Abbott Laboratories (NYSE:ABT) Price Target Raised to $123.00

Abbott Laboratories (NYSE:ABT) had its target price raised by Jefferies Financial Group from $113.00 to $123.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the healthcare product maker’s stock. Jefferies Financial Group’s price objective points to a potential upside of 15.50% from the stock’s previous close.

ABT has been the subject of a number of other research reports. Argus increased their price target on shares of Abbott Laboratories from $110.00 to $125.00 in a report on Thursday, July 23rd. Stifel Nicolaus raised their target price on shares of Abbott Laboratories from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, August 27th. Morgan Stanley raised their target price on shares of Abbott Laboratories from $112.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday. BTIG Research reissued a “hold” rating on shares of Abbott Laboratories in a report on Thursday, August 27th. Finally, Raymond James raised their target price on shares of Abbott Laboratories from $102.00 to $114.00 and gave the company an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. Abbott Laboratories presently has an average rating of “Buy” and an average price target of $115.18.

Shares of ABT stock opened at $106.49 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.57 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $106.43 and a two-hundred day moving average price of $97.20. Abbott Laboratories has a 12-month low of $61.61 and a 12-month high of $114.19. The firm has a market cap of $191.29 billion, a P/E ratio of 61.23, a price-to-earnings-growth ratio of 2.98 and a beta of 0.92.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.08. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.53 billion. Abbott Laboratories had a return on equity of 17.34% and a net margin of 9.89%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. As a group, research analysts expect that Abbott Laboratories will post 3.3 EPS for the current fiscal year.

In other news, EVP Andrea F. Wainer sold 3,650 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $102.47, for a total value of $374,015.50. Following the transaction, the executive vice president now directly owns 44,080 shares in the company, valued at approximately $4,516,877.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Daniel Gesua Sive Salvadori sold 42,479 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $111.86, for a total transaction of $4,751,700.94. Following the completion of the transaction, the executive vice president now owns 144,912 shares in the company, valued at $16,209,856.32. The disclosure for this sale can be found here. Insiders sold a total of 84,919 shares of company stock worth $9,283,128 over the last quarter. 1.70% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Abbott Laboratories by 5.2% in the 2nd quarter. BlackRock Inc. now owns 134,745,433 shares of the healthcare product maker’s stock worth $12,319,776,000 after acquiring an additional 6,621,486 shares during the last quarter. State Street Corp increased its stake in Abbott Laboratories by 0.7% during the 1st quarter. State Street Corp now owns 74,084,521 shares of the healthcare product maker’s stock worth $5,846,010,000 after buying an additional 528,871 shares during the period. Morgan Stanley increased its stake in Abbott Laboratories by 11.3% during the 1st quarter. Morgan Stanley now owns 25,362,234 shares of the healthcare product maker’s stock worth $2,001,335,000 after buying an additional 2,578,161 shares during the period. GQG Partners LLC increased its stake in Abbott Laboratories by 29.3% during the 2nd quarter. GQG Partners LLC now owns 12,533,323 shares of the healthcare product maker’s stock worth $1,146,169,000 after buying an additional 2,841,074 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in Abbott Laboratories by 3.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 10,100,593 shares of the healthcare product maker’s stock worth $923,496,000 after buying an additional 359,477 shares during the period. Hedge funds and other institutional investors own 73.09% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. Its Established Pharmaceutical Products segment offers 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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