Abbott Labs stock price target raised to $99 from $95 at CFRA

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Shares of Abbott Labs are up 1%; sales are up 7%

Shares of Abbott Laboratories were up 1% after the company reported sales increases across each of its four businesses in the fourth quarter of 2019. Net earnings were $1.05 billion, or 59 cents per share, in the fourth quarter, up from $654 million, or 37 cents per share, in the same quarter a year ago. Abbott said that adjusted earnings per share were $0.95 per share, compared with the FactSet consensus of $0.95. Total sales were up 7.1% to $8.3 billion, compared with the FactSet consensus of $8.2 billion. Medical device sales increased 9.7%, nutrition sales rose 5.2%, pharmaceutical sales were up 7.8%, and laboratory diagnostics sales rose by 8.4%. Sales of the company’s MitraClip device, which is used in minimally invasive cardiovascular procedures, jumped 27% to $191 million. Abbott said it expects adjusted EPS of $3.55 to $3.65 in 2020. The FactSet consensus is $3.61. Abbott’s stock has gained 25% over the last year. The SPDR Health Care Select Sector exchange-traded fund is up 16%, while the Dow Jones Industrial Average has gained about 18%.

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