Zacks Investment Research cut shares of Abbott Laboratories (NYSE:ABT) from a buy rating to a hold rating in a research report released on Monday, October 30th.
According to Zacks, “Abbott exceeded the Zacks Consensus Estimate on both earnings and sales front in the third quarter. We are optimistic about the strong and consistent EPD and Medical Devices performance. However, these were to some extent offset by sluggish Nutrition business. The company continues to benefit from the recently completed St. Jude Medical buyout. Meanwhile, Alere acquisition close is an upside too. Through 2017, Abbott is effectively focusing on core therapeutic areas. Recently, its FreeStyle Libre Flash received the FDA approval. Also, it has received approval for MR-conditional labeling for Ellipse ICD. Also, emerging market performance remains promising on several new strategic developments. Hence, in the past three months, Abbott is trading above the broader industry. On the flip side, sluggish pediatric nutrition business in some global markets continues to dent growth. Also the economic problems in Venezuela are expected to remain unresolved.”
Several other research firms also recently weighed in on ABT. Barclays PLC increased their price target on shares of Abbott Laboratories from $57.00 to $60.00 and gave the stock an overweight rating in a research report on Thursday, September 28th. Stifel Nicolaus increased their price target on shares of Abbott Laboratories from $58.00 to $63.00 and gave the stock a buy rating in a research report on Thursday, October 19th. BMO Capital Markets reiterated a hold rating and issued a $53.00 price target on shares of Abbott Laboratories in a research report on Monday, October 2nd. BidaskClub downgraded shares of Abbott Laboratories from a buy rating to a hold rating in a research report on Sunday, August 6th. Finally, Cowen and Company reissued a buy rating on shares of Abbott Laboratories in a research note on Sunday, September 24th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $56.81.
Shares of Abbott Laboratories (NYSE:ABT) opened at $55.01 on Monday. The firm has a market cap of $95,840.00, a PE ratio of 22.74, a price-to-earnings-growth ratio of 2.05 and a beta of 1.55. The company has a quick ratio of 2.26, a current ratio of 2.69 and a debt-to-equity ratio of 0.72. Abbott Laboratories has a fifty-two week low of $37.38 and a fifty-two week high of $56.69.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.01. The company had revenue of $6.83 billion for the quarter, compared to the consensus estimate of $6.72 billion. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The firm’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 earnings per share. equities analysts expect that Abbott Laboratories will post 2.5 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a $0.265 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 1.93%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 87.60%.
In related news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of Abbott Laboratories stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $56.21, for a total transaction of $5,430,054.63. Following the completion of the sale, the executive vice president now owns 142,082 shares in the company, valued at approximately $7,986,429.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jaime Contreras sold 52,700 shares of Abbott Laboratories stock in a transaction dated 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 sale, the insider now owns 58,739 shares of the company’s stock, valued at approximately $3,052,665.83. The disclosure for this sale can be found here. Insiders sold a total of 211,763 shares of company stock valued at $11,476,131 in the last 90 days. Company insiders own 0.76% of the company’s stock.
Several large investors have recently bought and sold shares of ABT. Capital Research Global Investors raised its holdings in shares of Abbott Laboratories by 45.7% in the 2nd quarter. Capital Research Global Investors now owns 47,589,663 shares of the healthcare product maker’s stock valued at $2,313,334,000 after purchasing an additional 14,918,038 shares in the last quarter. State Street Corp raised its holdings in shares of Abbott Laboratories by 18.9% in the 1st quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock valued at $3,574,987,000 after purchasing an additional 12,806,535 shares in the last quarter. Boston Partners raised its holdings in shares of Abbott Laboratories by 5,663.7% in the 1st quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock valued at $364,696,000 after purchasing an additional 8,069,557 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Abbott Laboratories by 3,373.9% in the 2nd quarter. Janus Henderson Group PLC now owns 7,874,473 shares of the healthcare product maker’s stock valued at $382,779,000 after purchasing an additional 7,647,798 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Abbott Laboratories by 11.0% in the 1st quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock valued at $1,500,920,000 after purchasing an additional 3,344,508 shares in the last quarter. Institutional investors and hedge funds own 70.64% of the company’s stock.
Abbott Laboratories Company Profile
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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