Abbott Laboratories (NYSE:ABT) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

Several brokerages have issued reports on ABT. Barclays boosted their price target on Abbott Laboratories from $133.00 to $141.00 and gave the company an overweight rating in a research note on Friday, January 26th. TheStreet upgraded Abbott Laboratories from a c+ rating to a b- rating in a report on Thursday, December 21st. Royal Bank of Canada decreased their price objective on Abbott Laboratories from $128.00 to $125.00 and set an outperform rating for the company in a report on Thursday. Evercore ISI boosted their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company an outperform rating in a report on Thursday, April 4th. Finally, Raymond James boosted their price objective on Abbott Laboratories from $124.00 to $127.00 and gave the company an outperform rating in a report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $121.31.

Abbott Laboratories Trading Down 0.6 %

Shares of Abbott Laboratories stock opened at $105.27 on Friday. The stock has a fifty day simple moving average of $114.28 and a 200 day simple moving average of $107.57. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The company has a market capitalization of $182.66 billion, a P/E ratio of 32.29, a price-to-earnings-growth ratio of 2.63 and a beta of 0.74. 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 posted its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.65% and a net margin of 14.27%. The business had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a $0.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $2.20 annualized dividend and a yield of 2.09%. Abbott Laboratories’s dividend payout ratio is currently 67.48%.

Insiders Place Their Bets

In other Abbott Laboratories news, 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 owns 18,760 shares of the company’s stock, valued at $2,223,060. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Andrea F. Wainer sold 12,500 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the transaction, the executive vice president now owns 78,704 shares of the company’s stock, valued at approximately $9,444,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction on Friday, March 1st. The shares were 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 in the company, valued at approximately $2,223,060. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,435 shares of company stock valued at $6,451,298. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Milestone Investment Advisors LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth about $117,000. Worth Asset Management LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth about $108,000. Hobbs Group Advisors LLC purchased a new stake in Abbott Laboratories during the 4th quarter worth about $99,000. Tyler Stone Wealth Management purchased a new stake in Abbott Laboratories during the 2nd quarter worth about $61,000. Finally, Studio Investment Management LLC lifted its holdings in Abbott Laboratories by 125.0% during the 4th quarter. Studio Investment Management LLC now owns 450 shares of the healthcare product maker’s stock worth $49,000 after purchasing an additional 250 shares in the last quarter. 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.