Key Points
- Abbott EVP Mary Moreland sold 3,500 shares for $406,000 at an average price of $116 per share, reducing her stake by 3.36%. She retained 100,791 shares, worth approximately $11.7 million after the sale.
- Abbott’s latest quarterly results met EPS expectations at $1.42 and slightly exceeded revenue forecasts with $13.01 billion; revenue rose 14.5% year over year.
- Analysts maintain a “Moderate Buy” consensus, with an average price target of $118.32. The company also declared a quarterly dividend of $0.63 per share, equivalent to a 2.3% yield.
Abbott Laboratories (NYSE:ABT - Get Free Report) EVP Mary Moreland sold 3,500 shares of the stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $116.00, for a total transaction of $406,000.00. Following the completion of the sale, the executive vice president directly owned 100,791 shares in the company, valued at approximately $11,691,756. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Abbott Laboratories Stock Performance
Shares of NYSE:ABT opened at $110.02 on Friday. The business has a fifty day moving average of $104.04 and a 200-day moving average of $101.78. Abbott Laboratories has a twelve month low of $81.97 and a twelve month high of $132.02. The firm has a market cap of $190.38 billion, a PE ratio of 41.05, a price-to-earnings-growth ratio of 1.93 and a beta of 0.54. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.97 and a current ratio of 1.38.
Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, hitting analysts' consensus estimates of $1.42. The firm had revenue of $13.01 billion during the quarter, compared to analysts' expectations of $12.99 billion. Abbott Laboratories had a net margin of 9.75% and a return on equity of 17.97%. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.30 earnings per share. On average, equities research analysts predict that Abbott Laboratories will post 5.52 EPS for the current fiscal year.
Abbott Laboratories Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories's dividend payout ratio is 94.03%.
Institutional Investors Weigh In On Abbott Laboratories
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Advisory LLC boosted its holdings in Abbott Laboratories by 13.8% in the 3rd quarter. Cornerstone Advisory LLC now owns 6,596 shares of the healthcare product maker's stock valued at $652,000 after purchasing an additional 799 shares during the period. McElhenny Sheffield Capital Management LLC increased its position in shares of Abbott Laboratories by 1.2% during the third quarter. McElhenny Sheffield Capital Management LLC now owns 13,173 shares of the healthcare product maker's stock valued at $1,302,000 after acquiring an additional 162 shares in the last quarter. Hamel Associates Inc. grew its position in shares of Abbott Laboratories by 2.5% during the third quarter. Hamel Associates Inc. now owns 30,448 shares of the healthcare product maker's stock worth $3,009,000 after purchasing an additional 741 shares in the last quarter. 10Elms LLP boosted its stake in shares of Abbott Laboratories by 23.1% during the third quarter. 10Elms LLP now owns 672 shares of the healthcare product maker's stock valued at $66,000 after purchasing an additional 126 shares during the period. Finally, Aberdeen Group plc grew its position in Abbott Laboratories by 1.3% during the 3rd quarter. Aberdeen Group plc now owns 2,212,308 shares of the healthcare product maker's stock worth $218,642,000 after purchasing an additional 28,787 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the company. BTIG Research reduced their target price on Abbott Laboratories from $134.00 to $125.00 and set a "buy" rating for the company in a report on Thursday, October 22nd. TD Cowen dropped their price objective on shares of Abbott Laboratories from $135.00 to $118.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. Wells Fargo & Company increased their price objective on shares of Abbott Laboratories from $112.00 to $119.00 and gave the stock an "overweight" rating in a research note on Thursday, October 22nd. Citigroup cut their price target on Abbott Laboratories from $125.00 to $122.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Finally, Royal Bank Of Canada decreased their target price on shares of Abbott Laboratories from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Thursday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $118.32.
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About Abbott Laboratories
(
Get Free Report)
Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings.
Abbott's offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac.
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