Leerink Swann Comments on Abbott Laboratories’ FY2021 Earnings (ABT)
Abbott Laboratories (NYSE:ABT) – Equities research analysts at Leerink Swann reduced their FY2021 earnings per share (EPS) estimates for shares of Abbott Laboratories in a report issued on Thursday. Leerink Swann analyst D. Antalffy now anticipates that the healthcare product maker will post earnings of $3.92 per share for the year, down from their previous estimate of $3.93.
Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 19th. The healthcare product maker reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.05. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $6.16 billion. Abbott Laboratories had a net margin of 6.71% and a return on equity of 15.74%. The company’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share.
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ABT has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Abbott Laboratories from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. Royal Bank of Canada increased their price objective on shares of Abbott Laboratories from $46.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, March 1st. Jefferies Group LLC increased their price objective on shares of Abbott Laboratories from $47.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, January 20th. Finally, BMO Capital Markets downgraded shares of Abbott Laboratories from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a research report on Tuesday, March 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $48.64.
Shares of Abbott Laboratories (NYSE:ABT) traded down 1.02% during trading on Friday, hitting $43.53. 7,737,552 shares of the stock were exchanged. Abbott Laboratories has a one year low of $36.76 and a one year high of $45.84. The stock’s 50 day moving average price is $44.52 and its 200-day moving average price is $41.64. The company has a market cap of $75.22 billion, a price-to-earnings ratio of 46.46 and a beta of 0.97. Abbott Laboratories also saw some unusual options trading activity on Tuesday. Investors bought 10,359 put options on the company. This is an increase of 892% compared to the average volume of 1,044 put options.
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, April 14th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Tuesday, April 11th. Abbott Laboratories’s dividend payout ratio is currently 113.98%.
In related news, insider Heather L. Mason sold 35,700 shares of the stock in a transaction on Tuesday, January 31st. The shares were sold at an average price of $40.77, for a total transaction of $1,455,489.00. Following the completion of the sale, the insider now owns 100,189 shares in the company, valued at approximately $4,084,705.53. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Robert E. Funck sold 25,500 shares of the stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $45.50, for a total transaction of $1,160,250.00. Following the sale, the vice president now owns 117,579 shares of the company’s stock, valued at approximately $5,349,844.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,592 shares of company stock valued at $3,400,139. 0.26% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Usca Ria LLC boosted its stake in shares of Abbott Laboratories by 1.3% in the third quarter. Usca Ria LLC now owns 37,403 shares of the healthcare product maker’s stock worth $1,582,000 after buying an additional 468 shares in the last quarter. Check Capital Management Inc. CA boosted its stake in shares of Abbott Laboratories by 9.6% in the third quarter. Check Capital Management Inc. CA now owns 91,476 shares of the healthcare product maker’s stock worth $3,869,000 after buying an additional 8,000 shares in the last quarter. Hermes Investment Management Ltd. boosted its stake in shares of Abbott Laboratories by 30.8% in the third quarter. Hermes Investment Management Ltd. now owns 1,555,141 shares of the healthcare product maker’s stock worth $65,767,000 after buying an additional 366,571 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Abbott Laboratories by 0.8% in the third quarter. Pacer Advisors Inc. now owns 30,283 shares of the healthcare product maker’s stock worth $1,281,000 after buying an additional 229 shares in the last quarter. Finally, Bahl & Gaynor Inc. boosted its stake in shares of Abbott Laboratories by 140.4% in the third quarter. Bahl & Gaynor Inc. now owns 3,924,431 shares of the healthcare product maker’s stock worth $165,964,000 after buying an additional 2,292,069 shares in the last quarter. Hedge funds and other institutional investors own 62.20% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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