Abbott Laboratories (NYSE:ABT) Updates Q2 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $1.08-1.12 for the period, compared to the consensus EPS estimate of $1.12. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock traded down $3.06 on Wednesday, hitting $106.15. 10,486,820 shares of the company were exchanged, compared to its average volume of 5,646,895. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $114.57 and a 200 day moving average price of $107.60. The stock has a market capitalization of $184.19 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 2.62 and a beta of 0.74. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.03. The company had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a net margin of 14.27% and a return on equity of 20.65%. Abbott Laboratories’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.03 earnings per share. As a group, sell-side analysts predict 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. Investors of record on Monday, April 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s payout ratio is 67.48%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABT. Royal Bank of Canada reiterated an outperform rating and set a $128.00 price target on shares of Abbott Laboratories in a research report on Wednesday, February 14th. TheStreet raised Abbott Laboratories from a c+ rating to a b- rating in a research report on Thursday, December 21st. Citigroup lifted their price objective on shares of Abbott Laboratories from $126.00 to $128.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Evercore ISI upped 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. Finally, Raymond James upped 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $122.14.

Insider Activity at Abbott Laboratories

In other news, VP John A. Jr. Mccoy sold 472 shares of the business’s 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Daniel Gesua Sive Salvadori sold 963 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $114,115.50. Following the sale, the executive vice president now directly owns 125,697 shares in the company, valued at approximately $14,895,094.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John A. Jr. Mccoy sold 472 shares of the business’s 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 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. Over the last three months, insiders sold 56,435 shares of company stock worth $6,451,298. 0.47% of the stock is owned by company insiders.

Institutional Trading of Abbott Laboratories

Several hedge funds have recently bought and sold shares of the company. Cornerstone Planning Group LLC bought a new position in Abbott Laboratories in the 2nd quarter valued at about $28,000. Altshuler Shaham Ltd acquired a new position in shares of Abbott Laboratories during the 4th quarter valued at $28,000. Wahed Invest LLC raised 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 worth $30,000 after acquiring an additional 242,843 shares in the last quarter. True Wealth Design LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth approximately $33,000. Finally, FWL Investment Management LLC acquired a new stake in shares of Abbott Laboratories during the 4th quarter valued at $33,000. 75.18% of the stock is currently owned by institutional investors.

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.