Abbott Laboratories (NYSE:ABT) Given New $120.00 Price Target at Evercore ISI

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

Several other analysts have also recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of Abbott Laboratories in a research note on Thursday, May 30th. They set a buy rating and a $121.00 price objective for the company. Citigroup lowered their price objective on shares of Abbott Laboratories from $128.00 to $119.00 and set a buy rating for the company in a research note on Wednesday, May 22nd. Barclays lowered their price objective on shares of Abbott Laboratories from $141.00 to $140.00 and set an overweight rating for the company in a research note on Monday, April 22nd. Raymond James restated a buy rating and set a $124.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 24th. Finally, Royal Bank of Canada restated an outperform rating and set a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of Moderate Buy and a consensus price target of $120.18.

Abbott Laboratories Trading Down 0.8 %

Shares of Abbott Laboratories stock opened at $102.33 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The company has a market capitalization of $178.02 billion, a P/E ratio of 31.88, a P/E/G ratio of 2.48 and a beta of 0.72. The business has a 50 day moving average price of $104.54 and a 200 day moving average price of $110.00.

Abbott Laboratories (NYSE:ABT) last released its earnings results 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 firm had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. Abbott Laboratories’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. Sell-side analysts anticipate that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $0.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.15%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insiders Place Their Bets

In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $104.57, for a total value of $1,055,843.29. Following the transaction, the executive vice president now owns 211,341 shares in the company, valued at approximately $22,099,928.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 61,462 shares in the company, valued at approximately $6,530,337.50. The sale 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 business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the sale, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at approximately $22,099,928.37. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Abbott Laboratories

A number of institutional investors have recently modified their holdings of the business. Beese Fulmer Investment Management Inc. grew its position in shares of Abbott Laboratories by 0.7% during the 2nd quarter. Beese Fulmer Investment Management Inc. now owns 95,892 shares of the healthcare product maker’s stock valued at $9,964,000 after buying an additional 692 shares during the last quarter. Modus Advisors LLC grew its position in Abbott Laboratories by 3.5% in the 2nd quarter. Modus Advisors LLC now owns 12,559 shares of the healthcare product maker’s stock worth $1,305,000 after purchasing an additional 424 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in Abbott Laboratories by 54.1% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 65,920 shares of the healthcare product maker’s stock worth $6,850,000 after purchasing an additional 23,138 shares during the last quarter. GAMMA Investing LLC grew its position in Abbott Laboratories by 20.3% in the 2nd quarter. GAMMA Investing LLC now owns 22,409 shares of the healthcare product maker’s stock worth $2,328,000 after purchasing an additional 3,774 shares during the last quarter. Finally, Transcend Capital Advisors LLC grew its position in Abbott Laboratories by 4.3% in the 2nd quarter. Transcend Capital Advisors LLC now owns 8,705 shares of the healthcare product maker’s stock worth $905,000 after purchasing an additional 359 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.