Abbott Laboratories (NYSE:ABT) Updates FY 2024 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.550-4.700 for the period, compared to the consensus earnings per share estimate of 4.590. The company issued revenue guidance of -. Abbott Laboratories also updated its FY24 guidance to $4.55-4.70 EPS.

Analyst Ratings Changes

A number of brokerages recently issued reports on ABT. Citigroup lifted their target price on Abbott Laboratories from $126.00 to $128.00 and gave the company a buy rating in a research report on Wednesday, April 3rd. Raymond James boosted their price target on Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Royal Bank of Canada lowered their price target on Abbott Laboratories from $128.00 to $125.00 and set an outperform rating on the stock in a research report on Thursday. TheStreet raised Abbott Laboratories from a c+ rating to a b- rating in a research report on Thursday, December 21st. Finally, Evercore ISI boosted their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $121.31.

Abbott Laboratories Stock Down 0.6 %

ABT stock opened at $105.27 on Friday. The business’s 50 day simple moving average is $114.28 and its 200 day simple moving average is $107.57. The firm has a market capitalization of $182.66 billion, a PE ratio of 32.29, a PEG ratio of 2.63 and a beta of 0.74. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company has a current ratio of 1.64, a quick ratio of 1.16 and a debt-to-equity ratio of 0.35.

Abbott Laboratories (NYSE:ABT) last released 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. The firm had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a return on equity of 20.65% and a net margin of 14.27%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 EPS. As a group, research analysts anticipate that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given 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 dividend yield of 2.09%. Abbott Laboratories’s payout ratio is 67.48%.

Insider Activity

In other news, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 18,760 shares in the company, valued at approximately $2,223,060. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 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 completion of the transaction, the executive vice president now owns 65,027 shares of the company’s stock, valued at approximately $7,315,537.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 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. In the last three months, insiders sold 56,435 shares of company stock worth $6,451,298. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Abbott Laboratories

A number of institutional investors and hedge funds have recently bought and sold shares of ABT. Cornerstone Planning Group LLC acquired a new position in Abbott Laboratories in the 2nd quarter worth about $28,000. Altshuler Shaham Ltd acquired a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $28,000. Wahed Invest LLC increased its stake in shares of Abbott Laboratories by 888.9% in the fourth quarter. Wahed Invest LLC now owns 270,163 shares of the healthcare product maker’s stock valued at $30,000 after buying an additional 242,843 shares during the period. True Wealth Design LLC acquired a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $33,000. Finally, FWL Investment Management LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

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.