Abbott Laboratories (NYSE:ABT) had its target price lifted by stock analysts at Stifel Nicolaus from $63.00 to $71.00 in a research report issued on Thursday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the healthcare product maker’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 11.95% from the stock’s previous close.
Other research analysts have also issued research reports about the stock. Bank of America increased their price target on shares of Abbott Laboratories from $60.00 to $70.00 in a research note on Wednesday. They noted that the move was a valuation call. Cowen set a $68.00 price target on shares of Abbott Laboratories and gave the stock a “buy” rating in a research note on Thursday, October 19th. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Tuesday, October 10th. Jefferies Group restated a “buy” rating and set a $65.00 price target on shares of Abbott Laboratories in a research note on Thursday, October 19th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a report on Tuesday, October 3rd. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $64.06.
Shares of Abbott Laboratories (NYSE:ABT) traded up $0.20 on Thursday, hitting $63.42. 10,192,742 shares of the stock traded hands, compared to its average volume of 7,190,000. Abbott Laboratories has a 52 week low of $40.60 and a 52 week high of $64.60. The firm has a market cap of $110,390.00, a price-to-earnings ratio of 317.10, a price-to-earnings-growth ratio of 2.00 and a beta of 1.55. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.
Abbott Laboratories (NYSE:ABT) last announced its quarterly 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. Abbott Laboratories had a net margin of 1.74% and a return on equity of 13.80%. The company had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.38 billion. During the same quarter in the prior year, the business posted $0.65 EPS. Abbott Laboratories’s quarterly revenue was up 42.3% on a year-over-year basis. research analysts anticipate that Abbott Laboratories will post 2.85 EPS for the current year.
In other Abbott Laboratories news, insider Alejandro D. Wellisch sold 2,153 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $55.86, for a total value of $120,266.58. Following the completion of the sale, the insider now directly owns 10,256 shares of the company’s stock, valued at approximately $572,900.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brian J. Blaser sold 23,866 shares of the stock in a transaction on Friday, November 17th. The shares were sold at an average price of $55.55, for a total transaction of $1,325,756.30. Following the completion of the sale, the insider now directly owns 146,387 shares of the company’s stock, valued at $8,131,797.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 404,569 shares of company stock valued at $22,103,095. Insiders own 0.76% of the company’s stock.
A number of institutional investors have recently modified their holdings of ABT. Vanguard Group Inc. raised its stake in shares of Abbott Laboratories by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 129,786,955 shares of the healthcare product maker’s stock valued at $6,308,944,000 after buying an additional 3,241,063 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Abbott Laboratories by 45.7% in the 2nd quarter. Capital Research Global Investors now owns 47,589,663 shares of the healthcare product maker’s stock valued at $2,313,334,000 after buying an additional 14,918,038 shares in the last quarter. Northern Trust Corp raised its stake in shares of Abbott Laboratories by 3.1% in the 2nd quarter. Northern Trust Corp now owns 26,865,706 shares of the healthcare product maker’s stock valued at $1,305,942,000 after buying an additional 809,732 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Abbott Laboratories by 28.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,722,088 shares of the healthcare product maker’s stock valued at $569,830,000 after buying an additional 2,606,404 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Abbott Laboratories by 7.7% in the 2nd quarter. Alliancebernstein L.P. now owns 11,607,121 shares of the healthcare product maker’s stock valued at $564,222,000 after buying an additional 830,610 shares in the last quarter. 71.21% of the stock is owned by hedge funds and other institutional investors.
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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.