Abbott Laboratories (NYSE:ABT) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.72-0.74 for the period, compared to the Thomson Reuters consensus estimate of $0.73.
Abbott Laboratories (ABT) traded down 0.20% during midday trading on Friday, reaching $55.37. 4,724,503 shares of the company were exchanged. The firm’s 50 day moving average price is $53.58 and its 200-day moving average price is $48.80. Abbott Laboratories has a 52 week low of $37.38 and a 52 week high of $56.69. The stock has a market capitalization of $96.20 billion, a P/E ratio of 77.55 and a beta of 1.06.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 18th. The healthcare product maker reported $0.66 EPS for the quarter, topping the consensus estimate of $0.65 by $0.01. Abbott Laboratories had a return on equity of 14.50% and a net margin of 8.37%. The business had revenue of $6.83 billion for the quarter, compared to analyst estimates of $6.72 billion. During the same quarter in the previous year, the firm earned $0.59 EPS. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. Equities analysts forecast that Abbott Laboratories will post $2.50 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a dividend of $0.265 per share. The ex-dividend date is Thursday, October 12th. This represents a $1.06 annualized dividend and a dividend yield of 1.91%. Abbott Laboratories’s dividend payout ratio is presently 83.47%.
Several research analysts have recently commented on ABT shares. Zacks Investment Research lowered Abbott Laboratories from a buy rating to a hold rating in a report on Tuesday, September 26th. J P Morgan Chase & Co started coverage on Abbott Laboratories in a report on Friday, October 6th. They set a neutral rating and a $60.00 price target on the stock. Royal Bank Of Canada reiterated a buy rating and set a $55.00 price target on shares of Abbott Laboratories in a report on Tuesday, October 3rd. Wells Fargo & Company reiterated an outperform rating and set a $54.00 price target (up previously from $47.50) on shares of Abbott Laboratories in a report on Friday, June 30th. Finally, Cowen and Company set a $68.00 price target on Abbott Laboratories and gave the stock a buy rating in a report on Thursday, October 19th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $56.81.
In other Abbott Laboratories news, EVP Daniel Gesua Sive Salvadori sold 96,603 shares of Abbott Laboratories stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $56.21, for a total value of $5,430,054.63. Following the completion of the transaction, the executive vice president now directly owns 142,082 shares of the company’s stock, valued at approximately $7,986,429.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen R. Fussell sold 196,550 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total value of $9,729,225.00. Following the transaction, the insider now directly owns 221,488 shares of the company’s stock, valued at $10,963,656. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 410,313 shares of company stock valued at $21,303,676. 0.76% of the stock is currently owned by corporate insiders.
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Institutional investors have recently made changes to their positions in the company. Northern Trust Corp grew its position in shares of Abbott Laboratories by 3.1% during the second quarter. Northern Trust Corp now owns 26,865,706 shares of the healthcare product maker’s stock worth $1,305,942,000 after buying an additional 809,732 shares in the last quarter. South Texas Money Management Ltd. grew its position in shares of Abbott Laboratories by 5.7% during the second quarter. South Texas Money Management Ltd. now owns 8,195 shares of the healthcare product maker’s stock worth $398,000 after buying an additional 444 shares in the last quarter. Abbot Financial Management Inc. acquired a new position in shares of Abbott Laboratories during the second quarter worth about $627,000. UBS Asset Management Americas Inc. grew its position in shares of Abbott Laboratories by 3.9% during the second quarter. UBS Asset Management Americas Inc. now owns 7,692,236 shares of the healthcare product maker’s stock worth $373,920,000 after buying an additional 286,000 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its position in shares of Abbott Laboratories by 1.7% during the second quarter. Mutual of America Capital Management LLC now owns 211,599 shares of the healthcare product maker’s stock worth $10,286,000 after buying an additional 3,474 shares in the last quarter. 71.42% of the stock is owned by institutional investors and hedge funds.
About Abbott Laboratories
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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