Abbott Laboratories (ABT) Earns “Outperform” Rating from Cowen and Company

Cowen and Company reissued their outperform rating on shares of Abbott Laboratories (NYSE:ABT) in a research note released on Saturday, April 22nd. The firm currently has a $48.00 target price on the healthcare product maker’s stock.

Other equities analysts have also issued reports about the stock. TheStreet upgraded shares of Abbott Laboratories from a c+ rating to a b rating in a research note on Wednesday, March 8th. Jefferies Group LLC restated a buy rating and set a $52.00 target price (up from $51.00) on shares of Abbott Laboratories in a research report on Saturday, March 11th. Zacks Investment Research upgraded shares of Abbott Laboratories from a hold rating to a buy rating and set a $46.00 target price on the stock in a research report on Tuesday, January 10th. Stifel Nicolaus reiterated a buy rating and issued a $49.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, April 18th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $42.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, April 19th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Abbott Laboratories has a consensus rating of Buy and an average target price of $48.67.

Abbott Laboratories (NYSE:ABT) traded up 0.42% during midday trading on Friday, hitting $43.16. 5,882,979 shares of the stock were exchanged. The firm’s 50 day moving average price is $43.80 and its 200 day moving average price is $42.06. Abbott Laboratories has a 12 month low of $36.76 and a 12 month high of $45.84. The company has a market cap of $74.89 billion, a PE ratio of 44.91 and a beta of 0.97.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 19th. The healthcare product maker reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.05. The company had revenue of $6.34 billion for the quarter, compared to analyst estimates of $6.16 billion. Abbott Laboratories had a net margin of 6.71% and a return on equity of 15.74%. The firm’s revenue was up 29.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share. On average, equities research analysts forecast that Abbott Laboratories will post $2.47 earnings per share for the current fiscal year.

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In other Abbott Laboratories news, insider Roger Bird sold 5,600 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $43.82, for a total value of $245,392.00. Following the transaction, the insider now directly owns 51,313 shares of the company’s stock, valued at approximately $2,248,535.66. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Robert E. Funck sold 25,500 shares of the company’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $45.50, for a total value of $1,160,250.00. Following the sale, the vice president now directly owns 117,579 shares in the company, valued at $5,349,844.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,692 shares of company stock worth $2,374,632. 0.26% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Winfield Associates Inc. increased its position in shares of Abbott Laboratories by 8.0% in the first quarter. Winfield Associates Inc. now owns 2,293 shares of the healthcare product maker’s stock worth $102,000 after buying an additional 169 shares during the last quarter. Patten Group Inc. increased its position in shares of Abbott Laboratories by 66.0% in the third quarter. Patten Group Inc. now owns 2,516 shares of the healthcare product maker’s stock worth $103,000 after buying an additional 1,000 shares during the last quarter. Harfst & Associates Inc. bought a new position in shares of Abbott Laboratories during the first quarter worth approximately $103,000. Kanaly Trust Co increased its position in shares of Abbott Laboratories by 3.7% in the third quarter. Kanaly Trust Co now owns 2,584 shares of the healthcare product maker’s stock worth $109,000 after buying an additional 91 shares during the last quarter. Finally, Cypress Capital Management LLC WY increased its position in shares of Abbott Laboratories by 37.9% in the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock worth $112,000 after buying an additional 696 shares during the last quarter. Hedge funds and other institutional investors own 62.20% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

12 Month Chart for NYSE:ABT

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