BTIG Research Cuts Abbott Laboratories (NYSE:ABT) Price Target to $145.00

Abbott Laboratories (NYSE:ABT) had its target price reduced by stock analysts at BTIG Research from $148.00 to $145.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the healthcare product maker’s stock. BTIG Research’s price target would suggest a potential upside of 16.17% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and lifted their price target for the company from $143.00 to $145.00 in a research note on Friday. Barclays lifted their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an “overweight” rating in a report on Thursday, April 17th. Wells Fargo & Company lifted their price objective on shares of Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a report on Thursday, April 17th. Stifel Nicolaus boosted their target price on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, April 17th. Finally, Evercore ISI boosted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.79.

Abbott Laboratories Trading Up 3.6%

Abbott Laboratories stock traded up $4.31 during midday trading on Friday, hitting $124.82. 3,094,519 shares of the stock were exchanged, compared to its average volume of 6,214,641. The company has a fifty day simple moving average of $133.17 and a two-hundred day simple moving average of $129.38. Abbott Laboratories has a 52 week low of $99.71 and a 52 week high of $141.23. The stock has a market capitalization of $217.17 billion, a PE ratio of 16.17, a P/E/G ratio of 2.50 and a beta of 0.73. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, hitting the consensus estimate of $1.26. Abbott Laboratories had a net margin of 31.89% and a return on equity of 19.01%. The business had revenue of $11.14 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same quarter last year, the firm earned $1.14 EPS. Abbott Laboratories’s quarterly revenue was up 7.4% compared to the same quarter last year. Equities research analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Insider Activity

In other news, Director Sally E. Blount sold 2,600 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the transaction, the director owned 34,058 shares of the company’s stock, valued at $4,415,960.28. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Redwood Park Advisors LLC bought a new position in Abbott Laboratories during the 4th quarter worth approximately $25,000. Hughes Financial Services LLC bought a new position in Abbott Laboratories during the 1st quarter worth approximately $27,000. WealthTrak Capital Management LLC bought a new position in Abbott Laboratories during the 4th quarter worth approximately $28,000. Abound Financial LLC bought a new position in Abbott Laboratories during the 1st quarter worth approximately $28,000. Finally, Elequin Capital LP bought a new position in Abbott Laboratories during the 1st quarter worth approximately $30,000. Institutional investors own 75.18% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière’s disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.