Abbott Laboratories (NYSE:ABT) Given Buy Rating at TD Cowen

Key Points

• TD Cowen reaffirmed its “buy” rating on Abbott Laboratories and set a $135 price target, implying approximately 28.65% upside from the current share price.
• Abbott reported quarterly EPS of $1.31, exceeding the $1.28 consensus estimate, while revenue reached $12.59 billion and increased 13% year over year.
• Shares rose 0.2% to $104.93, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $118.88; institutional investors own 75.18% of the stock.

Abbott Laboratories (NYSE:ABT - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at TD Cowen in a report released on Friday, Benzinga reports. They presently have a $135.00 target price on the healthcare product maker's stock. TD Cowen's price objective suggests a potential upside of 28.65% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. Robert W. Baird began coverage on Abbott Laboratories in a research note on Wednesday, July 1st. They issued an "outperform" rating and a $121.00 price objective for the company. BTIG Research lifted their price objective on Abbott Laboratories from $131.00 to $134.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Wolfe Research raised Abbott Laboratories from a "peer perform" rating to an "outperform" rating and set a $130.00 target price on the stock in a research report on Thursday, August 13th. Weiss Ratings raised Abbott Laboratories from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 18th. Finally, Rothschild & Co Redburn raised Abbott Laboratories from a "neutral" rating to a "buy" rating and raised their target price for the stock from $119.00 to $127.00 in a research report on Friday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of "Moderate Buy" and a consensus price target of $118.88.

Abbott Laboratories Stock Up 0.2%

Shares of ABT traded up $0.25 during midday trading on Friday, hitting $104.93. The company had a trading volume of 1,446,815 shares, compared to its average volume of 11,243,894. The company's 50-day simple moving average is $105.97 and its 200-day simple moving average is $98.26. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.97 and a current ratio of 1.38. The firm has a market capitalization of $181.58 billion, a P/E ratio of 33.97, a P/E/G ratio of 1.91 and a beta of 0.59. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $132.02.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.03. The business had revenue of $12.59 billion during the quarter, compared to analysts' expectations of $12.52 billion. Abbott Laboratories had a return on equity of 17.69% and a net margin of 11.65%. The business's quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 EPS. As a group, sell-side analysts expect that Abbott Laboratories will post 5.52 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in shares of Abbott Laboratories by 14.1% in the third quarter. Farther Finance Advisors LLC now owns 84,377 shares of the healthcare product maker's stock valued at $8,339,000 after purchasing an additional 10,431 shares during the period. Juncture Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories in the third quarter valued at approximately $658,000. Aureus Asset Management LLC grew its holdings in Abbott Laboratories by 25.0% during the first quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker's stock worth $34,078,000 after acquiring an additional 66,422 shares during the period. Thompson Investment Management Inc. grew its holdings in Abbott Laboratories by 786.0% during the second quarter. Thompson Investment Management Inc. now owns 14,061 shares of the healthcare product maker's stock worth $1,276,000 after acquiring an additional 12,474 shares during the period. Finally, Clear Harbor Asset Management LLC acquired a new position in Abbott Laboratories during the second quarter worth $4,889,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Abbott Laboratories Company Profile

Abbott Laboratories NYSE: ABT is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott's medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.