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 EPS guidance of 1.080-1.120 for the period, compared to the consensus EPS estimate of 1.120. The company issued revenue guidance of -. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Citigroup lifted their target price on Abbott Laboratories from $126.00 to $128.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Evercore ISI raised their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. Royal Bank of Canada decreased their price target on Abbott Laboratories from $128.00 to $125.00 and set an outperform rating for the company in a research note on Thursday. Barclays raised their price target on Abbott Laboratories from $133.00 to $141.00 and gave the stock an overweight rating in a research note on Friday, January 26th. Finally, Raymond James raised their price target on Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Abbott Laboratories currently has an average rating of Moderate Buy and an average target price of $121.31.

Abbott Laboratories Trading Up 1.9 %

Shares of NYSE ABT opened at $107.29 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.35. The business has a fifty day simple moving average of $114.19 and a two-hundred day simple moving average of $107.65. The firm has a market cap of $186.17 billion, a PE ratio of 33.42, a price-to-earnings-growth ratio of 2.55 and a beta of 0.74. Abbott Laboratories has a twelve month low of $89.67 and a twelve month high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.32% and a net margin of 13.96%. The business had revenue of $9.96 billion during the quarter, compared to analyst estimates of $9.88 billion. During the same period in the previous year, the company posted $1.03 EPS. Abbott Laboratories’s revenue was up 2.2% on a year-over-year basis. Analysts expect that Abbott Laboratories will post 4.61 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be issued a $0.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Insider Activity

In other news, EVP Andrea F. Wainer sold 42,500 shares of Abbott Laboratories stock in a transaction on Monday, January 29th. The stock was sold at an average price of $112.50, for a total value of $4,781,250.00. Following the transaction, the executive vice president now directly owns 65,027 shares in the company, valued at approximately $7,315,537.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Andrea F. Wainer sold 42,500 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $112.50, for a total transaction of $4,781,250.00. Following the transaction, the executive vice president now directly owns 65,027 shares in the company, valued at approximately $7,315,537.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 18,760 shares in the company, valued at $2,223,060. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,435 shares of company stock worth $6,451,298. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC purchased a new position in Abbott Laboratories during the 2nd quarter worth $28,000. Altshuler Shaham Ltd purchased a new position in Abbott Laboratories during the 4th quarter worth $28,000. Wahed Invest LLC grew its stake in Abbott Laboratories by 888.9% during the 4th quarter. Wahed Invest LLC now owns 270,163 shares of the healthcare product maker’s stock valued at $30,000 after purchasing an additional 242,843 shares during the last quarter. True Wealth Design LLC purchased a new stake in Abbott Laboratories during the 4th quarter valued at about $33,000. Finally, FWL Investment Management LLC purchased a new stake in Abbott Laboratories during the 4th quarter valued at about $33,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

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.