Abbott Laboratories (ABT) Downgraded by BidaskClub

Abbott Laboratories (NYSE:ABT) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Sunday, August 6th.

ABT has been the subject of several other research reports. Jefferies Group LLC reissued a “buy” rating and issued a $58.00 price target on shares of Abbott Laboratories in a research report on Thursday, August 3rd. Cowen and Company reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Abbott Laboratories in a report on Saturday, April 22nd. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a report on Monday, July 3rd. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, May 31st. Finally, Stifel Nicolaus lifted their price objective on shares of Abbott Laboratories from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, May 31st. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $52.14.

Abbott Laboratories (ABT) traded down 1.12% on Friday, hitting $48.74. 4,810,807 shares of the stock traded hands. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $51.13. The stock has a 50-day moving average price of $49.15 and a 200 day moving average price of $45.95. The company has a market cap of $84.68 billion, a price-to-earnings ratio of 68.26 and a beta of 1.07.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. Abbott Laboratories’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 EPS. On average, analysts anticipate that Abbott Laboratories will post $2.49 EPS for the current fiscal year.

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In other news, insider Brian J. Blaser sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $50.00, for a total transaction of $750,000.00. Following the completion of the transaction, the insider now owns 143,154 shares of the company’s stock, valued at $7,157,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jared Watkin sold 552 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $47.97, for a total value of $26,479.44. Following the transaction, the insider now directly owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 415,252 shares of company stock worth $19,878,958. Company insiders own 0.76% of the company’s stock.

A number of hedge funds have recently modified their holdings of ABT. Kentucky Retirement Systems purchased a new stake in shares of Abbott Laboratories during the fourth quarter valued at about $4,104,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Abbott Laboratories during the fourth quarter valued at about $1,831,000. Searle & CO. raised its stake in Abbott Laboratories by 5.7% in the fourth quarter. Searle & CO. now owns 11,079 shares of the healthcare product maker’s stock worth $426,000 after buying an additional 600 shares during the period. Highbridge Capital Management LLC raised its stake in Abbott Laboratories by 8,388.0% in the fourth quarter. Highbridge Capital Management LLC now owns 24,864 shares of the healthcare product maker’s stock worth $956,000 after buying an additional 25,164 shares during the period. Finally, Philadelphia Trust Co. raised its stake in Abbott Laboratories by 5.2% in the fourth quarter. Philadelphia Trust Co. now owns 601,417 shares of the healthcare product maker’s stock worth $23,100,000 after buying an additional 29,551 shares during the period. 70.86% of the stock is owned by institutional investors and hedge funds.

About Abbott Laboratories

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.

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