Evercore ISI Boosts Abbott Laboratories (NYSE:ABT) Price Target to $124.00

Abbott Laboratories (NYSE:ABT) had its price target boosted by stock analysts at Evercore ISI from $120.00 to $124.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the healthcare product maker’s stock. Evercore ISI’s target price points to a potential upside of 8.88% from the company’s current price.

Several other equities analysts have also commented on ABT. Barclays upped their target price on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Jefferies Financial Group reissued a “hold” rating and set a $120.00 price target on shares of Abbott Laboratories in a research report on Thursday, September 26th. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. Finally, Citigroup boosted their price target on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average price target of $124.33.

Abbott Laboratories Trading Down 0.1 %

Abbott Laboratories stock traded down $0.12 during trading on Tuesday, hitting $113.89. The company’s stock had a trading volume of 987,556 shares, compared to its average volume of 5,771,948. The stock has a market capitalization of $198.13 billion, a price-to-earnings ratio of 35.48, a P/E/G ratio of 2.86 and a beta of 0.72. The stock’s fifty day moving average is $111.78 and its 200 day moving average is $108.16. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, beating the consensus estimate of $1.10 by $0.04. The firm had revenue of $10.38 billion during 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 period in the prior year, the firm posted $1.08 earnings per share. As a group, equities research analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Hanson & Doremus Investment Management lifted its stake in shares of Abbott Laboratories by 0.8% during the second 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. Encompass More Asset Management raised its position in Abbott Laboratories by 3.3% in the 2nd quarter. Encompass More Asset Management now owns 3,002 shares of the healthcare product maker’s stock valued at $312,000 after buying an additional 96 shares during the last quarter. Wynn Capital LLC raised its position in Abbott Laboratories by 2.9% in the 1st quarter. Wynn Capital LLC now owns 3,427 shares of the healthcare product maker’s stock valued at $390,000 after buying an additional 98 shares during the last quarter. Hummer Financial Advisory Services Inc grew its stake in Abbott Laboratories by 1.2% in the first quarter. Hummer Financial Advisory Services Inc now owns 8,290 shares of the healthcare product maker’s stock valued at $942,000 after purchasing an additional 100 shares in the last quarter. Finally, NORTHSTAR ASSET MANAGEMENT Co LLC grew its stake in Abbott Laboratories by 1.9% in the first quarter. NORTHSTAR ASSET MANAGEMENT Co LLC now owns 5,396 shares of the healthcare product maker’s stock valued at $613,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

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.