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

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

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Evercore ISI lifted their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Barclays boosted their target price on shares of Abbott Laboratories from $133.00 to $141.00 and gave the company an overweight rating in a research note on Friday, January 26th. Citigroup boosted their target price on shares of Abbott Laboratories from $126.00 to $128.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Raymond James boosted their target price on shares of Abbott Laboratories from $124.00 to $127.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Finally, TheStreet upgraded shares of Abbott Laboratories from a c+ rating to a b- rating in a research note on Thursday, December 21st. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $121.54.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $105.90 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.16 and a current ratio of 1.64. The company has a fifty day moving average of $114.42 and a two-hundred day moving average of $107.59. The stock has a market capitalization of $183.76 billion, a PE ratio of 32.48, a P/E/G ratio of 2.62 and a beta of 0.74. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64.

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

Abbott Laboratories Dividend Announcement

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

Insider Transactions at Abbott Laboratories

In related news, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $118.50, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Daniel Gesua Sive Salvadori sold 963 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $118.50, for a total value of $114,115.50. Following the completion of the sale, the executive vice president now owns 125,697 shares of the company’s stock, valued at $14,895,094.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction dated 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 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 56,435 shares of company stock valued at $6,451,298 over the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Abbott Laboratories

A number of hedge funds have recently modified their holdings of the company. Cornerstone Planning Group LLC acquired a new position in Abbott Laboratories in the second quarter valued at about $28,000. Altshuler Shaham Ltd acquired a new position in Abbott Laboratories in the fourth quarter valued at about $28,000. Wahed Invest LLC lifted its position in 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 last quarter. True Wealth Design LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at about $33,000. Finally, FWL Investment Management LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at about $33,000. Hedge funds and other 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.