Abbott Laboratories (NYSE:ABT) had its target price lifted by investment analysts at Wells Fargo & Co from $66.00 to $70.00 in a report released on Thursday. The firm presently has an “outperform” rating on the healthcare product maker’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 10.38% from the company’s current price.
Other analysts also recently issued reports about the stock. BMO Capital Markets boosted their target price on shares of Abbott Laboratories from $65.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday. Barclays boosted their target price on shares of Abbott Laboratories from $57.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, September 28th. Leerink Swann reissued a “market perform” rating on shares of Abbott Laboratories in a research report on Friday, January 19th. Bank of America boosted their target price on shares of Abbott Laboratories from $60.00 to $70.00 in a research report on Wednesday. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $64.06.
Abbott Laboratories (ABT) traded up $0.20 during mid-day trading on Thursday, reaching $63.42. 10,192,742 shares of the company’s stock traded hands, compared to its average volume of 7,190,000. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.69 and a quick ratio of 2.26. The company has a market capitalization of $110,390.00, a P/E ratio of 317.10, a price-to-earnings-growth ratio of 2.00 and a beta of 1.55. Abbott Laboratories has a 12 month low of $40.60 and a 12 month high of $64.60.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, January 24th. The healthcare product maker reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.01. The company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.38 billion. Abbott Laboratories had a net margin of 1.74% and a return on equity of 13.80%. The company’s revenue for the quarter was up 42.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. sell-side analysts expect that Abbott Laboratories will post 2.85 earnings per share for the current fiscal year.
In related news, insider Sharon J. Bracken sold 2,188 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.12, for a total transaction of $122,790.56. Following the completion of the transaction, the insider now directly owns 25,618 shares in the company, valued at approximately $1,437,682.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Miles D. White sold 276,886 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $54.41, for a total transaction of $15,065,367.26. Following the transaction, the chairman now owns 3,677,913 shares of the company’s stock, valued at $200,115,246.33. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 404,569 shares of company stock valued at $22,103,095. Corporate insiders own 0.76% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ABT. Rowland & Co. Investment Counsel ADV acquired a new position in shares of Abbott Laboratories in the 4th quarter valued at $102,000. Tributary Capital Management LLC acquired a new position in shares of Abbott Laboratories in the 3rd quarter valued at $106,000. Heritage Trust Co raised its stake in shares of Abbott Laboratories by 10.1% in the 2nd quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock valued at $106,000 after buying an additional 200 shares in the last quarter. Cerebellum GP LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter valued at $133,000. Finally, Winfield Associates Inc. raised its stake in shares of Abbott Laboratories by 3.9% in the 2nd quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock valued at $116,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 71.21% of the company’s stock.
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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.