According to Zacks, “Abbott exited first quarter 2019 with better-than-expected earnings and revenues figures. We are optimistic about the strong and consistent performance by the company’s EPD and Medical Devices segments on an organic basis. The company has been hogging the limelight within Diabetic Care on growth with FreeStyle Libre. Within Structural Heart, worldwide strong uptake of MitraClip improves further following the FDA approval of its upgraded version. This apart, synergies from Alere consolidation in the form of revenues from Rapid Diagnostics have been driving growth. Abbott's emerging market performance has been promising. 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 headwinds to some extent dented Abbott’s international performance in the last-reported quarter.”
ABT has been the subject of several other reports. Bank of America reissued a “buy” rating and issued a $81.00 price target (up from $73.00) on shares of Abbott Laboratories in a report on Thursday, February 7th. Wells Fargo & Co reissued a “buy” rating on shares of Abbott Laboratories in a report on Thursday, March 14th. Royal Bank of Canada raised their price target on Abbott Laboratories to $82.00 and gave the company a “buy” rating in a report on Monday, April 15th. They noted that the move was a valuation call. BTIG Research reissued a “hold” rating on shares of Abbott Laboratories in a report on Thursday, January 24th. Finally, Barclays set a $84.00 price target on Abbott Laboratories and gave the company a “buy” rating in a report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $80.30.
Shares of ABT traded up $0.39 during mid-day trading on Tuesday, hitting $76.16. The company’s stock had a trading volume of 2,436,016 shares, compared to its average volume of 5,971,813. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.58 and a quick ratio of 1.13. The stock has a market capitalization of $134.02 billion, a P/E ratio of 26.44, a P/E/G ratio of 2.14 and a beta of 1.11. Abbott Laboratories has a 1-year low of $60.31 and a 1-year high of $80.74.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.63 EPS for the quarter, beating the consensus estimate of $0.61 by $0.02. The business had revenue of $7.54 billion during the quarter, compared to analysts’ expectations of $7.49 billion. Abbott Laboratories had a return on equity of 16.86% and a net margin of 8.53%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. Research analysts anticipate that Abbott Laboratories will post 3.22 EPS for the current year.
In other Abbott Laboratories news, SVP Jared Watkin sold 1,391 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $78.00, for a total transaction of $108,498.00. Following the completion of the transaction, the senior vice president now owns 75,926 shares of the company’s stock, valued at $5,922,228. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian B. Yoor sold 2,246 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $78.00, for a total value of $175,188.00. Following the transaction, the chief financial officer now directly owns 116,627 shares of the company’s stock, valued at approximately $9,096,906. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 551,643 shares of company stock valued at $42,471,501. 0.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Lowe Brockenbrough & Co. Inc. grew its position in shares of Abbott Laboratories by 2.5% in the first quarter. Lowe Brockenbrough & Co. Inc. now owns 62,003 shares of the healthcare product maker’s stock valued at $4,956,000 after purchasing an additional 1,514 shares during the period. Allstate Corp grew its position in shares of Abbott Laboratories by 0.7% in the first quarter. Allstate Corp now owns 148,103 shares of the healthcare product maker’s stock valued at $11,839,000 after purchasing an additional 1,100 shares during the period. Advisory Services Network LLC grew its position in shares of Abbott Laboratories by 4.7% in the first quarter. Advisory Services Network LLC now owns 17,749 shares of the healthcare product maker’s stock valued at $1,419,000 after purchasing an additional 796 shares during the period. Nordea Investment Management AB grew its position in shares of Abbott Laboratories by 55.7% in the first quarter. Nordea Investment Management AB now owns 400,111 shares of the healthcare product maker’s stock valued at $31,986,000 after purchasing an additional 143,059 shares during the period. Finally, EP Wealth Advisors LLC grew its position in shares of Abbott Laboratories by 36.2% in the first quarter. EP Wealth Advisors LLC now owns 7,713 shares of the healthcare product maker’s stock valued at $617,000 after purchasing an additional 2,048 shares during the period. 74.70% 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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