Abbott Laboratories’ (ABT) “Buy” Rating Reaffirmed at TD Cowen

Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating reaffirmed by research analysts at TD Cowen in a report issued on Friday, Benzinga reports. They presently have a $135.00 price target on the healthcare product maker’s stock. TD Cowen’s price objective would indicate a potential upside of 28.06% from the company’s current price.

ABT has been the subject of several other reports. Royal Bank Of Canada restated an “outperform” rating and set a $130.00 price target on shares of Abbott Laboratories in a research report on Friday, July 17th. UBS Group lowered their price target on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Robert W. Baird began coverage on shares of Abbott Laboratories in a report on Wednesday, July 1st. They set an “outperform” rating and a $121.00 target price for the company. JPMorgan Chase & Co. increased their price objective on Abbott Laboratories from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Piper Sandler reissued an “overweight” rating and set a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.88.

Abbott Laboratories Stock Performance

Shares of ABT stock traded up $0.74 during trading on Friday, reaching $105.42. 670,350 shares of the company’s stock traded hands, compared to its average volume of 11,241,207. The firm’s 50-day moving average is $105.97 and its 200 day moving average is $98.26. The company has a market capitalization of $182.42 billion, a P/E ratio of 34.18, a PEG ratio of 1.91 and a beta of 0.59. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $132.02. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. The company had revenue of $12.59 billion for the quarter, compared to the consensus estimate of $12.52 billion. Abbott Laboratories had a return on equity of 17.69% and a net margin of 11.65%. The firm’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 earnings per share. Equities research analysts expect that Abbott Laboratories will post 5.52 EPS for the current year.

Institutional Investors Weigh In On Abbott Laboratories

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in shares of Abbott Laboratories by 4.6% in the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock worth $13,843,610,000 after buying an additional 6,769,518 shares in the last quarter. State Street Corp grew its position in Abbott Laboratories by 1.7% in the second quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock worth $7,343,246,000 after acquiring an additional 1,350,766 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in Abbott Laboratories by 0.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 17,887,109 shares of the healthcare product maker’s stock valued at $2,241,076,000 after purchasing an additional 118,014 shares during the period. Bank of America Corp DE bought a new position in shares of Abbott Laboratories during the 2nd quarter valued at approximately $1,603,607,000. Finally, Deutsche Bank AG raised its holdings in Abbott Laboratories by 18.6% during the 2nd quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock valued at $1,515,963,000 after buying an additional 2,614,965 shares during the period. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories (NYSE:ABT) is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott’s medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.