Abbott Laboratories (NYSE:ABT) Stock Rating Lowered by Argus

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

ABT has been the subject of several other research reports. BTIG Research dropped 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. Citigroup lowered their target price on shares of Abbott Laboratories from $125.00 to $122.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. UBS Group lowered their target price on Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Piper Sandler restated an “overweight” rating and issued a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Finally, Barclays began coverage on Abbott Laboratories in a report on Wednesday, October 7th. They set an “overweight” rating and a $120.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and an average price target of $118.32.

Abbott Laboratories Stock Performance

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. The firm has a market cap of $181.20 billion, a PE ratio of 39.07, a P/E/G ratio of 1.82 and a beta of 0.59. Abbott Laboratories has a fifty-two week low of $81.97 and a fifty-two week high of $132.02. The business has a fifty day simple moving average of $105.21 and a 200-day simple moving average of $102.61.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, hitting analysts’ consensus estimates of $1.42. The firm had revenue of $13.01 billion during the quarter, compared to analyst estimates of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company posted $1.30 EPS. As a group, equities analysts predict that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Abbott Laboratories

Several institutional investors have recently made changes to their positions in the stock. SYM FINANCIAL Corp boosted its position in shares of Abbott Laboratories by 26.8% during the third quarter. SYM FINANCIAL Corp now owns 10,380 shares of the healthcare product maker’s stock valued at $1,026,000 after buying an additional 2,191 shares during the last quarter. Autumn Glory Partners LLC purchased a new position in Abbott Laboratories during the 3rd quarter valued at about $263,000. Oakworth Capital Inc. boosted its position in shares of Abbott Laboratories by 1.7% during the 3rd quarter. Oakworth Capital Inc. now owns 12,033 shares of the healthcare product maker’s stock valued at $1,189,000 after acquiring an additional 201 shares during the last quarter. Independence Bank of Kentucky grew its holdings in shares of Abbott Laboratories by 5.2% during the third quarter. Independence Bank of Kentucky now owns 31,004 shares of the healthcare product maker’s stock worth $3,064,000 after purchasing an additional 1,535 shares in the last quarter. Finally, Angeles Wealth Management LLC grew its holdings in shares of Abbott Laboratories by 5.4% during the third quarter. Angeles Wealth Management LLC now owns 12,628 shares of the healthcare product maker’s stock worth $1,248,000 after purchasing an additional 649 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

About Abbott Laboratories

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.