Abbott Laboratories (ABT) Receives Average Recommendation of “Buy” from Analysts
Abbott Laboratories (NYSE:ABT) has been assigned an average rating of “Buy” from the twenty-five research firms that are covering the firm. Seven investment analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $46.94.
A number of brokerages have issued reports on ABT. BTIG Research reaffirmed a “buy” rating and issued a $45.00 target price on shares of Abbott Laboratories in a report on Wednesday, August 10th. Jefferies Group dropped their target price on shares of Abbott Laboratories from $52.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, September 13th. Argus reaffirmed a “buy” rating and issued a $55.00 target price on shares of Abbott Laboratories in a report on Thursday, July 28th. Bank of America Corp. reaffirmed a “buy” rating on shares of Abbott Laboratories in a report on Monday, September 19th. Finally, Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Tuesday, September 20th.
In other Abbott Laboratories news, Chairman Miles D. White bought 121,456 shares of the business’s stock in a transaction dated Thursday, November 10th. The shares were acquired at an average price of $40.45 per share, with a total value of $4,912,895.20. Following the purchase, the chairman now owns 2,802,558 shares in the company, valued at approximately $113,363,471.10. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Daniel Gesua Sive Salvadori sold 815 shares of the firm’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $41.71, for a total transaction of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares in the company, valued at approximately $2,493,882.61. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Patten Group Inc. increased its position in shares of 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 in the last quarter. Parasol Investment Management LLC increased its position in shares of Abbott Laboratories by 30.5% in the second quarter. Parasol Investment Management LLC now owns 2,570 shares of the healthcare product maker’s stock worth $101,000 after buying an additional 600 shares in the last quarter. Kanaly Trust Co increased its position in shares of Abbott Laboratories by 3.7% in the third quarter. Kanaly Trust Co now owns 2,584 shares of the healthcare product maker’s stock worth $109,000 after buying an additional 91 shares in the last quarter. Krilogy Financial LLC increased its position in shares of Abbott Laboratories by 9.3% in the second quarter. Krilogy Financial LLC now owns 2,685 shares of the healthcare product maker’s stock worth $106,000 after buying an additional 229 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC increased its position in shares of Abbott Laboratories by 10.6% in the second quarter. SeaBridge Investment Advisors LLC now owns 2,875 shares of the healthcare product maker’s stock worth $113,000 after buying an additional 275 shares in the last quarter. 72.48% of the stock is currently owned by institutional investors and hedge funds.
Abbott Laboratories (NYSE:ABT) opened at 39.84 on Tuesday. Abbott Laboratories has a 12-month low of $36.00 and a 12-month high of $46.38. The firm has a market capitalization of $58.66 billion, a PE ratio of 43.49 and a beta of 0.94. The company has a 50-day moving average price of $40.87 and a 200-day moving average price of $40.96.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. The firm earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Abbott Laboratories had a net margin of 6.61% and a return on equity of 15.46%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. On average, analysts predict that Abbott Laboratories will post $2.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th were issued a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 114.29%.
About Abbott Laboratories
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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