Abbott Laboratories (ABT) Given Average Rating of “Buy” by Brokerages
Shares of Abbott Laboratories (NYSE:ABT) have received a consensus recommendation of “Buy” from the twenty-five research firms that are currently covering the company. Seven analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $46.94.
ABT has been the topic of several analyst reports. Barclays PLC restated an “overweight” rating and set a $48.00 price objective on shares of Abbott Laboratories in a report on Tuesday, July 12th. TheStreet upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Monday, August 22nd. Bank of America Corp. restated a “buy” rating and set a $50.00 price objective on shares of Abbott Laboratories in a report on Friday, August 12th. Royal Bank Of Canada restated an “outperform” rating and set a $48.00 price objective on shares of Abbott Laboratories in a report on Monday, September 19th. Finally, Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th.
Shares of Abbott Laboratories (NYSE:ABT) traded down 4.32% during midday trading on Tuesday, reaching $41.62. The company’s stock had a trading volume of 16,202,335 shares. Abbott Laboratories has a 52 week low of $36.00 and a 52 week high of $46.38. The firm’s 50 day moving average is $42.25 and its 200 day moving average is $41.39. The firm has a market capitalization of $61.18 billion, a price-to-earnings ratio of 27.47 and a beta of 0.87.
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Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The company earned $5.30 billion during the quarter, compared to the consensus estimate of $5.24 billion. Abbott Laboratories had a return on equity of 15.11% and a net margin of 11.08%. Abbott Laboratories’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. Equities analysts forecast that Abbott Laboratories will post ($0.01) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.39%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 68.87%.
In other Abbott Laboratories news, SVP Daniel Gesua Sive Salvadori sold 815 shares of Abbott Laboratories stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $41.71, for a total value of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares in the company, valued at $2,493,882.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Miles D. White bought 242,547 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was bought at an average price of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the purchase, the chairman now owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The disclosure for this purchase can be found here. 0.26% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Abbott Laboratories by 1.6% in the second quarter. Vanguard Group Inc. now owns 97,826,407 shares of the healthcare product maker’s stock valued at $3,845,557,000 after buying an additional 1,535,735 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Abbott Laboratories by 16.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 36,209,595 shares of the healthcare product maker’s stock valued at $1,423,400,000 after buying an additional 5,115,232 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Abbott Laboratories by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 29,256,692 shares of the healthcare product maker’s stock valued at $1,150,083,000 after buying an additional 376,446 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of Abbott Laboratories by 2.4% in the second quarter. BlackRock Fund Advisors now owns 22,778,032 shares of the healthcare product maker’s stock valued at $895,404,000 after buying an additional 538,002 shares in the last quarter. Finally, Jarislowsky Fraser Ltd increased its position in shares of Abbott Laboratories by 780.3% in the second quarter. Jarislowsky Fraser Ltd now owns 18,800,322 shares of the healthcare product maker’s stock valued at $1,060,533,000 after buying an additional 16,664,605 shares in the last quarter. Institutional investors own 73.03% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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