Abbott Laboratories (ABT) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Abbott Laboratories (NYSE:ABT) announced its earnings results on Wednesday. The healthcare product maker reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.01. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%.
Shares of Abbott Laboratories (NYSE:ABT) opened at 41.17 on Wednesday. The company’s 50 day moving average is $41.83 and its 200-day moving average is $41.37. The company has a market capitalization of $60.52 billion, a PE ratio of 27.17 and a beta of 0.87. Abbott Laboratories has a 52 week low of $36.00 and a 52 week high of $46.38.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Wednesday, October 12th. Abbott Laboratories’s dividend payout ratio is currently 68.87%.
ABT has been the topic of several recent research reports. Bank of America Corp. restated a “buy” rating and set a $50.00 target price on shares of Abbott Laboratories in a research report on Friday, August 12th. Zacks Investment Research cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, October 4th. Edward Jones upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research report on Tuesday, June 21st. Jefferies Group upped their target price on shares of Abbott Laboratories from $49.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, BTIG Research reissued a “buy” rating and issued a $45.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, August 10th. Seven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $47.02.
In related news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the company’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $41.71, for a total value of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares in the company, valued at $2,493,882.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Miles D. White bought 242,547 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was purchased at an average price of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the purchase, the chairman now directly owns 2,010,517 shares of the company’s stock, valued at approximately $86,814,124.06. The disclosure for this purchase can be found here. Insiders own 0.26% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ABT. Calvert Investment Management Inc. raised its position in shares of Abbott Laboratories by 3.6% in the second quarter. Calvert Investment Management Inc. now owns 90,452 shares of the healthcare product maker’s stock worth $3,556,000 after buying an additional 3,145 shares during the last quarter. Bellwether Investment Group LLC purchased a new position in shares of Abbott Laboratories during the second quarter worth approximately $145,000. M Holdings Securities Inc. purchased a new position in shares of Abbott Laboratories during the second quarter worth approximately $464,000. Sterneck Capital Management LLC purchased a new position in shares of Abbott Laboratories during the second quarter worth approximately $2,323,000. Finally, Madison Investment Holdings Inc. purchased a new position in shares of Abbott Laboratories during the second quarter worth approximately $579,000. Institutional investors and hedge funds own 73.00% of the company’s stock.
Abbott Laboratories Company Profile
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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