Morgan Stanley Increases Abbott Laboratories (NYSE:ABT) Price Target to $93.00

Abbott Laboratories (NYSE:ABT) had its target price raised by research analysts at Morgan Stanley from $85.00 to $93.00 in a research report issued on Tuesday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the healthcare product maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 8.44% from the stock’s current price.

Several other equities research analysts have also recently weighed in on ABT. Bank of America set a $10.00 target price on HEXO and gave the stock a “buy” rating in a research note on Thursday, June 13th. Wells Fargo & Co restated a “hold” rating on shares of Medidata Solutions in a research note on Thursday, June 13th. Royal Bank of Canada upped their target price on Alimentation Couche-Tard from C$85.00 to C$88.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. William Blair reiterated an “outperform” rating on shares of Abbott Laboratories in a report on Thursday, April 18th. Finally, Zacks Investment Research downgraded shares of Home Bancshares from a “hold” rating to a “sell” rating in a report on Friday, June 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. Abbott Laboratories has a consensus rating of “Buy” and an average target price of $81.88.

NYSE ABT opened at $85.76 on Tuesday. The business’s fifty day simple moving average is $82.49. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.61. Abbott Laboratories has a fifty-two week low of $62.87 and a fifty-two week high of $86.75. The company has a market capitalization of $151.30 billion, a PE ratio of 29.78, a PEG ratio of 2.36 and a beta of 1.10.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.02. Abbott Laboratories had a return on equity of 16.86% and a net margin of 8.53%. The firm had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8 billion. During the same period in the prior year, the company earned $0.73 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities research analysts expect that Abbott Laboratories will post 3.22 earnings per share for the current year.

In related news, insider Brian J. Blaser sold 450,062 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $75.52, for a total value of $33,988,682.24. Following the completion of the sale, the insider now directly owns 295,745 shares in the company, valued at $22,334,662.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jaime Contreras sold 918 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $73.12, for a total value of $67,124.16. Following the completion of the sale, the senior vice president now owns 34,706 shares of the company’s stock, valued at $2,537,702.72. The disclosure for this sale can be found here. Insiders sold 1,199,910 shares of company stock valued at $93,837,075 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Front Row Advisors LLC increased its holdings in Abbott Laboratories by 790.9% in the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock valued at $31,000 after purchasing an additional 348 shares during the period. Weaver Consulting Group acquired a new stake in Abbott Laboratories in the first quarter valued at $33,000. Beacon Capital Management Inc. bought a new stake in Abbott Laboratories during the first quarter valued at $38,000. Investors Research Corp bought a new stake in Abbott Laboratories during the first quarter valued at $44,000. Finally, WP Advisors LLC bought a new stake in Abbott Laboratories during the first quarter valued at $46,000. Institutional investors and hedge funds own 73.38% of the company’s stock.

About Abbott Laboratories

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.

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Analyst Recommendations for Abbott Laboratories (NYSE:ABT)

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