ValuEngine Downgrades Abbott Laboratories (ABT) to Hold

Abbott Laboratories (NYSE:ABT) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday.

Several other research firms have also recently weighed in on ABT. Jefferies Group restated a “buy” rating and issued a $65.00 price target on shares of Abbott Laboratories in a research note on Thursday, October 19th. Royal Bank Of Canada upped their price objective on Abbott Laboratories from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, October 19th. Stifel Nicolaus upped their price objective on Abbott Laboratories from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, October 19th. Cowen set a $68.00 price objective on Abbott Laboratories and gave the company a “buy” rating in a research report on Thursday, October 19th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Abbott Laboratories in a research report on Thursday, October 19th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Abbott Laboratories presently has a consensus rating of “Buy” and a consensus price target of $56.81.

Abbott Laboratories (NYSE:ABT) traded down $0.39 during mid-day trading on Friday, hitting $55.98. The stock had a trading volume of 5,283,215 shares, compared to its average volume of 4,792,905. Abbott Laboratories has a 52-week low of $37.42 and a 52-week high of $56.69. The company has a quick ratio of 2.26, a current ratio of 2.69 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $97,438.84, a PE ratio of 23.23, a P/E/G ratio of 2.10 and a beta of 1.06.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.01. Abbott Laboratories had a return on equity of 13.98% and a net margin of 8.37%. The firm had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.72 billion. During the same quarter in the previous year, the business earned $0.59 earnings per share. The company’s revenue was up 28.8% on a year-over-year basis. analysts expect that Abbott Laboratories will post 2.49 EPS for the current year.

In other Abbott Laboratories news, insider Sharon J. Bracken sold 2,188 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.12, for a total transaction of $122,790.56. Following the completion of the sale, the insider now owns 25,618 shares of the company’s stock, valued at $1,437,682.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jaime Contreras sold 52,700 shares of the business’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $51.97, for a total value of $2,738,819.00. Following the sale, the insider now directly owns 58,739 shares of the company’s stock, valued at approximately $3,052,665.83. The disclosure for this sale can be found here. Insiders have sold 311,127 shares of company stock valued at $16,958,579 in the last three months. 0.76% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in ABT. Tributary Capital Management LLC bought a new position in shares of Abbott Laboratories in the third quarter worth about $106,000. Heritage Trust Co boosted its stake in shares of Abbott Laboratories by 10.1% in the second quarter. Heritage Trust Co now owns 2,175 shares of the healthcare product maker’s stock worth $106,000 after acquiring an additional 200 shares during the period. Winfield Associates Inc. boosted its stake in shares of Abbott Laboratories by 3.9% in the second quarter. Winfield Associates Inc. now owns 2,382 shares of the healthcare product maker’s stock worth $116,000 after acquiring an additional 89 shares during the period. Thompson Davis & CO. Inc. boosted its stake in shares of Abbott Laboratories by 17.7% in the second quarter. Thompson Davis & CO. Inc. now owns 2,463 shares of the healthcare product maker’s stock worth $120,000 after acquiring an additional 370 shares during the period. Finally, JFS Wealth Advisors LLC boosted its stake in shares of Abbott Laboratories by 349.0% in the second quarter. JFS Wealth Advisors LLC now owns 2,694 shares of the healthcare product maker’s stock worth $131,000 after acquiring an additional 2,094 shares during the period. 71.10% of the stock is owned by institutional investors and hedge funds.

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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.

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