Abbott Laboratories (NYSE:ABT) Rating Lowered to “Hold” at Argus

Abbott Laboratories (NYSE:ABT) was downgraded by Argus from a “buy” rating to a “hold” rating in a research report issued on Tuesday, MarketBeat reports.

Other analysts also recently issued reports about the stock. Barclays began coverage on shares of Abbott Laboratories in a research report on Wednesday, October 7th. They issued an “overweight” rating and a $120.00 target price on the stock. TD Cowen lowered their price target on shares of Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. BTIG Research lowered their price target on shares of Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Wells Fargo & Company boosted their price objective on shares of Abbott Laboratories from $112.00 to $119.00 and gave the stock an “overweight” rating in a research note on Thursday, October 22nd. Finally, Weiss Ratings upgraded shares of Abbott Laboratories from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.32.

Abbott Laboratories Trading Up 1.0%

NYSE ABT opened at $104.72 on Tuesday. 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 twelve month low of $81.97 and a twelve month high of $132.02. The firm has a market capitalization of $181.20 billion, a PE ratio of 39.07, a P/E/G ratio of 1.82 and a beta of 0.59. The stock’s 50 day moving average is $105.21 and its 200 day moving average is $102.61.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, hitting the consensus estimate of $1.42. The company had revenue of $13.01 billion for the quarter, compared to analysts’ expectations of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.30 earnings per share. Research analysts forecast 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 stock. Parkway Wealth Management Group LLC raised its stake in Abbott Laboratories by 3.2% in the 3rd quarter. Parkway Wealth Management Group LLC now owns 3,208 shares of the healthcare product maker’s stock valued at $317,000 after purchasing an additional 98 shares during the last quarter. St. Johns Investment Management Company LLC boosted its position in Abbott Laboratories by 1.0% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 9,859 shares of the healthcare product maker’s stock worth $895,000 after purchasing an additional 101 shares during the period. AA Financial Advisors LLC lifted its position in Abbott Laboratories by 1.7% during the 3rd quarter. AA Financial Advisors LLC now owns 6,186 shares of the healthcare product maker’s stock worth $611,000 after acquiring an additional 101 shares in the last quarter. Eagle Bay Advisors LLC grew its holdings in Abbott Laboratories by 1.2% during the 3rd quarter. Eagle Bay Advisors LLC now owns 8,448 shares of the healthcare product maker’s stock valued at $835,000 after purchasing an additional 102 shares in the last quarter. Finally, Richards Merrill & Peterson Inc. increased its position in shares of Abbott Laboratories by 1.1% during the third quarter. Richards Merrill & Peterson Inc. now owns 9,562 shares of the healthcare product maker’s stock worth $945,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.

Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women’s health and cardiometabolic care.

The company’s nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.