BMO Capital Markets upgraded shares of Abbott Laboratories (NYSE:ABT) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday morning. BMO Capital Markets currently has $65.00 price target on the healthcare product maker’s stock, up from their prior price target of $58.00.
Other research analysts have also recently issued reports about the stock. Cowen reissued a buy rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research note on Thursday, August 17th. Citigroup began coverage on shares of Abbott Laboratories in a research note on Thursday, August 17th. They issued a neutral rating and a $53.00 price objective on the stock. Barclays lifted their price objective on shares of Abbott Laboratories from $57.00 to $60.00 and gave the company an overweight rating in a research note on Thursday, September 28th. Bank of America reissued a buy rating and issued a $60.00 price objective (up from $56.00) on shares of Abbott Laboratories in a research note on Wednesday, October 4th. Finally, ValuEngine cut shares of Abbott Laboratories from a buy rating to a hold rating in a research note on Friday, December 1st. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $57.56.
Abbott Laboratories (NYSE:ABT) opened at $55.70 on Tuesday. Abbott Laboratories has a fifty-two week low of $37.90 and a fifty-two week high of $56.69. The company has a market cap of $95,628.62, a P/E ratio of 22.80, a PEG ratio of 2.06 and a beta of 1.06. The company has a current ratio of 2.69, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.01. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The company had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.72 billion. During the same period last year, the firm earned $0.59 earnings per share. The business’s revenue for the quarter was up 28.8% on a year-over-year basis. research analysts predict that Abbott Laboratories will post 2.49 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th were issued a dividend of $0.265 per share. The ex-dividend date was Thursday, October 12th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 83.47%.
In other news, insider Jaime Contreras sold 52,700 shares of Abbott Laboratories stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $51.97, for a total transaction of $2,738,819.00. Following the transaction, the insider now owns 58,739 shares in the company, valued at $3,052,665.83. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Miles D. White sold 276,886 shares of Abbott Laboratories stock in a transaction on Wednesday, December 6th. The stock was 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 in the company, valued at approximately $200,115,246.33. The disclosure for this sale can be found here. In the last quarter, insiders have sold 588,013 shares of company stock worth $32,023,946. 0.76% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Institutional & Family Asset Management LLC lifted its holdings in Abbott Laboratories by 1.4% in the third quarter. Institutional & Family Asset Management LLC now owns 84,233 shares of the healthcare product maker’s stock valued at $4,495,000 after buying an additional 1,152 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in Abbott Laboratories in the third quarter valued at $1,578,000. Public Employees Retirement System of Ohio lifted its holdings in Abbott Laboratories by 2.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,248,333 shares of the healthcare product maker’s stock valued at $66,611,000 after buying an additional 24,842 shares during the period. GSA Capital Partners LLP acquired a new position in Abbott Laboratories in the third quarter valued at $369,000. Finally, Wealthsource Partners LLC acquired a new position in Abbott Laboratories in the third quarter valued at $214,000. Institutional investors and hedge funds own 71.32% of the company’s stock.
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About Abbott Laboratories
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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