ABT stock registered its 52-week high in September
On September 18, Abbott Laboratories (ABT) ended the trading day at $68.41, up ~1.1% from its previous trading day’s closing price. The stock has maintained growth momentum over the last year.
Abbott Laboratories reported its 52-week low of $51.38 almost a year ago on September 21, 2017. The stock registered its 52-week high of $68.82 last week on September 14. Currently, the stock is trading higher than its 50-day moving average of $65.80 and its 200-day moving average of $62.46.
Year-to-date, ABT has risen 17%. Over the last month, the stock has returned ~6.4%. Abbott Laboratories has risen ~34% over the last 12 months. Peers Medtronic (MDT), Baxter (BAX), and Boston Scientific (BSX) have registered stock price returns of 21%, 20.8%, and 30%, respectively, in the same period.
What’s driving the stock’s momentum?
On September 14, Moody’s assigned a rating of BAA1 to Abbott Laboratories’ proposed senior unsecured euro note offerings, which will be used to make repayments of other long-term debt. Moody’s BAA1 rating is considered a medium-grade rating and suggests moderate credit risk. The rating reflects Moody’s positive outlook on the company. On September 13, Abbott Laboratories announced its 379th consecutive quarterly dividend of $0.28 per share. The stock registered a rise of ~2.3% on the day.
On September 4, Aetna extended coverage to Abbott’s DRG (dorsal root ganglion) neurostimulation therapy, which will enable Abbott to improve access of its non-opioid pain therapy to patients through Aetna’s network of 1.2 million healthcare professionals. On the day, ABT stock rose ~0.41%.
In August, Abbott Laboratories rose ~3.2%. In the month, the FDA approved a software upgrade for Abbott’s Infinity DBS (deep brain stimulation) system. A number of product approvals, launches, and collaborations, along with a strong company performance, have been driving the company’s growth recently.