Abbott Laboratories (NYSE:ABT) Stock Keeps Buy Rating at TD Cowen

Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating reaffirmed by equities researchers at TD Cowen in a note issued to investors on Friday, Benzinga reports. They currently have a $135.00 price objective on the healthcare product maker’s stock. TD Cowen’s price objective suggests a potential upside of 28.83% from the stock’s previous close.

Several other analysts also recently commented on the company. Weiss Ratings raised Abbott Laboratories from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 18th. BTIG Research increased their price target on Abbott Laboratories from $131.00 to $134.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Wells Fargo & Company increased their price target on Abbott Laboratories from $109.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Piper Sandler reaffirmed an “overweight” rating and set a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. Finally, Citigroup increased their price target on Abbott Laboratories from $108.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.88.

Abbott Laboratories Stock Up 0.1%

NYSE:ABT traded up $0.11 on Friday, hitting $104.79. The stock had a trading volume of 8,230,413 shares, compared to its average volume of 11,278,579. The business’s fifty day moving average is $105.97 and its 200 day moving average is $98.26. The company has a market cap of $181.33 billion, a PE ratio of 33.91, a P/E/G ratio of 1.91 and a beta of 0.59. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 52 week low of $81.97 and a 52 week high of $132.02.

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

Hedge Funds Weigh In On Abbott Laboratories

A number of large investors have recently made changes to their positions in ABT. BlackRock Inc. raised 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 raised its position in shares of 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 buying an additional 1,350,766 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Abbott Laboratories by 0.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 17,887,109 shares of the healthcare product maker’s stock worth $2,241,076,000 after buying an additional 118,014 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Abbott Laboratories in the second quarter worth $1,603,607,000. Finally, Deutsche Bank AG raised its position in shares of Abbott Laboratories by 18.6% in the second quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock worth $1,515,963,000 after buying an additional 2,614,965 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

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.