Zacks Investment Research cut shares of Abbott Laboratories (NYSE:ABT) from a buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports. They currently have $93.00 target price on the healthcare product maker’s stock.
According to Zacks, “Abbott exited second quarter 2019 with better-than-expected earnings. However, revenues lagged the estimates. Overall, we are optimistic about the strong and consistent EPD and Medical Devices performance organically. The company has been hogging the limelight within Diabetic Care on growth with FreeStyle Libre. This apart, synergies from Alere consolidation in the form of Rapid Diagnostics have been driving growth. Within Structural Heart, worldwide uptake of MitraClip therapy improves further. Meanwhile, the company’s emerging market performance has been promising. Consequently, Abbott has raised its full-year guidance. 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 headwind is another downside.”
A number of other research firms have also weighed in on ABT. Raymond James upped their target price on Abbott Laboratories from $87.00 to $93.00 and gave the stock an outperform rating in a report on Thursday, July 18th. BMO Capital Markets upped their target price on Abbott Laboratories from $87.00 to $94.00 and gave the stock an outperform rating in a report on Thursday, July 18th. Bank of America restated a buy rating and set a $81.00 target price on shares of Abbott Laboratories in a report on Thursday, June 13th. Morgan Stanley upped their target price on Abbott Laboratories from $85.00 to $93.00 and gave the stock an overweight rating in a report on Tuesday, July 16th. Finally, Cowen upped their target price on Abbott Laboratories from $86.00 to $95.00 and gave the stock an outperform rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $86.38.
Shares of NYSE ABT opened at $81.93 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.68. The firm has a market capitalization of $150.05 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 2.39 and a beta of 1.12. The stock has a 50 day moving average price of $85.82 and a 200 day moving average price of $80.12. Abbott Laboratories has a 52-week low of $65.22 and a 52-week high of $88.76.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. The firm had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8 billion. Abbott Laboratories had a return on equity of 17.26% and a net margin of 9.36%. Abbott Laboratories’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.73 earnings per share. Analysts forecast that Abbott Laboratories will post 3.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Friday, July 12th. Abbott Laboratories’s payout ratio is presently 44.44%.
In other news, EVP Daniel Gesua Sive Salvadori sold 7,269 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $82.00, for a total transaction of $596,058.00. Following the transaction, the executive vice president now directly owns 99,479 shares of the company’s stock, valued at $8,157,278. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sally E. Blount sold 2,500 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $87.65, for a total value of $219,125.00. Following the transaction, the director now directly owns 26,266 shares in the company, valued at $2,302,214.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 435,040 shares of company stock worth $37,121,747. Insiders own 0.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale increased its position in shares of Abbott Laboratories by 91.4% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,454,239 shares of the healthcare product maker’s stock valued at $122,138,000 after acquiring an additional 694,262 shares during the period. Cypress Capital Management LLC increased its position in shares of Abbott Laboratories by 2.0% in the 2nd quarter. Cypress Capital Management LLC now owns 203,419 shares of the healthcare product maker’s stock valued at $17,108,000 after acquiring an additional 4,000 shares during the period. Krueger & Catalano Capital Partners LLC acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at $244,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in shares of Abbott Laboratories by 3.8% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 3,176 shares of the healthcare product maker’s stock valued at $267,000 after acquiring an additional 116 shares during the period. Finally, FMR LLC increased its position in shares of Abbott Laboratories by 0.3% in the 1st quarter. FMR LLC now owns 23,827,545 shares of the healthcare product maker’s stock valued at $1,904,774,000 after acquiring an additional 65,260 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.
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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