Traders Buy Abbott Laboratories (ABT) on Weakness

Investors purchased shares of Abbott Laboratories (NYSE:ABT) on weakness during trading hours on Friday. $157.41 million flowed into the stock on the tick-up and $86.49 million flowed out of the stock on the tick-down, for a money net flow of $70.92 million into the stock. Of all stocks tracked, Abbott Laboratories had the 25th highest net in-flow for the day. Abbott Laboratories traded down ($1.59) for the day and closed at $69.95

A number of research firms have recently issued reports on ABT. JPMorgan Chase & Co. lifted their price objective on shares of Abbott Laboratories from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, October 8th. Barclays began coverage on shares of Abbott Laboratories in a report on Monday, October 15th. They set an “overweight” rating and a $80.00 price objective for the company. Raymond James lifted their price objective on shares of Abbott Laboratories from $77.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, October 18th. BTIG Research reaffirmed a “hold” rating on shares of Abbott Laboratories in a report on Thursday, October 18th. Finally, Royal Bank of Canada boosted their price target on shares of Abbott Laboratories to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, October 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $76.00.

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.42. The company has a market capitalization of $125.58 billion, a price-to-earnings ratio of 27.98, a price-to-earnings-growth ratio of 2.12 and a beta of 1.40.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 17th. The healthcare product maker reported $0.75 earnings per share for the quarter, hitting the consensus estimate of $0.75. The business had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.65 billion. Abbott Laboratories had a net margin of 2.91% and a return on equity of 16.05%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 earnings per share. Equities analysts anticipate that Abbott Laboratories will post 2.89 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Monday, October 15th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Friday, October 12th. Abbott Laboratories’s dividend payout ratio is presently 44.80%.

In other news, insider Brian J. Blaser sold 58,200 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $68.79, for a total transaction of $4,003,578.00. Following the completion of the transaction, the insider now directly owns 184,918 shares of the company’s stock, valued at $12,720,509.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Miles D. White sold 142,341 shares of the company’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $72.35, for a total transaction of $10,298,371.35. Following the transaction, the chairman now directly owns 3,459,185 shares of the company’s stock, valued at $250,272,034.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 272,273 shares of company stock valued at $19,410,942. Insiders own 0.74% of the company’s stock.

Large investors have recently modified their holdings of the company. Rehmann Capital Advisory Group increased its position in shares of Abbott Laboratories by 23.4% during the third quarter. Rehmann Capital Advisory Group now owns 11,778 shares of the healthcare product maker’s stock valued at $864,000 after buying an additional 2,230 shares during the period. Matthew Goff Investment Advisor LLC increased its position in shares of Abbott Laboratories by 0.7% during the third quarter. Matthew Goff Investment Advisor LLC now owns 105,991 shares of the healthcare product maker’s stock valued at $7,775,000 after buying an additional 745 shares during the period. Great Lakes Advisors LLC increased its position in shares of Abbott Laboratories by 6.7% during the third quarter. Great Lakes Advisors LLC now owns 836,605 shares of the healthcare product maker’s stock valued at $61,373,000 after buying an additional 52,877 shares during the period. Carnegie Capital Asset Management LLC increased its position in shares of Abbott Laboratories by 46.8% during the third quarter. Carnegie Capital Asset Management LLC now owns 96,310 shares of the healthcare product maker’s stock valued at $6,941,000 after buying an additional 30,693 shares during the period. Finally, Sequoia Wealth Management LLC purchased a new position in shares of Abbott Laboratories during the third quarter valued at about $266,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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About Abbott Laboratories (NYSE:ABT)

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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