Abbott Laboratories [NYSE: ABT] gained 0.14% or 0.14 points to close at $99.64 with a heavy trading volume of 5706268 shares. The company report on November 7, 2022 that MedTech Market Leaders Share Their Long-Term Business Strategy at CECP’s CEO Investor Forum @ The MedTech Conference.
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Three CEOs representing over $372 billion in market capitalization set the context for the future engaging with institutional investors.
CECP’s CEO Investor Forum, the only platform that brings CEOs and investors together to discuss Long-Term Plans, hosted three CEOs from the world’s largest medtech companies-Abbott (NYSE:ABT), Medtronic (NYSE:MDT), and Intuitive Surgical (NASDAQ:ISRG). They presented to investors representing trillions in market cap at the Advanced Medical Technology Association (AdvaMed) 2022 MedTech Conference October 25-26 in Boston, MA.
It opened the trading session at $99.90, the shares rose to $100.26 and dropped to $98.95, the range by which the price of stock traded the whole day. The daily chart for ABT points out that the company has recorded -6.66% loss over the past six months. However, it is still -6.85% lower than its most recent low trading price.
If we look at the average trading volume of 5.68M shares, ABT reached to a volume of 5706268 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Abbott Laboratories [ABT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ABT shares is $116.38 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ABT stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Mizuho have made an estimate for Abbott Laboratories shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on October 26, 2022. While these analysts kept the previous recommendation, Barclays raised their target price to Overweight. The new note on the price target was released on October 18, 2022, representing the official price target for Abbott Laboratories stock. Previously, the target price had yet another raise to $110, while Jefferies analysts kept a Hold rating on ABT stock.
The Average True Range (ATR) for Abbott Laboratories is set at 2.59, with the Price to Sales ratio for ABT stock in the period of the last 12 months amounting to 3.86. The Price to Book ratio for the last quarter was 4.79, with the Price to Cash per share for the same quarter was set at 5.32. Price to Free Cash Flow for ABT in the course of the last twelve months was 35.35 with Quick ratio for the last quarter at 1.50.
Trading performance analysis for ABT stock
Abbott Laboratories [ABT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.33. With this latest performance, ABT shares dropped by -1.47% in over the last four-week period, additionally sinking by -6.66% over the last 6 months – not to mention a drop of -21.42% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ABT stock in for the last two-week period is set at 50.11, with the RSI for the last a single of trading hit 53.16, and the three-weeks RSI is set at 48.47 for Abbott Laboratories [ABT]. The present Moving Average for the last 50 days of trading for this stock 101.21, while it was recorded at 98.34 for the last single week of trading, and 111.37 for the last 200 days.
Abbott Laboratories [ABT]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Abbott Laboratories [ABT] shares currently have an operating margin of +21.36 and a Gross Margin at +53.89. Abbott Laboratories’s Net Margin is presently recorded at +16.35.
Return on Equity for this stock inclined to 20.53, with Return on Assets sitting at 9.53.
Abbott Laboratories’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.00.
Abbott Laboratories [ABT]: An earnings per share (EPS) analysis
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ABT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Abbott Laboratories go to 8.30%.
An analysis of insider ownership at Abbott Laboratories [ABT]
There are presently around $129,402 million, or 75.80% of ABT stock, in the hands of institutional investors. The top three institutional holders of ABT stocks are: VANGUARD GROUP INC with ownership of 152,551,738, which is approximately 0.835% of the company’s market cap and around 0.40% of the total institutional ownership; BLACKROCK INC., holding 135,406,658 shares of the stock with an approximate value of $13.49 billion in ABT stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $7.98 billion in ABT stock with ownership of nearly -0.719% of the company’s market capitalization.
Positions in Abbott Laboratories stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 1,175 institutional holders increased their position in Abbott Laboratories [NYSE:ABT] by around 46,435,836 shares. Additionally, 1,198 investors decreased positions by around 28,490,160 shares, while 416 investors held positions by with 1,223,767,895 shares. The mentioned changes placed institutional holdings at 1,298,693,891 shares, according to the latest SEC report filing. ABT stock had 83 new institutional investments in for a total of 4,646,018 shares, while 153 institutional investors sold positions of 1,606,491 shares during the same period.