Royal Bank of Canada Boosts Abbott Laboratories (ABT) Price Target to $77.00

Abbott Laboratories (NYSE:ABT) had its price target increased by stock analysts at Royal Bank of Canada to $77.00 in a note issued to investors on Thursday, The Fly reports. The brokerage currently has an “outperform” rating on the healthcare product maker’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 11.72% from the stock’s current price.

Several other research firms have also recently commented on ABT. Zacks Investment Research cut Abbott Laboratories from a “hold” rating to a “sell” rating in a research note on Monday. Cowen raised their target price on Abbott Laboratories from $72.00 to $86.00 and gave the stock an “average” rating in a research note on Friday, October 5th. JPMorgan Chase & Co. raised their target price on Abbott Laboratories from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday. Raymond James raised their target price on Abbott Laboratories from $72.00 to $77.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. Finally, Wells Fargo & Co raised their target price on Abbott Laboratories from $77.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $73.17.

Shares of ABT stock opened at $68.92 on Thursday. The stock has a market capitalization of $128.70 billion, a PE ratio of 27.57, a P/E/G ratio of 2.05 and a beta of 1.49. The company has a quick ratio of 1.16, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. Abbott Laboratories has a 1-year low of $53.61 and a 1-year high of $74.15.



Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 18th. The healthcare product maker reported $0.73 EPS for the quarter, topping the consensus estimate of $0.71 by $0.02. Abbott Laboratories had a return on equity of 15.30% and a net margin of 3.13%. The business had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.71 billion. During the same quarter last year, the firm posted $0.62 earnings per share. The firm’s revenue was up 17.0% on a year-over-year basis. As a group, research analysts predict that Abbott Laboratories will post 2.88 earnings per share for the current year.

In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $73.39, for a total value of $366,950.00. Following the completion of the sale, the insider now owns 93,321 shares of the company’s stock, valued at $6,848,828.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sharon J. Bracken sold 615 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $65.16, for a total value of $40,073.40. Following the completion of the sale, the insider now directly owns 40,761 shares of the company’s stock, valued at approximately $2,655,986.76. The disclosure for this sale can be found here. Insiders sold 155,321 shares of company stock valued at $10,492,583 in the last three months. Insiders own 0.74% of the company’s stock.

A number of institutional investors have recently made changes to their positions in ABT. Morgan Stanley grew its stake in Abbott Laboratories by 33.1% in the second quarter. Morgan Stanley now owns 21,218,276 shares of the healthcare product maker’s stock valued at $1,294,103,000 after acquiring an additional 5,274,307 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $275,697,000. American Century Companies Inc. grew its stake in Abbott Laboratories by 417.9% in the second quarter. American Century Companies Inc. now owns 5,586,119 shares of the healthcare product maker’s stock valued at $340,697,000 after acquiring an additional 4,507,553 shares during the period. BlackRock Inc. grew its stake in Abbott Laboratories by 3.7% in the second quarter. BlackRock Inc. now owns 116,149,740 shares of the healthcare product maker’s stock valued at $7,083,972,000 after acquiring an additional 4,153,157 shares during the period. Finally, Swedbank acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $101,535,000. 72.16% of the stock is owned by hedge funds and other institutional investors.

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 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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