Raymond James Boosts Abbott Laboratories (ABT) Price Target to $79.00

Abbott Laboratories (NYSE:ABT) had its target price raised by Raymond James from $77.00 to $79.00 in a research note issued to investors on Thursday morning. They currently have an outperform rating on the healthcare product maker’s stock.

A number of other analysts have also recently commented on ABT. BTIG Research restated a hold rating on shares of Abbott Laboratories in a report on Thursday. Royal Bank of Canada restated a buy rating and set a $70.00 target price on shares of Abbott Laboratories in a report on Thursday, July 19th. Morgan Stanley upped their price target on shares of Abbott Laboratories from $70.00 to $80.00 and gave the stock an overweight rating in a research note on Thursday, October 11th. Cowen upped their price target on shares of Abbott Laboratories from $72.00 to $86.00 and gave the stock an average rating in a research note on Friday, October 5th. Finally, Sanford C. Bernstein initiated coverage on shares of Abbott Laboratories in a research note on Wednesday, June 27th. They issued an outperform rating and a $73.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Abbott Laboratories presently has a consensus rating of Buy and a consensus price target of $75.22.

Shares of ABT stock traded down $0.71 during mid-day trading on Thursday, reaching $67.43. 520,118 shares of the company’s stock traded hands, compared to its average volume of 7,738,627. Abbott Laboratories has a 12 month low of $53.61 and a 12 month high of $74.15. The stock has a market cap of $123.21 billion, a PE ratio of 27.30, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. The company has a current ratio of 1.58, a quick ratio of 1.16 and a debt-to-equity ratio of 0.64.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.75. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.01%. The firm had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the previous year, the business posted $0.66 EPS. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts forecast that Abbott Laboratories will post 2.88 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, October 12th. Abbott Laboratories’s payout ratio is 44.80%.

In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 5,000 shares of the company’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $73.39, for a total transaction of $366,950.00. Following the transaction, the insider now owns 93,321 shares in the company, valued at approximately $6,848,828.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian J. Blaser sold 15,100 shares of the company’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $63.96, for a total transaction of $965,796.00. Following the transaction, the executive vice president now owns 151,718 shares in the company, valued at approximately $9,703,883.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 155,321 shares of company stock worth $10,492,583. 0.74% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Abbott Laboratories by 3.7% during the 2nd quarter. BlackRock Inc. now owns 116,149,740 shares of the healthcare product maker’s stock valued at $7,083,972,000 after acquiring an additional 4,153,157 shares during the period. Morgan Stanley increased its position in shares of Abbott Laboratories by 33.1% during the 2nd quarter. Morgan Stanley now owns 21,218,276 shares of the healthcare product maker’s stock valued at $1,294,103,000 after purchasing an additional 5,274,307 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Abbott Laboratories by 12.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,708,172 shares of the healthcare product maker’s stock valued at $836,067,000 after purchasing an additional 1,468,430 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Abbott Laboratories by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,477,591 shares of the healthcare product maker’s stock valued at $578,069,000 after purchasing an additional 67,093 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Abbott Laboratories by 3.3% during the 2nd quarter. Swiss National Bank now owns 5,998,788 shares of the healthcare product maker’s stock valued at $365,866,000 after purchasing an additional 190,600 shares during the last quarter. Institutional investors and hedge funds own 72.23% of the company’s stock.

Abbott Laboratories Company Profile

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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.

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