Morgan Stanley Raises Abbott Laboratories (NYSE:ABT) Price Target to $117.00

Abbott Laboratories (NYSE:ABT) had its price objective lifted by Morgan Stanley from $107.00 to $117.00 in a report published on Thursday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the healthcare product maker’s stock.

Several other equities research analysts have also weighed in on ABT. Raymond James reiterated a “buy” rating and set a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Barclays raised their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Oppenheimer assumed coverage on shares of Abbott Laboratories in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price target on the stock. Royal Bank of Canada raised their price target on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Finally, Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Abbott Laboratories has an average rating of “Moderate Buy” and an average target price of $129.67.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $119.39 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. Abbott Laboratories has a one year low of $91.64 and a one year high of $121.64. The company’s 50-day simple moving average is $113.97 and its 200-day simple moving average is $108.50. The stock has a market capitalization of $207.69 billion, a price-to-earnings ratio of 37.19, a PEG ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. Abbott Laboratories’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 earnings per share. Equities analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Insider Buying and Selling

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

Hedge Funds Weigh In On Abbott Laboratories

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories in the 2nd quarter worth approximately $28,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Abbott Laboratories during the 1st quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Abbott Laboratories during the 3rd quarter valued at $31,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Abbott Laboratories during the 2nd quarter valued at $32,000. Finally, Ridgewood Investments LLC acquired a new stake in shares of Abbott Laboratories during the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

About Abbott Laboratories

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.