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.
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.
