Abbott Laboratories (NYSE:ABT) Given New $99.00 Price Target at Raymond James

Abbott Laboratories (NYSE:ABT) had its target price raised by Raymond James from $90.00 to $99.00 in a report released on Thursday morning, BenzingaRatingsTable reports. They currently have an outperform rating on the healthcare product maker’s stock.

Other analysts also recently issued research reports about the stock. Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $93.00 to $101.00 and gave the stock an overweight rating in a research report on Tuesday, December 17th. Evercore ISI cut shares of Abbott Laboratories from an outperform rating to an in-line rating in a research note on Thursday, January 2nd. Guggenheim cut shares of Abbott Laboratories from a buy rating to a neutral rating in a research note on Thursday, January 2nd. Credit Suisse Group upped their price target on shares of Abbott Laboratories from $95.00 to $98.00 and gave the stock an outperform rating in a research note on Thursday, October 17th. Finally, William Blair reaffirmed an underperform rating on shares of Abbott Laboratories in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $95.20.

Shares of ABT stock traded down $0.33 during trading on Thursday, reaching $90.40. The company’s stock had a trading volume of 4,218,653 shares, compared to its average volume of 5,909,104. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.54 and a quick ratio of 1.12. Abbott Laboratories has a 1-year low of $68.80 and a 1-year high of $92.45. The company has a market capitalization of $162.45 billion, a price-to-earnings ratio of 43.88, a P/E/G ratio of 2.36 and a beta of 1.12. The stock’s 50-day moving average price is $86.80 and its 200 day moving average price is $84.76.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $0.95 EPS for the quarter, hitting the consensus estimate of $0.95. Abbott Laboratories had a net margin of 11.56% and a return on equity of 18.34%. The company had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.26 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts anticipate that Abbott Laboratories will post 3.61 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, January 14th. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.32. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.59%. Abbott Laboratories’s payout ratio is 44.44%.

Hedge funds have recently modified their holdings of the company. 1 North Wealth Services LLC acquired a new position in shares of Abbott Laboratories during the third quarter worth approximately $38,000. Marquette Asset Management LLC lifted its holdings in shares of Abbott Laboratories by 173.4% during the third quarter. Marquette Asset Management LLC now owns 473 shares of the healthcare product maker’s stock worth $40,000 after buying an additional 300 shares during the last quarter. Corbenic Partners LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $42,000. Canton Hathaway LLC acquired a new position in shares of Abbott Laboratories during the third quarter worth approximately $42,000. Finally, Manchester Financial Inc. acquired a new position in shares of Abbott Laboratories during the fourth quarter worth approximately $52,000. Institutional investors own 73.61% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.

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