Abbott Laboratories (NYSE:ABT) Given New $135.00 Price Target at Raymond James

Abbott Laboratories (NYSE:ABTGet Rating) had its target price cut by investment analysts at Raymond James from $143.00 to $135.00 in a note issued to investors on Thursday, The Fly reports. Raymond James’ target price would suggest a potential upside of 10.08% from the stock’s current price.

ABT has been the subject of several other reports. UBS Group increased their price target on Abbott Laboratories from $138.00 to $142.00 and gave the company a “buy” rating in a research report on Thursday, January 27th. Wells Fargo & Company reduced their target price on Abbott Laboratories from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, April 8th. StockNews.com initiated coverage on Abbott Laboratories in a research note on Thursday, March 31st. They set a “strong-buy” rating for the company. Cowen lifted their target price on Abbott Laboratories from $140.00 to $150.00 in a research note on Monday, January 10th. Finally, Credit Suisse Group lifted their target price on Abbott Laboratories from $138.00 to $139.00 and gave the stock an “outperform” rating in a research note on Thursday, January 27th. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $139.02.

NYSE:ABT opened at $122.64 on Thursday. The stock has a 50-day simple moving average of $119.65 and a 200 day simple moving average of $125.47. Abbott Laboratories has a 52-week low of $105.36 and a 52-week high of $142.60. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.46 and a current ratio of 1.85. The company has a market cap of $216.27 billion, a PE ratio of 31.13, a PEG ratio of 3.17 and a beta of 0.74.

Abbott Laboratories (NYSE:ABTGet Rating) last issued its quarterly earnings results on Wednesday, April 20th. The healthcare product maker reported $1.73 EPS for the quarter, beating the consensus estimate of $1.47 by $0.26. Abbott Laboratories had a return on equity of 27.06% and a net margin of 16.42%. The firm had revenue of $11.90 billion during the quarter, compared to analysts’ expectations of $11 billion. During the same period in the prior year, the firm posted $1.32 earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. On average, research analysts predict that Abbott Laboratories will post 4.78 earnings per share for the current fiscal year.

In other news, Director Nancy Mckinstry sold 1,614 shares of the business’s stock in a transaction on Thursday, February 24th. The stock was sold at an average price of $116.42, for a total transaction of $187,901.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mary K. Moreland sold 400 shares of the business’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $119.31, for a total value of $47,724.00. The disclosure for this sale can be found here. Insiders sold a total of 7,896 shares of company stock valued at $926,454 over the last ninety days. Insiders own 0.52% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of ABT. Norges Bank acquired a new position in Abbott Laboratories in the 4th quarter worth about $2,290,723,000. BlackRock Inc. grew its position in shares of Abbott Laboratories by 2.1% in the 4th quarter. BlackRock Inc. now owns 137,155,602 shares of the healthcare product maker’s stock valued at $19,303,283,000 after buying an additional 2,836,966 shares during the last quarter. State Street Corp grew its position in shares of Abbott Laboratories by 2.6% in the 4th quarter. State Street Corp now owns 74,322,051 shares of the healthcare product maker’s stock valued at $10,460,085,000 after buying an additional 1,896,462 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Abbott Laboratories by 16.3% in the 4th quarter. Nuveen Asset Management LLC now owns 11,469,313 shares of the healthcare product maker’s stock valued at $1,614,192,000 after buying an additional 1,609,489 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Abbott Laboratories by 4,654.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,621,497 shares of the healthcare product maker’s stock valued at $228,209,000 after buying an additional 1,587,394 shares during the last quarter. 73.01% of the stock is owned by institutional investors and hedge funds.

About Abbott Laboratories (Get Rating)

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 Established Pharmaceutical Products segment 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.

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