Zacks Investment Research upgraded shares of Abbott Laboratories (NYSE:ABT) from a hold rating to a buy rating in a research report released on Monday, Zacks.com reports. They currently have $85.00 price target on the healthcare product maker’s stock.
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.”
A number of other research firms also recently commented on ABT. Royal Bank of Canada lifted their target price on shares of Abbott Laboratories to $82.00 and gave the stock a buy rating in a research report on Monday, April 15th. They noted that the move was a valuation call. Bank of America reaffirmed a buy rating and issued a $81.00 target price (up previously from $73.00) on shares of Abbott Laboratories in a research report on Thursday, February 7th. Wells Fargo & Co reaffirmed a buy rating on shares of Abbott Laboratories in a research report on Thursday, March 14th. BTIG Research reaffirmed a hold rating on shares of Abbott Laboratories in a research report on Thursday, January 24th. Finally, William Blair reaffirmed an outperform rating on shares of Abbott Laboratories in a research report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $80.30.
Shares of NYSE ABT opened at $76.26 on Monday. Abbott Laboratories has a twelve month low of $60.31 and a twelve month high of $80.74. The company has a market capitalization of $134.02 billion, a P/E ratio of 26.48, a PEG ratio of 2.14 and a beta of 1.11. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.61.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. Abbott Laboratories had a net margin of 8.53% and a return on equity of 16.86%. The business had revenue of $7.54 billion during the quarter, compared to the consensus estimate of $7.49 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. The firm’s revenue was up 2.0% on a year-over-year basis. Sell-side analysts expect that Abbott Laboratories will post 3.22 earnings per share for the current fiscal year.
In other news, EVP Stephen R. Fussell sold 56,000 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $76.00, for a total transaction of $4,256,000.00. Following the completion of the sale, the executive vice president now owns 225,935 shares of the company’s stock, valued at approximately $17,171,060. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jaime Contreras sold 918 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $73.12, for a total transaction of $67,124.16. Following the sale, the senior vice president now directly owns 34,706 shares of the company’s stock, valued at approximately $2,537,702.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 551,643 shares of company stock valued at $42,471,501. Insiders own 0.70% of the company’s stock.
Several hedge funds have recently modified their holdings of ABT. University of Texas Texas AM Investment Managment Co. boosted its holdings in Abbott Laboratories by 1,136.0% in the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 309 shares of the healthcare product maker’s stock worth $25,000 after buying an additional 284 shares during the period. RPg Family Wealth Advisory LLC bought a new position in Abbott Laboratories in the 1st quarter worth $26,000. Front Row Advisors LLC boosted its holdings in Abbott Laboratories by 790.9% in the 1st quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after buying an additional 348 shares during the period. 1 North Wealth Services LLC bought a new position in Abbott Laboratories in the 4th quarter worth $33,000. Finally, Beacon Capital Management Inc. bought a new position in Abbott Laboratories in the 1st quarter worth $38,000. 74.70% of the stock is owned by hedge funds and other 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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