Abbott Laboratories (NYSE:ABT) Price Target Cut to $119.00

Abbott Laboratories (NYSE:ABT) had its price objective decreased by investment analysts at Citigroup from $128.00 to $119.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the healthcare product maker’s stock. Citigroup’s price target indicates a potential upside of 14.16% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Barclays reduced their target price on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Evercore ISI increased their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Royal Bank of Canada lowered their price objective on shares of Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 18th. Finally, Raymond James restated a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 24th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.60.

Abbott Laboratories Stock Down 0.6 %

ABT stock opened at $104.24 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. The company has a fifty day moving average of $108.29 and a 200-day moving average of $109.47. The stock has a market capitalization of $181.34 billion, a PE ratio of 32.47, a price-to-earnings-growth ratio of 2.48 and a beta of 0.76. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The business had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. During the same quarter in the prior year, the firm posted $1.03 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. As a group, analysts expect that Abbott Laboratories will post 4.62 EPS for the current year.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, EVP Daniel Gesua Sive Salvadori sold 963 shares of Abbott Laboratories stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $114,115.50. Following the transaction, the executive vice president now owns 125,697 shares in the company, valued at $14,895,094.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP John A. Jr. Mccoy sold 472 shares of Abbott Laboratories stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $55,932.00. Following the sale, the vice president now directly owns 18,760 shares in the company, valued at approximately $2,223,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 963 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $114,115.50. Following the completion of the sale, the executive vice president now directly owns 125,697 shares of the company’s stock, valued at $14,895,094.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,384 shares of company stock worth $3,653,916. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Abbott Laboratories

Several large investors have recently modified their holdings of the business. Atria Investments Inc lifted its stake in Abbott Laboratories by 10.2% in the first quarter. Atria Investments Inc now owns 163,432 shares of the healthcare product maker’s stock worth $18,576,000 after purchasing an additional 15,118 shares during the last quarter. Swedbank AB purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at $341,777,000. LRI Investments LLC purchased a new stake in Abbott Laboratories during the 1st quarter valued at approximately $322,000. Virtu Financial LLC purchased a new position in shares of Abbott Laboratories during the first quarter valued at about $4,354,000. Finally, Strategic Wealth Partners Ltd. boosted its position in shares of Abbott Laboratories by 17.5% during the 1st quarter. Strategic Wealth Partners Ltd. now owns 7,702 shares of the healthcare product maker’s stock valued at $875,000 after acquiring an additional 1,145 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Company Profile

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.