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

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

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock traded down $3.45 during trading on Wednesday, hitting $105.76. 9,157,790 shares of the company were exchanged, compared to its average volume of 5,634,908. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.35. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64. The stock has a market capitalization of $183.51 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 2.62 and a beta of 0.74. The firm has a 50 day moving average price of $114.57 and a 200 day moving average price of $107.60.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, January 24th. The healthcare product maker reported $1.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.19. Abbott Laboratories had a return on equity of 20.65% and a net margin of 14.27%. The business had revenue of $10.24 billion during the quarter, compared to analyst estimates of $10.19 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

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 paid a dividend of $0.55 per share. 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 Upgrades and Downgrades

A number of equities research analysts have weighed in on ABT shares. Barclays raised their price objective 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 research report on Thursday, December 21st. Raymond James lifted their target price on Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Evercore ISI lifted their target price on Abbott Laboratories from $120.00 to $125.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. Finally, Citigroup raised their price target on Abbott Laboratories from $126.00 to $128.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $122.14.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, 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 owns 65,027 shares of the company’s stock, valued at approximately $7,315,537.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, 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 transaction, the executive vice president now directly owns 65,027 shares in the company, valued at approximately $7,315,537.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 963 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 value of $114,115.50. Following the transaction, the executive vice president now owns 125,697 shares in the company, valued at $14,895,094.50. The disclosure for this sale can be found here. Insiders have sold 56,435 shares of company stock valued at $6,451,298 in the last quarter. Corporate insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Abbott Laboratories

Several hedge funds have recently modified their holdings of the company. Cornerstone Planning Group LLC acquired a new position in shares of Abbott Laboratories in the 2nd quarter worth $28,000. Altshuler Shaham Ltd acquired a new position in shares of Abbott Laboratories in the 4th quarter worth $28,000. Wahed Invest LLC grew its holdings 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 acquiring an additional 242,843 shares during the last quarter. True Wealth Design LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter worth $33,000. Finally, FWL Investment Management LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter worth $33,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

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.