Abbott Laboratories (NYSE:ABT) Given New $115.00 Price Target at SVB Leerink

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Abbott Laboratories (NYSE:ABT) had its price objective raised by SVB Leerink from $110.00 to $115.00 in a report published on Thursday morning, The Fly reports. SVB Leerink currently has a market perform rating on the healthcare product maker’s stock. SVB Leerink also issued estimates for Abbott Laboratories’ Q4 2020 earnings at $1.35 EPS, FY2020 earnings at $3.55 EPS, Q2 2021 earnings at $1.04 EPS, Q3 2021 earnings at $1.11 EPS and Q4 2021 earnings at $1.21 EPS.

Several other brokerages have also recently issued reports on ABT. Zacks Investment Research upgraded Abbott Laboratories from a hold rating to a buy rating and set a $116.00 price objective for the company in a research note on Monday, October 12th. Wolfe Research started coverage on Abbott Laboratories in a research note on Friday, September 11th. They issued an outperform rating and a $124.00 price objective for the company. Argus lifted their price target on Abbott Laboratories from $110.00 to $125.00 in a research report on Thursday, July 23rd. Wells Fargo & Company lifted their price target on Abbott Laboratories from $120.00 to $122.00 and gave the company an overweight rating in a research report on Wednesday, October 7th. Finally, Morgan Stanley lifted their price target on Abbott Laboratories from $106.00 to $112.00 and gave the company an overweight rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $115.18.

NYSE ABT traded down $1.05 during trading on Thursday, hitting $108.43. The company’s stock had a trading volume of 71,134 shares, compared to its average volume of 7,132,733. Abbott Laboratories has a fifty-two week low of $61.61 and a fifty-two week high of $114.19. The company has a market cap of $193.84 billion, a PE ratio of 63.28, a P/E/G ratio of 2.98 and a beta of 0.92. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.57 and a quick ratio of 1.10. The business’s 50 day simple moving average is $106.42 and its 200-day simple moving average is $97.33.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.08. Abbott Laboratories had a return on equity of 17.34% and a net margin of 9.89%. The firm had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.53 billion. During the same period last year, the business posted $0.84 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. Analysts expect that Abbott Laboratories will post 3.3 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Wednesday, October 14th. Abbott Laboratories’s dividend payout ratio is presently 44.44%.

In other news, SVP Roger Bird sold 6,290 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $108.73, for a total value of $683,911.70. Following the sale, the senior vice president now directly owns 56,630 shares of the company’s stock, valued at $6,157,379.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrea F. Wainer sold 3,650 shares of Abbott Laboratories stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $102.47, for a total value of $374,015.50. Following the completion of the sale, the executive vice president now directly owns 44,080 shares in the company, valued at $4,516,877.60. The disclosure for this sale can be found here. Insiders sold 84,919 shares of company stock worth $9,283,128 over the last ninety days. Corporate insiders own 1.70% of the company’s stock.

Several large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in Abbott Laboratories by 5.2% during the second quarter. BlackRock Inc. now owns 134,745,433 shares of the healthcare product maker’s stock worth $12,319,776,000 after buying an additional 6,621,486 shares during the last quarter. State Street Corp boosted its stake in Abbott Laboratories by 0.7% during the first quarter. State Street Corp now owns 74,084,521 shares of the healthcare product maker’s stock worth $5,846,010,000 after buying an additional 528,871 shares during the last quarter. Morgan Stanley boosted its stake in Abbott Laboratories by 11.3% during the first quarter. Morgan Stanley now owns 25,362,234 shares of the healthcare product maker’s stock worth $2,001,335,000 after buying an additional 2,578,161 shares during the last quarter. GQG Partners LLC boosted its stake in Abbott Laboratories by 29.3% during the second quarter. GQG Partners LLC now owns 12,533,323 shares of the healthcare product maker’s stock worth $1,146,169,000 after buying an additional 2,841,074 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Abbott Laboratories by 3.7% during the second quarter. Nuveen Asset Management LLC now owns 10,100,593 shares of the healthcare product maker’s stock worth $923,496,000 after buying an additional 359,477 shares during the last quarter. 73.09% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Company Profile

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. Its Established Pharmaceutical Products segment offers 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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