Abbott Laboratories (NYSE:ABT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, January 3rd.
According to Zacks, “Post a promising third-quarter performance by Abbott, we are optimistic about the strong and consistent EPD and Medical Devices performance. However, the ongoing sluggish trend in the Nutrition business is a downside. However, the company continues to benefit from the recently completed St. Jude Medical buyout. Meanwhile, Alere acquisition close is an upside too. Through 2017, Abbott is effectively focusing on core therapeutic areas. Recently, its FreeStyle Libre Flash received the FDA approval. Also, it has received approval for MR-conditional labeling for Ellipse ICD. Also, emerging market performance remains promising on several new strategic developments. Hence, in the past three months, Abbott is trading above the broader industry. On the flip side, sluggish pediatric nutrition business in some global markets continues to dent growth. Also the economic problems in Venezuela are expected to remain unresolved.”
Several other brokerages also recently commented on ABT. ValuEngine downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Stifel Nicolaus raised their price target on shares of Abbott Laboratories from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, October 19th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Abbott Laboratories in a report on Thursday, October 19th. Royal Bank of Canada reaffirmed a “buy” rating and set a $55.00 price target on shares of Abbott Laboratories in a report on Tuesday, October 3rd. Finally, JPMorgan Chase & Co. raised shares of Abbott Laboratories from a “neutral” rating to an “overweight” rating and set a $60.00 price target on the stock in a report on Tuesday, January 2nd. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Abbott Laboratories presently has a consensus rating of “Buy” and an average price target of $60.24.
Abbott Laboratories (NYSE:ABT) opened at $58.84 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.69 and a quick ratio of 2.26. The company has a market cap of $102,420.00, a price-to-earnings ratio of 48.63, a price-to-earnings-growth ratio of 1.88 and a beta of 1.55. Abbott Laboratories has a 1-year low of $39.25 and a 1-year high of $59.60.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. Abbott Laboratories had a net margin of 8.37% and a return on equity of 13.98%. The company had revenue of $6.83 billion for the quarter, compared to the consensus estimate of $6.72 billion. During the same period in the prior year, the firm posted $0.59 EPS. Abbott Laboratories’s revenue for the quarter was up 28.8% on a year-over-year basis. sell-side analysts predict that Abbott Laboratories will post 2.5 earnings per share for the current fiscal year.
In related news, insider Alejandro D. Wellisch sold 2,153 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $55.86, for a total value of $120,266.58. Following the completion of the transaction, the insider now directly owns 10,256 shares of the company’s stock, valued at $572,900.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Miles D. White sold 276,886 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $54.41, for a total transaction of $15,065,367.26. Following the completion of the transaction, the chairman now directly owns 3,677,913 shares of the company’s stock, valued at $200,115,246.33. The disclosure for this sale can be found here. In the last quarter, insiders have sold 501,172 shares of company stock worth $27,533,150. Company insiders own 0.76% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Hexavest Inc. raised its holdings in shares of Abbott Laboratories by 2.4% in the fourth quarter. Hexavest Inc. now owns 1,097,826 shares of the healthcare product maker’s stock valued at $62,653,000 after acquiring an additional 26,084 shares in the last quarter. Broadleaf Partners LLC bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $423,000. Country Club Trust Company n.a. raised its holdings in shares of Abbott Laboratories by 15.9% in the fourth quarter. Country Club Trust Company n.a. now owns 12,897 shares of the healthcare product maker’s stock valued at $736,000 after acquiring an additional 1,770 shares in the last quarter. CHURCHILL MANAGEMENT Corp raised its holdings in shares of Abbott Laboratories by 29.8% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 32,887 shares of the healthcare product maker’s stock valued at $1,877,000 after acquiring an additional 7,556 shares in the last quarter. Finally, Rowland & Co. Investment Counsel ADV bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $102,000. 71.15% of the stock is owned by institutional investors.
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About Abbott Laboratories
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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