Abbott Laboratories (NYSE:ABT) Upgraded to “B” by TheStreet
Abbott Laboratories (NYSE:ABT) was upgraded by research analysts at TheStreet from a “c+” rating to a “b” rating in a research note issued on Monday.
ABT has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Abbott Laboratories from a “hold” rating to a “sell” rating in a report on Tuesday, March 28th. Jefferies Group LLC reiterated a “buy” rating and issued a $52.00 price target (up previously from $51.00) on shares of Abbott Laboratories in a report on Saturday, March 11th. BMO Capital Markets lowered shares of Abbott Laboratories from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a report on Tuesday, March 14th. Wells Fargo & Company reiterated an “outperform” rating and issued a $54.00 price target (up previously from $47.50) on shares of Abbott Laboratories in a report on Friday, June 30th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $49.00 price target on shares of Abbott Laboratories in a report on Tuesday, April 18th. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Abbott Laboratories currently has an average rating of “Buy” and an average price target of $51.57.
Abbott Laboratories (NYSE ABT) traded up 0.803% on Monday, reaching $48.325. The company’s stock had a trading volume of 2,363,343 shares. The firm has a 50 day moving average price of $46.26 and a 200 day moving average price of $43.65. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $49.59. The stock has a market capitalization of $83.86 billion, a P/E ratio of 50.286 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 19th. The healthcare product maker reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.05. The company had revenue of $6.34 billion for the quarter, compared to analyst estimates of $6.16 billion. Abbott Laboratories had a net margin of 6.74% and a return on equity of 14.91%. Abbott Laboratories’s revenue for the quarter was up 29.7% on a year-over-year basis. During the same quarter last year, the business earned $0.41 EPS. On average, equities analysts anticipate that Abbott Laboratories will post $2.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $0.265 dividend. The ex-dividend date is Wednesday, July 12th. This represents a $1.06 dividend on an annualized basis and a yield of 2.21%. Abbott Laboratories’s dividend payout ratio is currently 110.42%.
In other Abbott Laboratories news, insider Joseph J. Manning sold 4,200 shares of the business’s stock in a transaction on Wednesday, April 26th. The shares were 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 in the company, valued at approximately $1,152,544.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $47.97, for a total transaction of $26,479.44. Following the completion of the transaction, the insider now owns 47,090 shares in the company, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 206,902 shares of company stock worth $9,497,761 in the last quarter. 0.76% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Cypress Capital Management LLC WY raised its position in shares of Abbott Laboratories by 37.9% in the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock worth $112,000 after buying an additional 696 shares in the last quarter. Feltz Wealth PLAN Inc. purchased a new position in shares of Abbott Laboratories during the first quarter worth approximately $112,000. Advantage Investment Management LLC purchased a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $120,000. First Command Financial Services Inc. raised its position in shares of Abbott Laboratories by 10.2% in the first quarter. First Command Financial Services Inc. now owns 2,787 shares of the healthcare product maker’s stock worth $124,000 after buying an additional 257 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. purchased a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $129,000. Hedge funds and other institutional investors own 71.10% 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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