Wells Fargo Believes Abbott Labs (NYSE: ABT) Still Has Room to Grow

In a report issued on September 17, Larry Biegelsen from Wells Fargo maintained a Buy rating on Abbott Labs (ABTResearch Report). The company’s shares closed last Friday at $106.86, close to its 52-week high of $114.20.

According to TipRanks.com, Biegelsen is a 5-star analyst with an average return of 15.7% and a 67.9% success rate. Biegelsen covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Inspire Medical Systems, and Baxter International.

Abbott Labs has an analyst consensus of Moderate Buy, with a price target consensus of $117.80, a 10.5% upside from current levels. In a report issued on September 11, Wolfe Research also initiated coverage with a Buy rating on the stock with a $124.00 price target.

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Based on Abbott Labs’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $7.33 billion and net profit of $537 million. In comparison, last year the company earned revenue of $7.98 billion and had a net profit of $1.01 billion.

Based on the recent corporate insider activity of 225 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ABT in relation to earlier this year. Most recently, in July 2020, Phebe Novakovic, a Director at ABT sold 933 shares for a total of $94,018.

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Cardiovascular and Neuromodulation Products, and Other. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products. The Nutritional Products segment caters to the worldwide sales of adult and pediatric nutritional products. The Diagnostic Products segment markets diagnostic systems and tests for blood banks, hospitals, commercial laboratories, and alternate-care testing sites. The Vascular Products segment trades coronary, endovascular, structural heart, vessel closure, and other medical device products. The Other segment comprises of Abbott Medical Optics. The company was founded by Wallace Calvin Abbott in 1888 and is headquartered in Abbott Park, IL.