Abbott Laboratories’s payout ratio is 87.60%.
In related news, insider Sharon J. Bracken sold 2,188 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 25,618 shares of the company’s stock, valued at $1,437,682.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jaime Contreras sold 52,700 shares of the company’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $51.97, for a total value of $2,738,819.00. Following the transaction, the insider now directly owns 58,739 shares in the company, valued at $3,052,665.83. The disclosure for this sale can be found here. Insiders have sold 616,332 shares of company stock worth $33,579,226 over the last ninety days. 0.76% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of ABT. DE Burlo Group Inc. purchased a new position in Abbott Laboratories in the first quarter valued at about $213,000. Thomaspartners Inc. grew its stake in Abbott Laboratories by 10.3% in the first quarter. Thomaspartners Inc. now owns 5,099,993 shares of the healthcare product maker’s stock valued at $226,491,000 after purchasing an additional 475,033 shares in the last quarter. Karp Capital Management Corp purchased a new position in Abbott Laboratories in the first quarter valued at about $32,885,000. First Foundation Advisors grew its stake in Abbott Laboratories by 2.1% in the first quarter. First Foundation Advisors now owns 13,588 shares of the healthcare product maker’s stock valued at $603,000 after purchasing an additional 283 shares in the last quarter. Finally, Baker Chad R purchased a new position in Abbott Laboratories in the first quarter valued at about $3,220,000. 71.32% of the stock is currently owned by hedge funds and other institutional investors.
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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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