Abbott Laboratories (NYSE:ABT) Price Target Raised to $94.00

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Abbott Laboratories (NYSE:ABT) had its target price raised by BMO Capital Markets from $87.00 to $94.00 in a report released on Thursday, The Fly reports. They currently have an outperform rating on the healthcare product maker’s stock.

Other equities analysts also recently issued reports about the company. Royal Bank of Canada lifted their target price on Alimentation Couche-Tard from C$85.00 to C$88.00 and gave the company an outperform rating in a research note on Monday, April 15th. Zacks Investment Research downgraded Home Bancshares from a hold rating to a sell rating in a research note on Friday, June 7th. William Blair restated an outperform rating on shares of Abbott Laboratories in a research note on Thursday, April 18th. Morgan Stanley decreased their target price on Neon Therapeutics from $19.00 to $13.00 and set an overweight rating for the company in a research note on Tuesday, July 16th. Finally, Bank of America set a $10.00 target price on HEXO and gave the company a buy rating in a research note on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $85.82.

Shares of ABT stock opened at $87.49 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.13 and a current ratio of 1.58. The company has a 50 day moving average of $82.95. Abbott Laboratories has a 52 week low of $62.87 and a 52 week high of $88.32. The firm has a market capitalization of $154.35 billion, a P/E ratio of 29.07, a P/E/G ratio of 2.46 and a beta of 1.10.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.02. Abbott Laboratories had a return on equity of 17.39% and a net margin of 9.36%. The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. Abbott Laboratories’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that Abbott Laboratories will post 3.24 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, July 12th. This represents a $1.28 annualized dividend and a dividend yield of 1.46%. Abbott Laboratories’s dividend payout ratio is presently 44.44%.

In other news, EVP Stephen R. Fussell sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $76.00, for a total transaction of $4,256,000.00. Following the completion of the transaction, the executive vice president now directly owns 225,935 shares in the company, valued at $17,171,060. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian J. Blaser sold 450,062 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $75.52, for a total value of $33,988,682.24. Following the transaction, the insider now owns 295,745 shares of the company’s stock, valued at $22,334,662.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,198,992 shares of company stock valued at $93,769,951. Insiders own 0.70% of the company’s stock.

A number of large investors have recently made changes to their positions in ABT. Norges Bank bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $1,239,454,000. FMR LLC raised its holdings in Abbott Laboratories by 118.2% during the fourth quarter. FMR LLC now owns 23,762,285 shares of the healthcare product maker’s stock worth $1,718,726,000 after purchasing an additional 12,871,418 shares in the last quarter. Ronna Sue Cohen raised its holdings in Abbott Laboratories by 7,636.6% during the first quarter. Ronna Sue Cohen now owns 6,248,957 shares of the healthcare product maker’s stock worth $6,249,000 after purchasing an additional 6,168,186 shares in the last quarter. BlackRock Inc. raised its holdings in Abbott Laboratories by 3.3% during the fourth quarter. BlackRock Inc. now owns 121,045,590 shares of the healthcare product maker’s stock worth $8,755,228,000 after purchasing an additional 3,842,101 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Abbott Laboratories by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 22,133,985 shares of the healthcare product maker’s stock worth $1,598,270,000 after purchasing an additional 1,778,840 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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 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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