Abbott Laboratories’ (ABT) Overweight Rating Reaffirmed at Barclays PLC
Abbott Laboratories (NYSE:ABT)‘s stock had its “overweight” rating reiterated by equities researchers at Barclays PLC in a research report issued on Saturday. They currently have a $57.00 price target on the healthcare product maker’s stock, up from their prior price target of $52.00. Barclays PLC’s price objective would indicate a potential upside of 12.12% from the company’s current price.
A number of other research firms have also commented on ABT. Cowen and Company reissued an “outperform” rating and set a $48.00 target price on shares of Abbott Laboratories in a research note on Saturday, April 22nd. Jefferies Group LLC restated a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Thursday, June 29th. TheStreet upgraded shares of Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, May 31st. Finally, Stifel Nicolaus raised their price target on shares of Abbott Laboratories from $49.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, May 31st. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $52.13.
Shares of Abbott Laboratories (NYSE ABT) traded down 0.02% on Friday, reaching $50.84. The company had a trading volume of 7,980,288 shares. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $51.13. The company has a 50 day moving average of $48.18 and a 200-day moving average of $44.68. The company has a market capitalization of $88.22 billion, a P/E ratio of 52.90 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 15.53%. The firm’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period last year, the firm posted $0.55 earnings per share. Analysts predict that Abbott Laboratories will post $2.48 earnings per share for the current fiscal year.
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In other Abbott Laboratories news, insider Stephen R. Fussell sold 196,550 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were 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 of the company’s stock, valued at $10,188,448. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction dated 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 directly owns 47,090 shares of the company’s stock, valued at $2,258,907.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 206,902 shares of company stock worth $9,497,761. Company insiders own 0.76% of the company’s stock.
Several institutional investors have recently made changes to their positions in ABT. Baltimore Washington Financial Advisors Inc. acquired a new stake in Abbott Laboratories during the fourth quarter worth $4,680,000. Lenox Wealth Advisors increased its stake in Abbott Laboratories by 6.5% in the fourth quarter. Lenox Wealth Advisors now owns 1,241 shares of the healthcare product maker’s stock worth $56,000 after buying an additional 76 shares during the period. Patten Group Inc. increased its stake in Abbott Laboratories by 66.0% in the third quarter. Patten Group Inc. now owns 2,516 shares of the healthcare product maker’s stock worth $103,000 after buying an additional 1,000 shares during the period. Cypress Capital Management LLC WY increased its stake in 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 during the period. Finally, Feltz Wealth PLAN Inc. acquired a new stake in Abbott Laboratories during the first quarter worth $112,000. 71.02% of the stock is owned by institutional investors.
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.
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