Abbott Laboratories (NYSE:ABT) Given “Outperform” Rating at Royal Bank of Canada

Abbott Laboratories (NYSE:ABT)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $135.00 price target on the healthcare product maker’s stock. Royal Bank of Canada’s target price indicates a potential upside of 16.42% from the stock’s previous close.

ABT has been the topic of a number of other research reports. Raymond James reissued a “buy” rating and issued a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Piper Sandler raised their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Evercore ISI raised their price objective on Abbott Laboratories to $136.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Barclays raised their price objective on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Jefferies Financial Group increased their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.93.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock traded up $2.48 during trading on Tuesday, hitting $115.96. The stock had a trading volume of 2,740,061 shares, compared to its average volume of 4,867,844. The firm has a market cap of $201.12 billion, a price-to-earnings ratio of 35.26, a P/E/G ratio of 2.43 and a beta of 0.73. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $121.64. The business’s 50-day moving average is $114.87 and its 200 day moving average is $112.95. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32.

Institutional Investors Weigh In On Abbott Laboratories

Hedge funds have recently added to or reduced their stakes in the stock. Groupama Asset Managment increased its stake in shares of Abbott Laboratories by 22.2% in the 3rd quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock worth $26,000 after purchasing an additional 41,557 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories in the 3rd quarter worth $31,000. Peterson Financial Group Inc. purchased a new stake in shares of Abbott Laboratories in the 3rd quarter worth $32,000. Valued Wealth Advisors LLC increased its stake in shares of Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock worth $33,000 after purchasing an additional 127 shares in the last quarter. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Abbott Laboratories in the 3rd quarter worth $37,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière’s disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.