Abbott Laboratories (NYSE:ABT) Price Target Increased to $124.00 by Analysts at Evercore ISI

Abbott Laboratories (NYSE:ABT) had its price target upped by Evercore ISI from $120.00 to $124.00 in a research note issued to investors on Tuesday, Benzinga reports. Evercore ISI currently has an outperform rating on the healthcare product maker’s stock.

ABT has been the topic of a number of other research reports. Royal Bank of Canada reiterated an outperform rating and issued a $125.00 target price on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Edward Jones downgraded shares of Abbott Laboratories from a buy rating to a hold rating in a report on Tuesday, July 30th. Piper Sandler started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an overweight rating and a $131.00 target price for the company. Jefferies Financial Group reaffirmed a hold rating and issued a $120.00 price target on shares of Abbott Laboratories in a report on Thursday, September 26th. Finally, Barclays lifted their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the company an overweight rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories has a consensus rating of Moderate Buy and an average target price of $124.33.

Abbott Laboratories Trading Down 1.2 %

NYSE ABT opened at $112.23 on Tuesday. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The company has a fifty day simple moving average of $112.22 and a two-hundred day simple moving average of $108.22. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The stock has a market cap of $195.24 billion, a P/E ratio of 34.96, a P/E/G ratio of 2.86 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The company 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 firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business posted $1.08 EPS. On average, analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Insider Activity at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were 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 owns 220,059 shares in the company, valued at approximately $25,617,068.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of Abbott Laboratories

Large investors have recently made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new stake in Abbott Laboratories in the 2nd quarter valued at $28,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the 4th quarter valued at about $29,000. Richardson Financial Services Inc. acquired a new stake in shares of Abbott Laboratories during the 4th quarter worth approximately $29,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter valued at approximately $30,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Abbott Laboratories in the second quarter valued at approximately $32,000. 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.