Stifel Nicolaus Boosts Abbott Laboratories (ABT) Price Target to $63.00
Abbott Laboratories (NYSE:ABT) had its target price lifted by Stifel Nicolaus from $58.00 to $63.00 in a report issued on Thursday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the healthcare product maker’s stock.
Several other analysts have also commented on the company. Royal Bank Of Canada lifted their price objective on Abbott Laboratories from $55.00 to $60.00 and gave the stock an outperform rating in a report on Thursday. Jefferies Group LLC reaffirmed a buy rating and issued a $65.00 price objective on shares of Abbott Laboratories in a report on Thursday. Zacks Investment Research raised Abbott Laboratories from a hold rating to a buy rating and set a $61.00 price objective for the company in a report on Monday, October 16th. J P Morgan Chase & Co began coverage on Abbott Laboratories in a report on Friday, October 6th. They issued a neutral rating and a $60.00 price objective for the company. Finally, Bank of America Corporation reaffirmed a buy rating and issued a $60.00 price objective (up previously from $56.00) on shares of Abbott Laboratories in a report on Wednesday, October 4th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $56.81.
Abbott Laboratories (ABT) opened at 56.32 on Thursday. Abbott Laboratories has a 12 month low of $37.38 and a 12 month high of $56.60. The stock’s 50 day moving average price is $53.27 and its 200-day moving average price is $48.51. The stock has a market cap of $97.85 billion, a PE ratio of 78.88 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.01. Abbott Laboratories had a return on equity of 14.50% and a net margin of 8.37%. The company had revenue of $6.83 billion during the quarter, compared to analyst estimates of $6.72 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. Abbott Laboratories’s revenue was up 28.8% compared to the same quarter last year. Analysts anticipate that Abbott Laboratories will post $2.50 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.265 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 1.88%. Abbott Laboratories’s payout ratio is 83.47%.
In other news, insider Brian J. Blaser sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the transaction, the insider now directly owns 143,154 shares in the company, valued at $7,157,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hubert L. Allen sold 4,600 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total value of $233,634.00. Following the completion of the transaction, the insider now owns 105,479 shares in the company, valued at $5,357,278.41. The disclosure for this sale can be found here. Insiders sold 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.
Institutional investors have recently made changes to their positions in the company. Tributary Capital Management LLC purchased a new position in shares of Abbott Laboratories in the third quarter valued at about $106,000. Heritage Trust Co lifted its position in shares of Abbott Laboratories by 10.1% in the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock valued at $106,000 after acquiring an additional 200 shares in the last quarter. Winfield Associates Inc. lifted its position in shares of Abbott Laboratories by 3.9% in the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after acquiring an additional 89 shares in the last quarter. Thompson Davis & CO. Inc. lifted its position in shares of 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 valued at $120,000 after acquiring an additional 370 shares in the last quarter. Finally, V Wealth Management LLC purchased a new position in shares of Abbott Laboratories in the second quarter valued at about $127,000. Institutional investors and hedge funds own 71.45% 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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