Is Buying Abbott Laboratories (ABT) Here a Winning Strategy? The Stock Formed Double Top Chart Pattern

December 7, 2017 - By Louis Casey

Investors sentiment decreased to 0.88 in Q2 2017. Its down 0.75, from 1.63 in 2017Q1. It is negative, as 69 investors sold Abbott Laboratories shares while 545 reduced holdings. 102 funds opened positions while 441 raised stakes. 1.22 billion shares or 0.83% more from 1.21 billion shares in 2017Q1 were reported.
Interocean Capital Limited Liability holds 6,890 shares or 0.06% of its portfolio. Kentucky Retirement Systems has invested 0.41% in Abbott Laboratories (NYSE:ABT). First Wilshire Secs Mngmt reported 4,568 shares. Prudential Public Lc reported 1.93M shares. Sandy Spring Retail Bank, Maryland-based fund reported 129,148 shares. Cedar Hill Associate Ltd Llc invested 0.14% in Abbott Laboratories (NYSE:ABT). Salem Inv Counselors owns 0.5% invested in Abbott Laboratories (NYSE:ABT) for 88,433 shares. 14,644 are owned by Long Road Invest Counsel Ltd Llc. Aull Monroe Mgmt has invested 0.84% in Abbott Laboratories (NYSE:ABT). Connors Investor Serv Inc has 1.57% invested in Abbott Laboratories (NYSE:ABT). M&R Management, New York-based fund reported 25,713 shares. Creative Planning accumulated 0.06% or 231,443 shares. Fiduciary Trust holds 387,357 shares or 0.58% of its portfolio. Thrivent For Lutherans accumulated 328,026 shares. Ronna Sue Cohen stated it has 84,990 shares.

Since June 15, 2017, it had 0 buys, and 1 insider sale for $26,482 activity.

The chart of Abbott Laboratories (ABT) shows a double top with $56.78 target or 4.00 % above today’s $54.60 share price. The 8 months chart pattern indicates low risk for the $95.04B company. It was reported on Dec, 7 by Finviz.com. If the $56.78 price target is reached, the company will be worth $3.80 billion more. Double tops are rare but powerful chart patterns.

The stock decreased 0.11% or $0.06 during the last trading session, reaching $54.6. About 2.96M shares traded. Abbott Laboratories (NYSE:ABT) has risen 15.90% since December 7, 2016 and is uptrending. It has underperformed by 0.80% the S&P500.

Analysts await Abbott Laboratories (NYSE:ABT) to report earnings on January, 24. They expect $0.73 earnings per share, up 12.31 % or $0.08 from last year’s $0.65 per share. ABT’s profit will be $1.27 billion for 18.70 P/E if the $0.73 EPS becomes a reality. After $0.66 actual earnings per share reported by Abbott Laboratories for the previous quarter, Wall Street now forecasts 10.61 % EPS growth.

Abbott Laboratories (NYSE:ABT) Ratings Coverage

Among 24 analysts covering Abbott Laboratories (NYSE:ABT), 14 have Buy rating, 0 Sell and 10 Hold. Therefore 58% are positive. Abbott Laboratories had 87 analyst reports since July 24, 2015 according to SRatingsIntel. On Friday, July 21 the stock rating was maintained by Argus Research with “Buy”. Stifel Nicolaus maintained the stock with “Buy” rating in Friday, September 22 report. RBC Capital Markets maintained the shares of ABT in report on Monday, October 2 with “Buy” rating. The stock has “Market Perform” rating by BMO Capital Markets on Tuesday, March 14. Morgan Stanley downgraded the shares of ABT in report on Monday, January 4 to “Equal-Weight” rating. The rating was maintained by Cowen & Co with “Buy” on Tuesday, August 15. The firm has “Buy” rating given on Tuesday, June 21 by Edward Jones. The firm has “Overweight” rating by Barclays Capital given on Thursday, October 19. The stock of Abbott Laboratories (NYSE:ABT) has “Market Perform” rating given on Friday, January 29 by William Blair. The firm has “Buy” rating by Deutsche Bank given on Saturday, August 29.

More notable recent Abbott Laboratories (NYSE:ABT) news were published by: Businesswire.com which released: “Global In-Vitro Diagnostic (IVD) Market Size, Trends & Forecasts Report 2017 …” on December 04, 2017, also Investorplace.com with their article: “Trade of the Day: Abbott Laboratories (ABT)” published on November 20, 2017, Investorplace.com published: “High-Level Earnings Momentum Keep Abbott Laboratories (ABT) a Buy” on November 14, 2017. More interesting news about Abbott Laboratories (NYSE:ABT) were released by: Investorplace.com and their article: “Abbott Laboratories (ABT) a Buy on Strong Quant Score” published on November 28, 2017 as well as Investorplace.com‘s news article titled: “Abbott Laboratories’ (ABT) High-Level Sales Growth Make it a Buy” with publication date: November 07, 2017.

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