Abbott Laboratories (ABT) Hits New 1-Year High at $51.56

Abbott Laboratories (NYSE:ABT)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $51.56 and last traded at $51.57, with a volume of 2,158,267 shares. The stock had previously closed at $51.19.

ABT has been the subject of a number of analyst reports. Jefferies Group LLC restated a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Abbott Laboratories in a research report on Friday, May 12th. Royal Bank Of Canada restated a “buy” rating on shares of Abbott Laboratories in a research report on Monday, May 15th. Goldman Sachs Group, Inc. (The) initiated coverage on Abbott Laboratories in a research report on Tuesday, May 16th. They set a “neutral” rating and a $45.00 price objective for the company. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Tuesday, May 16th. Finally, TheStreet downgraded Abbott Laboratories from a “b” rating to a “c+” rating in a research report on Thursday, May 18th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $52.50.

The stock has a market capitalization of $90.38 billion, a PE ratio of 72.86 and a beta of 1.06. The company’s 50 day moving average price is $49.81 and its 200 day moving average price is $46.69.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. The firm had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. During the same quarter in the prior year, the company earned $0.55 EPS. The business’s revenue was up 24.5% compared to the same quarter last year. Equities analysts expect that Abbott Laboratories will post $2.49 EPS for the current fiscal year.

In other news, insider Brian J. Blaser sold 15,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $50.00, for a total value of $750,000.00. Following the completion of the transaction, the insider now owns 143,154 shares of the company’s stock, valued at approximately $7,157,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jared Watkin sold 552 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $47.97, for a total value of $26,479.44. Following the completion of the transaction, the insider now directly owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The disclosure for this sale can be found here. Insiders sold a total of 218,702 shares of company stock valued at $10,837,658 in the last three months. Corporate insiders own 0.76% of the company’s stock.

Several large investors have recently made changes to their positions in ABT. Capital Research Global Investors raised its position in shares of Abbott Laboratories by 45.7% in the 2nd quarter. Capital Research Global Investors now owns 47,589,663 shares of the healthcare product maker’s stock worth $2,313,334,000 after acquiring an additional 14,918,038 shares in the last quarter. State Street Corp raised its position in shares of Abbott Laboratories by 18.9% in the 1st quarter. State Street Corp now owns 80,499,469 shares of the healthcare product maker’s stock worth $3,574,987,000 after acquiring an additional 12,806,535 shares in the last quarter. Boston Partners raised its position in shares of Abbott Laboratories by 5,663.7% in the 1st quarter. Boston Partners now owns 8,212,035 shares of the healthcare product maker’s stock worth $364,696,000 after acquiring an additional 8,069,557 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Abbott Laboratories by 3,373.9% in the 2nd quarter. Janus Henderson Group PLC now owns 7,874,473 shares of the healthcare product maker’s stock worth $382,779,000 after acquiring an additional 7,647,798 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Abbott Laboratories by 11.0% in the 1st quarter. Bank of New York Mellon Corp now owns 33,796,869 shares of the healthcare product maker’s stock worth $1,500,920,000 after acquiring an additional 3,344,508 shares in the last quarter. 71.66% of the stock is owned by hedge funds and other institutional investors.

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Abbott Laboratories Company Profile

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

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