Royal Bank Of Canada Reaffirms “Buy” Rating for Abbott Laboratories (ABT)
Royal Bank Of Canada restated their buy rating on shares of Abbott Laboratories (NYSE:ABT) in a report published on Tuesday. They currently have a $55.00 target price on the healthcare product maker’s stock.
ABT has been the subject of several other research reports. Citigroup Inc. assumed coverage on shares of Abbott Laboratories in a research note on Thursday, August 17th. They issued a neutral rating and a $53.00 price objective for the company. Jefferies Group LLC reissued a buy rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research note on Friday, June 16th. Zacks Investment Research raised shares of Abbott Laboratories from a hold rating to a buy rating and set a $58.00 price objective for the company in a research note on Friday, September 22nd. Barclays PLC raised their price objective on shares of Abbott Laboratories from $57.00 to $60.00 and gave the company an overweight rating in a research note on Thursday, September 28th. Finally, BTIG Research assumed coverage on shares of Abbott Laboratories in a research note on Wednesday, June 21st. They issued a buy rating and a $56.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Abbott Laboratories presently has an average rating of Buy and an average price target of $54.40.
Abbott Laboratories (ABT) opened at 54.92 on Tuesday. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $55.11. The stock has a market capitalization of $95.42 billion, a PE ratio of 76.92 and a beta of 1.06. The company’s 50 day moving average is $51.55 and its 200-day moving average is $47.69.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The business had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. During the same quarter last year, the firm posted $0.55 earnings per share. The business’s revenue for the quarter was up 24.5% compared to the same quarter last year. Analysts forecast that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.06 dividend on an annualized basis and a yield of 1.93%. Abbott Laboratories’s dividend payout ratio is currently 149.30%.
In related news, insider Daniel Gesua Sive Salvadori sold 62,460 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $52.95, for a total value of $3,307,257.00. Following the completion of the transaction, the insider now owns 113,426 shares in the company, valued at $6,005,906.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hubert L. Allen sold 4,600 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $50.79, for a total transaction of $233,634.00. Following the completion of the transaction, the insider now owns 105,479 shares of the company’s stock, valued at approximately $5,357,278.41. The disclosure for this sale can be found here. Insiders sold 333,310 shares of company stock valued at $16,857,255 in the last quarter. 0.76% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Heritage Trust Co lifted its stake in Abbott Laboratories by 10.1% in the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock worth $106,000 after acquiring an additional 200 shares during the last quarter. Winfield Associates Inc. lifted its stake in Abbott Laboratories by 3.9% in the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock worth $116,000 after acquiring an additional 89 shares during the last quarter. Thompson Davis & CO. Inc. lifted its stake 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 acquiring an additional 370 shares during the last quarter. V Wealth Management LLC purchased a new position in Abbott Laboratories in the second quarter worth approximately $127,000. Finally, JFS Wealth Advisors LLC lifted its stake in Abbott Laboratories by 349.0% in the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock worth $131,000 after acquiring an additional 2,094 shares during the last quarter. Institutional investors own 71.50% of the company’s stock.
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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