Abbott Laboratories (NYSE:ABT) Price Target Cut to $120.00

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

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

Abbott Laboratories Price Performance

NYSE:ABT opened at $103.20 on Tuesday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a twelve month low of $89.67 and a twelve month high of $121.64. The company has a market cap of $179.53 billion, a PE ratio of 32.15, a P/E/G ratio of 2.50 and a beta of 0.72. The company’s 50 day moving average is $104.71 and its two-hundred day moving average is $110.08.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Abbott Laboratories had a net margin of 13.96% and a return on equity of 20.18%. The firm had revenue of $9.96 billion for the quarter, compared to analyst estimates of $9.88 billion. During the same period in the previous year, the company earned $1.03 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, July 15th. Abbott Laboratories’s payout ratio is 68.54%.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 22,852 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the transaction, the executive vice president now directly owns 211,341 shares of the company’s stock, valued at approximately $22,099,928.37. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the sale, the executive vice president now directly owns 61,462 shares in the company, valued at approximately $6,530,337.50. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Abbott Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of the business. Modus Advisors LLC grew its position in shares of Abbott Laboratories by 3.5% in the second quarter. Modus Advisors LLC now owns 12,559 shares of the healthcare product maker’s stock valued at $1,305,000 after purchasing an additional 424 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings 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 valued at $6,850,000 after buying an additional 23,138 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Abbott Laboratories by 20.3% during the 2nd quarter. GAMMA Investing LLC now owns 22,409 shares of the healthcare product maker’s stock worth $2,328,000 after acquiring an additional 3,774 shares during the period. Transcend Capital Advisors LLC boosted its position in shares of Abbott Laboratories by 4.3% during the 2nd quarter. Transcend Capital Advisors LLC now owns 8,705 shares of the healthcare product maker’s stock valued at $905,000 after acquiring an additional 359 shares during the last quarter. Finally, Red Spruce Capital LLC increased its position in Abbott Laboratories by 4.2% during the second quarter. Red Spruce Capital LLC now owns 32,715 shares of the healthcare product maker’s stock worth $3,399,000 after purchasing an additional 1,311 shares during the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

About Abbott Laboratories

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.