Abbott Laboratories’ (ABT) “Hold” Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reaffirmed their hold rating on shares of Abbott Laboratories (NYSE:ABT) in a research report sent to investors on Friday. They currently have a $53.00 target price on the healthcare product maker’s stock.

A number of other analysts have also recently weighed in on the company. Citigroup Inc. began coverage on Abbott Laboratories in a research note on Thursday, August 17th. They issued a neutral rating and a $53.00 price target on the stock. Cowen and Company restated a buy rating and issued a $55.00 price target on shares of Abbott Laboratories in a research note on Thursday, August 17th. BidaskClub cut Abbott Laboratories from a buy rating to a hold rating in a research note on Sunday, August 6th. Jefferies Group LLC restated a buy rating and issued a $58.00 price target on shares of Abbott Laboratories in a research note on Thursday, August 3rd. Finally, Zacks Investment Research cut Abbott Laboratories from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $52.50.

Shares of Abbott Laboratories (NYSE:ABT) traded up 0.47% on Friday, reaching $51.18. The company had a trading volume of 4,599,498 shares. The firm has a market capitalization of $88.92 billion, a PE ratio of 71.68 and a beta of 1.06. The firm’s 50 day moving average is $49.56 and its 200 day moving average is $46.48. Abbott Laboratories has a 12 month low of $37.38 and a 12 month high of $51.41.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The company had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.63 billion. During the same period last year, the firm earned $0.55 earnings per share. Abbott Laboratories’s quarterly revenue was up 24.5% on a year-over-year basis. On average, equities research analysts expect that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Wednesday, July 12th. Abbott Laboratories’s dividend payout ratio is currently 149.30%.

In related news, insider Stephen R. Fussell sold 196,550 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total transaction of $9,729,225.00. Following the transaction, the insider now owns 221,488 shares of the company’s stock, valued at $10,963,656. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sharon J. Bracken sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $49.16, for a total value of $98,320.00. Following the transaction, the insider now directly owns 28,806 shares in the company, valued at approximately $1,416,102.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 415,252 shares of company stock worth $19,878,958. Corporate insiders own 0.76% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in ABT. Vanguard Group Inc. raised its position in Abbott Laboratories by 2.6% in the second quarter. Vanguard Group Inc. now owns 129,786,955 shares of the healthcare product maker’s stock worth $6,308,944,000 after buying an additional 3,241,063 shares in the last quarter. State Street Corp raised its position in Abbott Laboratories by 18.9% in the first quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after buying an additional 12,806,535 shares in the last quarter. Capital Research Global Investors raised its position in Abbott Laboratories by 45.7% in the second quarter. Capital Research Global Investors now owns 47,589,663 shares of the healthcare product maker’s stock worth $2,313,334,000 after buying an additional 14,918,038 shares in the last quarter. Bank of New York Mellon Corp raised its position in Abbott Laboratories by 11.0% in the first quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after buying an additional 3,344,508 shares in the last quarter. Finally, Northern Trust Corp raised its position in Abbott Laboratories by 3.1% in the second quarter. Northern Trust Corp now owns 26,865,706 shares of the healthcare product maker’s stock worth $1,305,942,000 after buying an additional 809,732 shares in the last quarter. 71.64% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Abbott Laboratories (NYSE:ABT)




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