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

Abbott Laboratories (NYSE:ABT) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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 Q2 2024 guidance to 1.080-1.120 EPS.

Abbott Laboratories Stock Performance

Shares of ABT traded down $3.34 during mid-day trading on Wednesday, hitting $105.87. 9,542,902 shares of the company’s stock were exchanged, compared to its average volume of 5,637,811. The firm has a market capitalization of $183.70 billion, a P/E ratio of 33.50, 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. The business’s 50 day moving average is $114.57 and its two-hundred day moving average is $107.60. 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 results on Wednesday, January 24th. The healthcare product maker reported $1.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.19. The firm had revenue of $10.24 billion during the quarter, compared to analysts’ expectations of $10.19 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 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. On average, equities analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a $0.55 dividend. The ex-dividend date 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%.

Analyst Ratings Changes

ABT has been the subject of a number of research analyst reports. Evercore ISI increased their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company an outperform rating in a report on Thursday, April 4th. Citigroup increased their target price on shares of Abbott Laboratories from $126.00 to $128.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Royal Bank of Canada reaffirmed an outperform rating and issued a $128.00 target price on shares of Abbott Laboratories in a report on Wednesday, February 14th. TheStreet raised shares of Abbott Laboratories from a c+ rating to a b- rating in a report on Thursday, December 21st. Finally, Raymond James increased their price target on shares of Abbott Laboratories from $124.00 to $127.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $122.14.

Insider Activity

In other news, EVP Andrea F. Wainer sold 42,500 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $112.50, for a total value of $4,781,250.00. Following the transaction, the executive vice president now owns 65,027 shares of the company’s stock, valued at approximately $7,315,537.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP John A. Jr. Mccoy sold 472 shares of Abbott Laboratories stock in a transaction on Friday, March 1st. The shares were sold at an average price of $118.50, for a total transaction of $55,932.00. Following the sale, the vice president now owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrea F. Wainer sold 42,500 shares of Abbott Laboratories 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 sale, the executive vice president now directly owns 65,027 shares in the company, valued at approximately $7,315,537.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,435 shares of company stock valued at $6,451,298. Company insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On Abbott Laboratories

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Planning Group LLC bought a new stake in shares of Abbott Laboratories in the 2nd quarter worth about $28,000. Altshuler Shaham Ltd bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $28,000. Wahed Invest LLC increased its position in shares of 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 during the last quarter. True Wealth Design LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $33,000. Finally, FWL Investment Management LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $33,000. 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.