Abbott Laboratories (NYSE:ABT) PT Raised to $130.00 at Royal Bank of Canada

Abbott Laboratories (NYSE:ABT) had its target price upped by Royal Bank of Canada from $125.00 to $130.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the healthcare product maker’s stock.

ABT has been the subject of a number of other reports. Piper Sandler Companies assumed coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an overweight rating and a $131.00 target price for the company. Jefferies Financial Group restated a hold rating and set a $120.00 price objective on shares of Abbott Laboratories in a research report on Thursday, September 26th. Citigroup boosted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a buy rating in a report on Thursday, August 22nd. Evercore ISI upped their target price on Abbott Laboratories from $120.00 to $124.00 and gave the company an outperform rating in a report on Tuesday, October 1st. Finally, Edward Jones lowered Abbott Laboratories from a buy rating to a hold rating in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $125.15.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $115.62 on Tuesday. The firm has a market cap of $201.14 billion, a P/E ratio of 36.02, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. The business’s 50 day moving average is $112.93 and its 200-day moving average is $108.26. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. During the same quarter in the previous year, the company earned $1.08 EPS. The business’s revenue was up 4.0% on a year-over-year basis. Equities research analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is currently 68.54%.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Regal Investment Advisors LLC increased its position in shares of Abbott Laboratories by 9.6% during the 4th quarter. Regal Investment Advisors LLC now owns 10,800 shares of the healthcare product maker’s stock valued at $1,189,000 after purchasing an additional 943 shares during the last quarter. Nomura Holdings Inc. increased its stake in shares of Abbott Laboratories by 1,566.0% during the 4th quarter. Nomura Holdings Inc. now owns 34,986 shares of the healthcare product maker’s stock worth $3,851,000 after purchasing an additional 32,886 shares during the last quarter. MGO One Seven LLC lifted its stake in Abbott Laboratories by 30.3% in the fourth quarter. MGO One Seven LLC now owns 23,743 shares of the healthcare product maker’s stock valued at $2,613,000 after purchasing an additional 5,521 shares during the last quarter. Hancock Whitney Corp grew its holdings in Abbott Laboratories by 5.2% during the fourth quarter. Hancock Whitney Corp now owns 25,353 shares of the healthcare product maker’s stock valued at $2,791,000 after purchasing an additional 1,249 shares during the period. Finally, Rench Wealth Management Inc. increased its position in Abbott Laboratories by 0.7% in the fourth quarter. Rench Wealth Management Inc. now owns 68,998 shares of the healthcare product maker’s stock worth $7,595,000 after buying an additional 454 shares during the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Company Profile

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 company 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.