Zacks Investment Research Lowers Abbott Laboratories (NYSE:ABT) to Hold

Zacks Investment Research cut shares of Abbott Laboratories (NYSE:ABT) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports. The brokerage currently has $93.00 price target on the healthcare product maker’s stock.

According to Zacks, “Abbott exited second quarter 2019 with better-than-expected earnings. However, revenues lagged the estimates. Overall, we are optimistic about the strong and consistent EPD and Medical Devices performance organically. The company has been hogging the limelight within Diabetic Care on growth with FreeStyle Libre. This apart, synergies from Alere consolidation in the form of Rapid Diagnostics have been driving growth. Within Structural Heart, worldwide uptake of MitraClip therapy improves further. Meanwhile, the company’s emerging market performance has been promising. Consequently, Abbott has raised its full-year guidance. Abbott has been outperforming the industry over the past year. On the flip side, sluggish Rhythm Management arm in the United States continues to dent growth. Increasing currency headwind is another downside.”

Other analysts also recently issued research reports about the stock. Bank of America reissued a buy rating and set a $81.00 target price on shares of Abbott Laboratories in a research report on Thursday, June 13th. Wells Fargo & Co increased their target price on shares of Abbott Laboratories from $89.00 to $91.00 and gave the stock an outperform rating in a research report on Thursday, June 13th. Raymond James increased their target price on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an outperform rating in a research report on Thursday, July 18th. BMO Capital Markets increased their target price on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an outperform rating in a research report on Thursday, July 18th. Finally, Morgan Stanley increased their target price on shares of Abbott Laboratories from $85.00 to $93.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company’s stock. Abbott Laboratories has an average rating of Buy and an average price target of $86.38.

NYSE ABT opened at $81.93 on Wednesday. Abbott Laboratories has a 12 month low of $65.22 and a 12 month high of $88.76. The company has a 50-day moving average of $85.82 and a 200-day moving average of $80.12. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.68 and a quick ratio of 1.20. The company has a market cap of $150.05 billion, a P/E ratio of 28.21, a P/E/G ratio of 2.39 and a beta of 1.12.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8 billion. During the same quarter in the prior year, the company posted $0.73 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Abbott Laboratories will post 3.24 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Friday, July 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.44%.

In other Abbott Laboratories news, SVP Michael J. Pederson sold 23,008 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $86.39, for a total value of $1,987,661.12. Following the completion of the sale, the senior vice president now owns 104,228 shares of the company’s stock, valued at $9,004,256.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian B. Yoor sold 43,763 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the completion of the sale, the chief financial officer now directly owns 125,781 shares of the company’s stock, valued at approximately $10,788,236.37. The disclosure for this sale can be found here. In the last three months, insiders have sold 435,040 shares of company stock valued at $37,121,747. Corporate insiders own 0.70% of the company’s stock.

A number of large investors have recently modified their holdings of ABT. Manchester Financial Inc. purchased a new position in shares of Abbott Laboratories during the 2nd quarter valued at approximately $30,000. Front Row Advisors LLC boosted its stake in shares of Abbott Laboratories by 790.9% during the 1st quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after buying an additional 348 shares during the last quarter. Redhawk Wealth Advisors Inc. purchased a new position in shares of Abbott Laboratories during the 2nd quarter valued at approximately $33,000. Weaver Consulting Group purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at approximately $33,000. Finally, Beacon Capital Management Inc. purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at approximately $38,000. 73.33% of the stock is owned by institutional investors.

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 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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