Evercore ISI Trims Abbott Laboratories (NYSE:ABT) Target Price to $120.00

Abbott Laboratories (NYSE:ABT) had its price objective cut by Evercore ISI from $125.00 to $120.00 in a research note published on Tuesday, Benzinga reports. They currently have an outperform rating on the healthcare product maker’s stock.

ABT has been the subject of several other reports. Barclays decreased their target price on shares of Abbott Laboratories from $141.00 to $140.00 and set an overweight rating for the company in a report on Monday, April 22nd. Raymond James reaffirmed a buy rating and issued a $124.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 24th. Royal Bank of Canada reissued an outperform rating and set a $125.00 price objective on shares of Abbott Laboratories in a report on Tuesday, June 4th. Citigroup decreased their price objective on shares of Abbott Laboratories from $128.00 to $119.00 and set a buy rating for the company in a report on Wednesday, May 22nd. Finally, The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They set a buy rating and a $121.00 price objective for the company. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories currently has a consensus rating of Moderate Buy and a consensus price target of $120.18.

Abbott Laboratories Trading Up 1.7 %

NYSE:ABT opened at $104.02 on Tuesday. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11. The company’s 50-day simple moving average is $104.44 and its 200 day simple moving average is $109.94. The firm has a market capitalization of $180.96 billion, a P/E ratio of 32.40, a PEG ratio of 2.46 and a beta of 0.72.

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

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.11%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total value of $2,428,025.00. Following the completion of the transaction, the executive vice president now directly owns 61,462 shares in the company, valued at $6,530,337.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total value of $2,428,025.00. Following the completion of the transaction, the executive vice president now directly owns 61,462 shares in the company, valued at $6,530,337.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the completion of the transaction, the executive vice president now owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Abbott Laboratories

A number of hedge funds and other institutional investors have recently modified their holdings of ABT. Signature Resources Capital Management LLC bought a new position in Abbott Laboratories during the fourth quarter valued at $29,000. Transcendent Capital Group LLC bought a new position in Abbott Laboratories during the fourth quarter valued at $29,000. Richardson Financial Services Inc. bought a new position in Abbott Laboratories during the fourth quarter valued at $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories during the first quarter valued at $30,000. Finally, True Wealth Design LLC lifted its position in Abbott Laboratories by 1,677.8% during the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after purchasing an additional 302 shares during the last quarter. 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.