Abbott Laboratories’ (ABT) “Buy” Rating Reaffirmed at Stifel Nicolaus
Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating restated by equities research analysts at Stifel Nicolaus in a note issued to investors on Friday. They currently have a $58.00 price objective on the healthcare product maker’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 14.08% from the stock’s previous close.
Several other equities research analysts also recently issued reports on ABT. Zacks Investment Research downgraded Abbott Laboratories from a “hold” rating to a “sell” rating in a report on Tuesday, March 28th. Cowen and Company restated a “buy” rating and set a $48.00 price objective on shares of Abbott Laboratories in a report on Thursday, April 13th. Jefferies Group LLC dropped their price objective on Abbott Laboratories from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, April 18th. UBS AG restated a “neutral” rating and set a $41.00 price objective on shares of Abbott Laboratories in a report on Tuesday, April 18th. Finally, Morgan Stanley restated an “equal weight” rating and set a $42.00 price objective on shares of Abbott Laboratories in a report on Wednesday, April 19th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $51.80.
Abbott Laboratories (NYSE ABT) traded down 0.02% during mid-day trading on Friday, hitting $50.84. 7,980,202 shares of the company were exchanged. The stock has a market cap of $88.22 billion, a price-to-earnings ratio of 52.90 and a beta of 1.07. The firm has a 50 day moving average price of $48.18 and a 200 day moving average price of $44.68. Abbott Laboratories has a 12 month low of $37.38 and a 12 month high of $51.13.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.91% and a net margin of 6.74%. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. During the same period in the previous year, the business earned $0.55 EPS. Abbott Laboratories’s revenue for the quarter was up 24.5% compared to the same quarter last year. Analysts anticipate that Abbott Laboratories will post $2.48 EPS for the current fiscal year.
In related news, insider Joseph J. Manning sold 4,200 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $43.95, for a total transaction of $184,590.00. Following the completion of the transaction, the insider now owns 26,224 shares in the company, valued at approximately $1,152,544.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total value of $26,479.44. Following the transaction, the insider now owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders have sold a total of 206,902 shares of company stock valued at $9,497,761 in the last 90 days. Insiders own 0.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Banco Santander S.A. bought a new position in Abbott Laboratories during the fourth quarter worth about $5,189,000. Perceptive Advisors LLC bought a new position in Abbott Laboratories during the fourth quarter worth about $1,921,000. L & S Advisors Inc bought a new position in Abbott Laboratories during the fourth quarter worth about $468,000. Whittier Trust Co. raised its position in Abbott Laboratories by 1.7% in the first quarter. Whittier Trust Co. now owns 401,048 shares of the healthcare product maker’s stock worth $17,807,000 after buying an additional 6,751 shares in the last quarter. Finally, Marshwinds Advisory Co. raised its position in Abbott Laboratories by 118.2% in the first quarter. Marshwinds Advisory Co. now owns 66,576 shares of the healthcare product maker’s stock worth $2,957,000 after buying an additional 36,069 shares in the last quarter. Institutional investors and hedge funds own 71.02% 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.
Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.