Abbott Laboratories (NYSE:ABT) PT Raised to $130.00 at Royal Bank of Canada

Abbott Laboratories (NYSE:ABT) had its price objective boosted by Royal Bank of Canada from $125.00 to $130.00 in a report released on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the healthcare product maker’s stock.

Several other research analysts also recently weighed in on the company. Barclays upped their target price on Abbott Laboratories from $140.00 to $143.00 and gave the stock an overweight rating in a research note on Monday, July 29th. Piper Sandler Companies started coverage on Abbott Laboratories in a research note on Thursday, September 19th. They set an overweight rating and a $131.00 target price for the company. Oppenheimer started coverage on Abbott Laboratories in a research note on Tuesday. They set an outperform rating and a $130.00 target price for the company. Evercore ISI upped their target price on Abbott Laboratories from $120.00 to $124.00 and gave the stock an outperform rating in a research note on Tuesday, October 1st. Finally, Piper Sandler began coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an overweight rating and a $131.00 price objective for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $125.15.

Abbott Laboratories Trading Up 0.4 %

Abbott Laboratories stock opened at $116.13 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The stock’s 50 day simple moving average is $113.13 and its two-hundred day simple moving average is $108.35. The firm has a market cap of $202.02 billion, a PE ratio of 36.18, a P/E/G ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS. Analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the completion of the transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Abbott Laboratories

A number of hedge funds have recently modified their holdings of ABT. Boltwood Capital Management boosted its holdings in Abbott Laboratories by 0.4% during the 3rd quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock valued at $2,488,000 after acquiring an additional 89 shares during the period. Wedge Capital Management L L P NC boosted its holdings in Abbott Laboratories by 2.9% during the 3rd quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock valued at $359,000 after acquiring an additional 89 shares during the period. Atwood & Palmer Inc. boosted its holdings in Abbott Laboratories by 6.5% during the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock valued at $169,000 after acquiring an additional 90 shares during the period. Central Pacific Bank Trust Division boosted its holdings in Abbott Laboratories by 2.3% during the 3rd quarter. Central Pacific Bank Trust Division now owns 4,045 shares of the healthcare product maker’s stock valued at $461,000 after acquiring an additional 91 shares during the period. Finally, Hanson & Doremus Investment Management boosted its holdings in Abbott Laboratories by 0.8% during the 2nd quarter. Hanson & Doremus Investment Management now owns 11,165 shares of the healthcare product maker’s stock valued at $1,160,000 after acquiring an additional 92 shares during the period. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

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.