Abbott Laboratories (NYSE:ABT) Trading 0% Higher After Analyst Upgrade

Shares of Abbott Laboratories (NYSE:ABT) were up 0% during trading on Tuesday after Barclays raised their price target on the stock from $143.00 to $149.00. Barclays currently has an overweight rating on the stock. Abbott Laboratories traded as high as $118.00 and last traded at $117.67. Approximately 598,605 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 5,703,130 shares. The stock had previously closed at $117.65.

A number of other equities analysts have also commented on ABT. Citigroup boosted their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Morgan Stanley boosted their price objective on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Piper Sandler boosted their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Oppenheimer initiated coverage on Abbott Laboratories in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price objective on the stock. Finally, Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $130.07.

Insider Activity at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Abbott Laboratories

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division bought a new stake in shares of Abbott Laboratories in the first quarter worth about $404,000. Csenge Advisory Group increased its holdings in shares of Abbott Laboratories by 6.7% in the first quarter. Csenge Advisory Group now owns 18,731 shares of the healthcare product maker’s stock worth $2,129,000 after acquiring an additional 1,182 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Abbott Laboratories by 1.6% in the first quarter. Geneos Wealth Management Inc. now owns 9,877 shares of the healthcare product maker’s stock worth $1,123,000 after acquiring an additional 159 shares in the last quarter. Hemenway Trust Co LLC increased its holdings in shares of Abbott Laboratories by 2.5% in the first quarter. Hemenway Trust Co LLC now owns 342,963 shares of the healthcare product maker’s stock worth $38,981,000 after acquiring an additional 8,477 shares in the last quarter. Finally, Broderick Brian C increased its holdings in shares of Abbott Laboratories by 7.3% in the first quarter. Broderick Brian C now owns 108,284 shares of the healthcare product maker’s stock worth $12,308,000 after acquiring an additional 7,360 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 0.0 %

The firm has a fifty day simple moving average of $115.13 and a 200-day simple moving average of $109.02. The company has a market capitalization of $204.13 billion, a P/E ratio of 35.77, a P/E/G ratio of 2.79 and a beta of 0.72. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last posted 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 company had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. Abbott Laboratories’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 earnings per share. On average, equities research analysts expect that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 annualized dividend and a dividend yield of 1.87%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

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.