TD Cowen Reaffirms “Buy” Rating for Abbott Laboratories (NYSE:ABT)

Abbott Laboratories (NYSE:ABT)‘s stock had its “buy” rating restated by equities researchers at TD Cowen in a report released on Friday, Benzinga reports. They presently have a $135.00 target price on the healthcare product maker’s stock. TD Cowen’s price target points to a potential upside of 28.67% from the company’s previous close.

ABT has been the topic of a number of other research reports. Barclays began coverage on Abbott Laboratories in a research note on Wednesday, October 7th. They set an “overweight” rating and a $120.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and upped their price objective for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Robert W. Baird assumed coverage on Abbott Laboratories in a research note on Wednesday, July 1st. They set an “outperform” rating and a $121.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on Abbott Laboratories from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $118.88.

Abbott Laboratories Stock Performance

NYSE:ABT traded up $0.24 during mid-day trading on Friday, reaching $104.92. 938,198 shares of the stock were exchanged, compared to its average volume of 11,241,610. The company has a 50 day simple moving average of $105.97 and a 200-day simple moving average of $98.26. The stock has a market capitalization of $181.56 billion, a P/E ratio of 33.96, 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 1 year low of $81.97 and a 1 year high of $132.02.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results 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 firm 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 quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 EPS. Analysts anticipate that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Abbott Laboratories

Large investors have recently modified their holdings of the business. Goldstein Advisors LLC increased its stake in Abbott Laboratories by 10.7% in the 3rd quarter. Goldstein Advisors LLC now owns 3,739 shares of the healthcare product maker’s stock valued at $370,000 after purchasing an additional 361 shares in the last quarter. Detalus Advisors LLC grew its holdings in Abbott Laboratories by 0.9% during the 3rd quarter. Detalus Advisors LLC now owns 14,948 shares of the healthcare product maker’s stock valued at $1,477,000 after buying an additional 136 shares during the last quarter. Whitener Capital Management Inc. grew its holdings in Abbott Laboratories by 0.6% during the 3rd quarter. Whitener Capital Management Inc. now owns 25,539 shares of the healthcare product maker’s stock valued at $2,524,000 after buying an additional 146 shares during the last quarter. Walser Wealth Management Company A Ltd Liability Co boosted its holdings in shares of Abbott Laboratories by 13.1% during the third quarter. Walser Wealth Management Company A Ltd Liability Co now owns 3,595 shares of the healthcare product maker’s stock worth $355,000 after purchasing an additional 417 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Abbott Laboratories by 61.2% during the third quarter. Assenagon Asset Management S.A. now owns 5,187,488 shares of the healthcare product maker’s stock worth $512,679,000 after purchasing an additional 1,968,916 shares during the last quarter. 75.18% of the stock is owned by hedge funds and other 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.