Abbott Laboratories (NYSE:ABT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $61.00 target price on the healthcare product maker’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.11% from the company’s previous close.

According to Zacks, “Over the past three months, Abbott has been trading above the broader industry. Abbott’s second-quarter 2017 performance was promising. The raised guidance is indicative of brighter prospects. In fact, the guidance raise was backed by the company’s expectations to gain more synergies from the St. Jude merger. Overall, we look forward to Abbott’s plans to expand in core therapeutic areas. Recently, the company's  FreeStyle Libre Flash received the FDA approval. Also, the company has received FDA approval for magnetic resonance-conditional labeling for its Ellipse implantable cardioverter defibrillator recently. On the flip side, Abbott’s sluggish pediatric business in China continues to dent growth. Management is also concerned about the economic problems in Venezuela that are expected to remain unresolved for some time. Meanwhile, we await the closing of the Alere buyout, slated for close on Oct 3.”

Other equities analysts also recently issued research reports about the stock. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. BidaskClub downgraded shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reaffirmed a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Friday, July 21st. Jefferies Group LLC reaffirmed a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a report on Thursday, June 29th. Finally, Guggenheim initiated coverage on shares of Abbott Laboratories in a report on Thursday, June 29th. They set a “buy” rating and a $58.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $54.94.

Abbott Laboratories (ABT) traded up 1.35% during mid-day trading on Tuesday, reaching $55.40. 4,943,124 shares of the company’s stock traded hands. The stock has a 50 day moving average of $52.07 and a 200 day moving average of $47.95. Abbott Laboratories has a 12-month low of $37.38 and a 12-month high of $55.43. The company has a market cap of $96.25 billion, a P/E ratio of 77.59 and a beta of 1.06.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The business had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. During the same quarter in the previous year, the firm earned $0.55 earnings per share. The company’s revenue for the quarter was up 24.5% on a year-over-year basis. On average, equities research analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.

WARNING: This story was first reported by American Banking News and is the sole property of of American Banking News. If you are reading this story on another domain, it was stolen and reposted in violation of United States & international copyright law. The original version of this story can be accessed at https://www.americanbankingnews.com/2017/10/10/abbott-laboratories-abt-raised-to-buy-at-zacks-investment-research.html.

In related news, insider Hubert L. Allen sold 4,600 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total value of $233,634.00. Following the sale, the insider now owns 105,479 shares in the company, valued at $5,357,278.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the business’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $52.95, for a total transaction of $3,307,257.00. Following the completion of the sale, the insider now owns 113,426 shares in the company, valued at approximately $6,005,906.70. The disclosure for this sale can be found here. Insiders sold 333,310 shares of company stock worth $16,857,255 in the last three months. Insiders own 0.76% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in ABT. Heritage Trust Co increased its position in Abbott Laboratories by 10.1% in the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock worth $106,000 after purchasing an additional 200 shares during the last quarter. Winfield Associates Inc. increased its position in Abbott Laboratories by 3.9% in the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock worth $116,000 after purchasing an additional 89 shares during the last quarter. Thompson Davis & CO. Inc. increased its position in Abbott Laboratories by 17.7% in the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock worth $120,000 after purchasing an additional 370 shares during the last quarter. V Wealth Management LLC bought a new stake in Abbott Laboratories in the second quarter worth $127,000. Finally, JFS Wealth Advisors LLC increased its position in Abbott Laboratories by 349.0% in the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock worth $131,000 after purchasing an additional 2,094 shares during the last quarter. Institutional investors own 71.50% 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.

Get a free copy of the Zacks research report on Abbott Laboratories (ABT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Abbott Laboratories (NYSE:ABT)

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.