Abbott Laboratories (NYSE:ABT) Given New $124.00 Price Target at Evercore ISI

by · The Cerbat Gem

Abbott Laboratories (NYSE:ABT – Free Report) had its price objective increased by Evercore ISI from $120.00 to $124.00 in a research note published on Tuesday, Benzinga reports. Evercore ISI currently has an outperform rating on the healthcare product maker’s stock.

Other equities analysts have also issued reports about the stock. Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an overweight rating and a $131.00 target price on the stock. Royal Bank of Canada reaffirmed an outperform rating and set a $125.00 target price on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Citigroup upped their target price on Abbott Laboratories from $119.00 to $127.00 and gave the stock a buy rating in a report on Thursday, August 22nd. Edward Jones lowered Abbott Laboratories from a buy rating to a hold rating in a research note on Tuesday, July 30th. Finally, Piper Sandler initiated coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an overweight rating and a $131.00 price objective for the company. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $124.33.

Get Our Latest Report on ABT

Abbott Laboratories Trading Up 0.4 %

Shares of NYSE ABT opened at $112.64 on Tuesday. The business’s 50 day moving average price is $112.37 and its 200-day moving average price is $108.22. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. The company has a market cap of $195.95 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 2.86 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT – Get Free Report) last released its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company earned $1.08 earnings per share. On average, sell-side analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.95%. Abbott Laboratories’s payout ratio is 68.54%.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Abbott Laboratories

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Abbott Laboratories by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 156,467,081 shares of the healthcare product maker’s stock worth $17,222,332,000 after buying an additional 701,740 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in Abbott Laboratories during the 4th quarter valued at about $16,764,000. Garde Capital Inc. raised its stake in shares of Abbott Laboratories by 16.4% in the fourth quarter. Garde Capital Inc. now owns 1,858 shares of the healthcare product maker’s stock worth $205,000 after purchasing an additional 262 shares during the last quarter. Sectoral Asset Management Inc. lifted its holdings in shares of Abbott Laboratories by 31.4% during the fourth quarter. Sectoral Asset Management Inc. now owns 68,998 shares of the healthcare product maker’s stock worth $7,595,000 after purchasing an additional 16,500 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in Abbott Laboratories by 0.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 894,797 shares of the healthcare product maker’s stock valued at $98,490,000 after buying an additional 8,224 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

About Abbott Laboratories

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Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.

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