BTIG Research began coverage on shares of Abbott Laboratories (NYSE:ABT) in a research report released on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating and a $56.00 target price on the healthcare product maker’s stock.
ABT has been the topic of several other reports. Zacks Investment Research cut Abbott Laboratories from a hold rating to a sell rating in a report on Tuesday, March 28th. Royal Bank Of Canada lifted their price objective on Abbott Laboratories from $46.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, March 1st. Jefferies Group LLC reiterated a buy rating and issued a $52.00 price objective (up from $51.00) on shares of Abbott Laboratories in a report on Saturday, March 11th. BMO Capital Markets cut Abbott Laboratories from an outperform rating to a market perform rating and set a $48.00 price objective on the stock. in a report on Tuesday, March 14th. Finally, TheStreet upgraded Abbott Laboratories from a c+ rating to a b rating in a report on Wednesday, March 8th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Abbott Laboratories has a consensus rating of Buy and a consensus price target of $50.58.
Abbott Laboratories (NYSE ABT) opened at 48.91 on Wednesday. The company has a market capitalization of $84.87 billion, a price-to-earnings ratio of 50.89 and a beta of 1.08. Abbott Laboratories has a 12 month low of $36.76 and a 12 month high of $49.45. The stock’s 50 day moving average price is $45.37 and its 200 day moving average price is $43.20.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, April 19th. The healthcare product maker reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.05. Abbott Laboratories had a return on equity of 14.91% and a net margin of 6.74%. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $6.16 billion. During the same period in the previous year, the firm posted $0.41 EPS. Abbott Laboratories’s revenue was up 29.7% compared to the same quarter last year. Equities research analysts anticipate that Abbott Laboratories will post $2.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Wednesday, July 12th. Abbott Laboratories’s payout ratio is presently 110.42%.
In other news, insider Roger Bird sold 5,600 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $43.82, for a total transaction of $245,392.00. Following the sale, the insider now owns 51,313 shares of the company’s stock, valued at approximately $2,248,535.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stephen R. Fussell sold 196,550 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the sale, the insider now directly owns 221,488 shares in the company, valued at approximately $10,188,448. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 206,902 shares of company stock worth $9,497,761. Corporate insiders own 0.76% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Janney Capital Management LLC raised its stake in Abbott Laboratories by 0.4% in the first quarter. Janney Capital Management LLC now owns 6,229 shares of the healthcare product maker’s stock valued at $276,000 after buying an additional 26 shares during the last quarter. Zions Bancorporation raised its stake in Abbott Laboratories by 0.4% in the fourth quarter. Zions Bancorporation now owns 7,824 shares of the healthcare product maker’s stock valued at $301,000 after buying an additional 32 shares during the last quarter. Cedar Hill Associates LLC raised its stake in Abbott Laboratories by 0.3% in the fourth quarter. Cedar Hill Associates LLC now owns 14,261 shares of the healthcare product maker’s stock valued at $548,000 after buying an additional 41 shares during the last quarter. Pure Financial Advisors Inc. raised its stake in Abbott Laboratories by 0.4% in the first quarter. Pure Financial Advisors Inc. now owns 11,004 shares of the healthcare product maker’s stock valued at $489,000 after buying an additional 45 shares during the last quarter. Finally, Delta Asset Management LLC TN raised its stake in Abbott Laboratories by 1.3% in the first quarter. Delta Asset Management LLC TN now owns 3,996 shares of the healthcare product maker’s stock valued at $178,000 after buying an additional 51 shares during the last quarter. 71.10% of the stock is currently owned by hedge funds and other institutional investors.
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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