Abbott Laboratories (NYSE:ABT) Issues Q2 2024 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 1.080-1.120 for the period, compared to the consensus estimate of 1.120. The company issued revenue guidance of -. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ABT. Evercore ISI increased their price target on Abbott Laboratories from $120.00 to $125.00 and gave the company an outperform rating in a report on Thursday, April 4th. Raymond James increased their price target on Abbott Laboratories from $124.00 to $127.00 and gave the company an outperform rating in a report on Thursday, January 25th. Royal Bank of Canada reissued an outperform rating and issued a $128.00 price target on shares of Abbott Laboratories in a report on Wednesday, February 14th. Citigroup increased their price target on Abbott Laboratories from $126.00 to $128.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Finally, TheStreet raised Abbott Laboratories from a c+ rating to a b- rating in a report on Thursday, December 21st. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $121.54.

Abbott Laboratories Trading Down 3.0 %

Shares of NYSE ABT opened at $105.90 on Thursday. The company has a market cap of $183.76 billion, a price-to-earnings ratio of 32.48, a price-to-earnings-growth ratio of 2.62 and a beta of 0.74. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The company has a current ratio of 1.64, a quick ratio of 1.16 and a debt-to-equity ratio of 0.35. The stock’s 50 day simple moving average is $114.42 and its 200 day simple moving average is $107.59.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.03. The business had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a return on equity of 20.65% and a net margin of 14.27%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. Equities research analysts expect that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 67.48%.

Insider Activity at Abbott Laboratories

In related news, VP John A. Jr. Mccoy sold 472 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $55,932.00. Following the sale, the vice president now directly owns 18,760 shares in the company, valued at approximately $2,223,060. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP John A. Jr. Mccoy sold 472 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $55,932.00. Following the sale, the vice president now directly owns 18,760 shares in the company, valued at approximately $2,223,060. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andrea F. Wainer sold 42,500 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $112.50, for a total value of $4,781,250.00. Following the completion of the sale, the executive vice president now owns 65,027 shares in the company, valued at $7,315,537.50. The disclosure for this sale can be found here. Insiders have sold a total of 56,435 shares of company stock worth $6,451,298 in the last three months. 0.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On Abbott Laboratories

Several hedge funds have recently modified their holdings of ABT. Moneta Group Investment Advisors LLC increased its position in shares of Abbott Laboratories by 104,649.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 30,247,436 shares of the healthcare product maker’s stock valued at $3,320,866,000 after purchasing an additional 30,218,560 shares during the period. Norges Bank acquired a new position in shares of Abbott Laboratories during the 4th quarter valued at $1,893,715,000. Morgan Stanley increased its position in shares of Abbott Laboratories by 14.3% during the 4th quarter. Morgan Stanley now owns 38,966,499 shares of the healthcare product maker’s stock valued at $4,278,132,000 after purchasing an additional 4,886,954 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Abbott Laboratories by 83.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,925,012 shares of the healthcare product maker’s stock worth $582,924,000 after acquiring an additional 2,235,314 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Abbott Laboratories by 15.1% in the 4th quarter. Legal & General Group Plc now owns 14,299,250 shares of the healthcare product maker’s stock worth $1,573,920,000 after acquiring an additional 1,873,411 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

About Abbott Laboratories

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.