Abbott Laboratories (NYSE:ABT)‘s stock had its “equal weight” rating restated by research analysts at Morgan Stanley in a research report issued to clients and investors on Monday.
Several other brokerages also recently weighed in on ABT. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. BTIG Research assumed coverage on shares of Abbott Laboratories in a research report on Wednesday, June 21st. They set a “buy” rating and a $56.00 price target for the company. Wells Fargo & Company reissued an “outperform” rating and set a $54.00 price target (up previously from $47.50) on shares of Abbott Laboratories in a research report on Friday, June 30th. Jefferies Group LLC reissued a “buy” rating and set a $58.00 price target on shares of Abbott Laboratories in a research report on Thursday, June 29th. Finally, Guggenheim initiated coverage on shares of Abbott Laboratories in a research report on Thursday, June 29th. They set a “buy” rating and a $58.00 price target for the company. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $51.57.
Abbott Laboratories (NYSE ABT) opened at 48.15 on Monday. The firm’s 50-day moving average price is $46.26 and its 200 day moving average price is $43.65. The firm has a market capitalization of $83.55 billion, a P/E ratio of 50.10 and a beta of 1.06. Abbott Laboratories has a one year low of $37.38 and a one year high of $49.59.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 19th. The healthcare product maker reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.05. The company had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $6.16 billion. Abbott Laboratories had a net margin of 6.74% and a return on equity of 14.91%. The firm’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. On average, equities analysts anticipate that Abbott Laboratories will post $2.47 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.20%. Abbott Laboratories’s payout ratio is currently 110.42%.
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In related news, insider Roger Bird sold 5,600 shares of the stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $43.82, for a total transaction of $245,392.00. Following the sale, the insider now directly owns 51,313 shares of the company’s stock, valued at $2,248,535.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen R. Fussell sold 196,550 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the sale, the insider now directly owns 221,488 shares in the company, valued at $10,188,448. The disclosure for this sale can be found here. Insiders sold 206,902 shares of company stock worth $9,497,761 in the last quarter. Company insiders own 0.76% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. CenturyLink Investment Management Co increased its stake in shares of Abbott Laboratories by 4.4% in the second quarter. CenturyLink Investment Management Co now owns 16,212 shares of the healthcare product maker’s stock worth $788,000 after buying an additional 688 shares during the period. M. Kraus & Co increased its stake in shares of Abbott Laboratories by 22.5% in the second quarter. M. Kraus & Co now owns 77,736 shares of the healthcare product maker’s stock worth $3,779,000 after buying an additional 14,280 shares during the period. Confluence Investment Management LLC purchased a new stake in shares of Abbott Laboratories during the second quarter worth about $225,000. Carlson Capital Management purchased a new stake in shares of Abbott Laboratories during the second quarter worth about $296,000. Finally, Pure Financial Advisors Inc. increased its stake in shares of Abbott Laboratories by 2.8% in the second quarter. Pure Financial Advisors Inc. now owns 11,315 shares of the healthcare product maker’s stock worth $550,000 after buying an additional 311 shares during the period. 71.05% of the stock is currently owned by hedge funds and other institutional investors.
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.
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