Abbott Laboratories (NYSE:ABT) Releases FY24 Earnings Guidance

Abbott Laboratories (NYSE:ABT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $4.55-4.70 for the period, compared to the consensus estimate of $4.62. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $105.90 on Thursday. The firm has a 50-day moving average of $114.42 and a 200-day moving average of $107.59. The company has a market cap of $183.76 billion, a P/E ratio of 32.48, a P/E/G ratio of 2.62 and a beta of 0.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.64 and a quick ratio of 1.16. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64.

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

Abbott Laboratories Announces Dividend

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Royal Bank of Canada restated an outperform rating and set a $128.00 price objective on shares of Abbott Laboratories in a report on Wednesday, February 14th. Barclays raised their price objective on shares of Abbott Laboratories from $133.00 to $141.00 and gave the stock an overweight rating in a report on Friday, January 26th. Raymond James raised their price objective on shares of Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a report on Thursday, January 25th. TheStreet upgraded shares of Abbott Laboratories from a c+ rating to a b- rating in a report on Thursday, December 21st. Finally, Citigroup lifted their target price on shares of Abbott Laboratories from $126.00 to $128.00 and gave the stock a buy rating in a research note on Wednesday, April 3rd. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $121.54.

Insider Activity at Abbott Laboratories

In related news, EVP Andrea F. Wainer sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the executive vice president now owns 78,704 shares of the company’s stock, valued at $9,444,480. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Andrea F. Wainer sold 42,500 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $112.50, for a total transaction of $4,781,250.00. Following the completion of the sale, the executive vice president now directly owns 65,027 shares in the company, valued at approximately $7,315,537.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrea F. Wainer sold 12,500 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the sale, the executive vice president now owns 78,704 shares of the company’s stock, valued at $9,444,480. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,435 shares of company stock valued at $6,451,298. Corporate insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

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

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.