Abbott Laboratories (NYSE:ABT) Releases 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

Several analysts have commented on the company. Citigroup increased their target price on Abbott Laboratories from $126.00 to $128.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. 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. Royal Bank of Canada reissued an outperform rating and set a $128.00 price target on shares of Abbott Laboratories in a report on Wednesday, February 14th. 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. Finally, TheStreet raised Abbott Laboratories from a c+ rating to a b- rating in a report on Thursday, December 21st. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $122.14.

Abbott Laboratories Trading Down 3.2 %

ABT traded down $3.45 on Wednesday, hitting $105.76. The company had a trading volume of 9,157,790 shares, compared to its average volume of 5,634,908. The company has a market cap of $183.51 billion, a PE ratio of 33.50, a PEG 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 quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.35. The business’s fifty day simple moving average is $114.57 and its 200 day simple moving average is $107.60.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, January 24th. The healthcare product maker reported $1.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.19. The business had revenue of $10.24 billion during the quarter, compared to the consensus estimate of $10.19 billion. Abbott Laboratories had a net margin of 14.27% and a return on equity of 20.65%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. Equities research analysts expect that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Friday, April 12th. Abbott Laboratories’s payout ratio is currently 67.48%.

Insiders Place Their Bets

In other news, VP John A. Jr. Mccoy sold 472 shares of Abbott Laboratories stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $118.50, for a total transaction of $55,932.00. Following the completion of the sale, the vice president now owns 18,760 shares of the company’s stock, valued at $2,223,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Andrea F. Wainer sold 42,500 shares of the business’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 transaction, the executive vice president now owns 65,027 shares of the company’s stock, valued at $7,315,537.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John A. Jr. Mccoy sold 472 shares of the business’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 transaction of $55,932.00. Following the completion of the transaction, the vice president now directly owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The disclosure for this sale can be found here. Insiders sold a total of 56,435 shares of company stock valued at $6,451,298 over the last 90 days. Insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Abbott Laboratories

Large investors have recently bought and sold shares of the business. Milestone Investment Advisors LLC bought a new position in Abbott Laboratories in the first quarter worth approximately $117,000. Worth Asset Management LLC purchased a new position in Abbott Laboratories in the first quarter worth $108,000. Hobbs Group Advisors LLC purchased a new position in Abbott Laboratories in the fourth quarter worth $99,000. Tyler Stone Wealth Management purchased a new position in Abbott Laboratories in the second quarter worth $61,000. Finally, Studio Investment Management LLC grew its holdings in Abbott Laboratories by 125.0% in the fourth quarter. Studio Investment Management LLC now owns 450 shares of the healthcare product maker’s stock worth $49,000 after purchasing an additional 250 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Company Profile

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.