Royal Bank of Canada Boosts Abbott Laboratories (ABT) Price Target to $77.00

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Abbott Laboratories (NYSE:ABT) had its price objective increased by stock analysts at Royal Bank of Canada to $77.00 in a report released on Thursday, The Fly reports. The brokerage currently has an “outperform” rating on the healthcare product maker’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 11.72% from the company’s current price.

A number of other brokerages have also commented on ABT. Zacks Investment Research lowered Abbott Laboratories from a “hold” rating to a “sell” rating in a report on Monday. Cowen lifted their price target on Abbott Laboratories from $72.00 to $86.00 and gave the stock an “average” rating in a report on Friday, October 5th. JPMorgan Chase & Co. lifted their price target on Abbott Laboratories from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday. Raymond James lifted their price target on Abbott Laboratories from $72.00 to $77.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Finally, Wells Fargo & Co lifted their price target on Abbott Laboratories from $77.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $73.17.

ABT stock opened at $68.92 on Thursday. Abbott Laboratories has a twelve month low of $53.61 and a twelve month high of $74.15. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.16 and a current ratio of 1.58. The company has a market capitalization of $128.70 billion, a PE ratio of 27.57, a P/E/G ratio of 2.05 and a beta of 1.49.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Abbott Laboratories had a return on equity of 15.30% and a net margin of 3.13%. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.71 billion. During the same quarter last year, the company earned $0.62 earnings per share. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. Equities research analysts anticipate that Abbott Laboratories will post 2.88 EPS for the current fiscal year.

In other Abbott Laboratories news, insider Michael J. Pederson sold 1,050 shares of the business’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $63.43, for a total value of $66,601.50. Following the sale, the insider now directly owns 79,467 shares in the company, valued at $5,040,591.81. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew H. Lane sold 9,097 shares of the business’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $67.11, for a total value of $610,499.67. Following the completion of the sale, the insider now owns 35,576 shares in the company, valued at $2,387,505.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 155,321 shares of company stock worth $10,492,583. Corporate insiders own 0.74% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Atlantic Trust LLC bought a new stake in shares of Abbott Laboratories in the second quarter valued at $104,000. Rainier Group Investment Advisory LLC bought a new stake in shares of Abbott Laboratories in the first quarter valued at $114,000. FNY Investment Advisers LLC purchased a new position in shares of Abbott Laboratories in the second quarter valued at $118,000. Fort L.P. purchased a new position in shares of Abbott Laboratories in the second quarter valued at $119,000. Finally, Security National Bank of SO Dak grew its position in shares of Abbott Laboratories by 72.0% in the second quarter. Security National Bank of SO Dak now owns 2,098 shares of the healthcare product maker’s stock valued at $128,000 after purchasing an additional 878 shares in the last quarter. Hedge funds and other institutional investors own 72.16% of the company’s stock.

About Abbott Laboratories

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 symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.

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