Jefferies Group LLC Reiterates “Buy” Rating for Abbott Laboratories (ABT)
Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating restated by research analysts at Jefferies Group LLC in a report issued on Thursday.
Other analysts also recently issued research reports about the stock. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Monday, May 15th. BTIG Research initiated coverage on shares of Abbott Laboratories in a report on Wednesday, June 21st. They set a “buy” rating and a $56.00 price objective for the company. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Wednesday, June 14th. BMO Capital Markets downgraded shares of Abbott Laboratories from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a research report on Tuesday, March 14th. Finally, BidaskClub upgraded shares of Abbott Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $51.15.
Shares of Abbott Laboratories (NYSE:ABT) traded up 0.43% during mid-day trading on Thursday, reaching $48.69. 3,887,974 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $45.37 and its 200-day moving average price is $43.20. The stock has a market cap of $84.49 billion, a price-to-earnings ratio of 50.67 and a beta of 1.08. Abbott Laboratories has a 12-month low of $36.76 and a 12-month high of $49.30.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, April 19th. The healthcare product maker reported $0.48 EPS for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $6.16 billion. During the same period last year, the company earned $0.41 EPS. Abbott Laboratories’s revenue for the quarter was up 29.7% on a year-over-year basis. Equities research analysts forecast that Abbott Laboratories will post $2.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.19%. The ex-dividend date is Wednesday, July 12th. Abbott Laboratories’s dividend payout ratio is presently 110.42%.
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In other news, insider Joseph J. Manning sold 4,200 shares of the firm’s stock in a transaction dated Wednesday, April 26th. The stock was sold at an average price of $43.95, for a total value of $184,590.00. Following the transaction, the insider now owns 26,224 shares of the company’s stock, valued at $1,152,544.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen R. Fussell sold 196,550 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $46.00, for a total value of $9,041,300.00. Following the completion of the transaction, 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. Insiders have sold 206,902 shares of company stock valued at $9,497,761 in the last three months. 0.76% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ABT. Vanguard Group Inc. raised its stake in Abbott Laboratories by 23.8% in the first quarter. Vanguard Group Inc. now owns 126,545,892 shares of the healthcare product maker’s stock valued at $5,619,903,000 after buying an additional 24,357,363 shares in the last quarter. BlackRock Inc. boosted its stake in Abbott Laboratories by 2,803.1% in the first quarter. BlackRock Inc. now owns 105,724,808 shares of the healthcare product maker’s stock worth $4,695,239,000 after buying an additional 102,083,010 shares during the last quarter. State Street Corp increased its position in shares of Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after buying an additional 12,806,535 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Abbott Laboratories by 51.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 51,895,715 shares of the healthcare product maker’s stock valued at $2,304,690,000 after buying an additional 17,633,631 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Abbott Laboratories by 112.7% in the first quarter. Wellington Management Group LLP now owns 36,441,509 shares of the healthcare product maker’s stock valued at $1,618,368,000 after buying an additional 19,309,345 shares in 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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