Why has Abbott Laboratories (ABT) dropped -2.67% in last trading?

Abbott Laboratories (NYSE: ABT) is 22.67% higher on its value in year-to-date trading and has touched a low of $61.61 and a high of $114.19 in the current 52-week trading range. The ABT stock was last observed hovering at around $109.47 in the last trading session, with the day’s loss setting it -2.92% off its average median price target of $113.00 for the next 12 months. It is also 21.65% off the consensus price target high of $136.00 offered by 20 analysts, but current levels are -13.35% lower than the price target low of $94.00 for the same period.

Currently trading at $106.55, the stock is 3.92% and 8.51% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 7.95 million and changing -2.67% at the moment leaves the stock 19.13% off its SMA200. ABT registered 26.75% gain for a year compared to 6-month gain of 29.80%. The firm has a 50-day simple moving average (SMA 50) of $100.93 and a 200-day simple moving average (SMA200) of $90.63.

The stock witnessed a 5.83% loss in the last 1 month and extending the period to 3 months gives it a 16.58%, and is 3.98% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 3.21% over the week and 2.04% over the month.

Abbott Laboratories (ABT) has around 107000 employees, a market worth around $189.50B and $31.44B in sales. Current P/E ratio is 61.63 and Fwd P/E is 26.85. Profit margin for the company is 9.90%. Distance from 52-week low is 72.94% and -6.69% from its 52-week high. The company has generated returns on investments over the last 12 months (8.20%).

Abbott Laboratories (ABT) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Abbott Laboratories (ABT) is a “Overweight”. 20 analysts offering their recommendations for the stock have an average rating of 1.90, where 3 rate it as a Hold and 2 think it is a “Overweight”. 13 of the analysts rate the stock as a “Buy”. 1 analysts have rated the stock as a Sell or Underperform.

Abbott Laboratories is expected to release its quarterly report on 10/14/2020 and quarterly earnings per share for the current quarter are estimated at $0.89 with sales reaching $8.46B over the same period.The EPS is expected to grow by 45.20% this year, but quarterly earnings will post 3.30% year-over-year. Quarterly sales are estimated to grow 4.80% in year-over-year returns.

Abbott Laboratories (ABT) Top Institutional Holders

2,657 institutions hold shares in Abbott Laboratories (ABT), with 12.85M shares held by insiders accounting for 0.73% while institutional investors hold 77.74% of the company’s shares. The shares outstanding are 1.77B, and float is at 1.76B with Short Float at 0.57%. Institutions hold 77.18% of the Float.

The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 150.04 million shares valued at $13.72 billion. The investor’s holdings represent 19.47% of the ABT Shares outstanding. As of Jun 29, 2020, the second largest holder is Blackrock Inc. with 134.75 million shares valued at $12.32 billion to account for 17.49% of the shares outstanding. The other top investors are Capital Research Global Investors which holds 87.42 million shares representing 11.35% and valued at over $7.99 billion, while State Street Corporation holds 9.68% of the shares totaling 74.56 million with a market value of $6.82 billion.

Abbott Laboratories (ABT) Insider Activity

A total of 69 insider transactions have happened at Abbott Laboratories (ABT) in the last six months, with sales accounting for 42 and purchases happening 27 times. The most recent transaction is an insider sale by Salvadori Daniel Gesua Sive, the company’s Executive Vice President. SEC filings show that Salvadori Daniel Gesua Sive sold 42,479 shares of the company’s common stock on Aug 27 at a price of $111.86 per share for a total of $4.75 million. Following the sale, the insider now owns 0.1 million shares.

Abbott Laboratories disclosed in a document filed with the SEC on Aug 27 that CAPEK JOHN M (Executive Vice President) sold a total of 52,300 shares of the company’s common stock. The trade occurred on Aug 27 and was made at $111.86 per share for $5.85 million. Following the transaction, the insider now directly holds 0.32 million shares of the ABT stock.

Still, SEC filings show that on Jul 23, NOVAKOVIC PHEBE N (Director) disposed off 933 shares at an average price of $100.78 for $94026.0. The insider now directly holds 31,113 shares of Abbott Laboratories (ABT).

Abbott Laboratories (ABT): Who are the competitors?

The company’s main competitors (and peers) include Thermo Fisher Scientific Inc. (TMO) that is trading 52.97% up over the past 12 months. Johnson & Johnson (JNJ) is 17.69% up on the 1-year trading charts. Short interest in the company’s stock has fallen -0.79% from the last report on Jul 14, 2020 to stand at a total of 10.17 million short shares sold with a short interest ratio of 2.28.