Brokerages predict that Abbott Laboratories (NYSE:ABT) will report sales of $7.67 billion for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Abbott Laboratories’ earnings, with the lowest sales estimate coming in at $7.63 billion and the highest estimate coming in at $7.71 billion. Abbott Laboratories reported sales of $6.83 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.3%. The business is scheduled to issue its next earnings report before the market opens on Wednesday, October 17th.
According to Zacks, analysts expect that Abbott Laboratories will report full year sales of $30.78 billion for the current fiscal year, with estimates ranging from $30.67 billion to $30.91 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $32.52 billion, with estimates ranging from $31.99 billion to $32.87 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Abbott Laboratories.
Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, July 18th. The healthcare product maker reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. Abbott Laboratories had a net margin of 3.13% and a return on equity of 15.30%. The company had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.71 billion. During the same period in the prior year, the firm earned $0.62 earnings per share. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year.
ABT has been the subject of several analyst reports. Cowen increased their price target on shares of Abbott Laboratories from $72.00 to $86.00 and gave the company an “average” rating in a research report on Friday, October 5th. Royal Bank of Canada reissued a “buy” rating and set a $70.00 price target on shares of Abbott Laboratories in a research report on Thursday, July 19th. Zacks Investment Research raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Thursday, July 19th. Stifel Nicolaus increased their price target on shares of Abbott Laboratories from $71.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, July 19th. Finally, Raymond James increased their price target on shares of Abbott Laboratories from $72.00 to $77.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $73.72.
In related news, EVP Brian J. Blaser sold 15,100 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.96, for a total value of $965,796.00. Following the completion of the transaction, the executive vice president now directly owns 151,718 shares of the company’s stock, valued at approximately $9,703,883.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael J. Pederson sold 1,050 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $63.43, for a total transaction of $66,601.50. Following the completion of the transaction, the insider now directly owns 79,467 shares of the company’s stock, valued at $5,040,591.81. The disclosure for this sale can be found here. Insiders sold a total of 155,321 shares of company stock valued at $10,492,583 over the last ninety days. 0.74% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Atlantic Trust LLC purchased a new position in shares of Abbott Laboratories in the 2nd quarter valued at approximately $104,000. Rainier Group Investment Advisory LLC acquired a new position in Abbott Laboratories in the 1st quarter worth approximately $114,000. FNY Investment Advisers LLC acquired a new position in Abbott Laboratories in the 2nd quarter worth approximately $118,000. Fort L.P. acquired a new position in Abbott Laboratories in the 2nd quarter worth approximately $119,000. Finally, Security National Bank of SO Dak increased its holdings in Abbott Laboratories by 72.0% in the 2nd quarter. Security National Bank of SO Dak now owns 2,098 shares of the healthcare product maker’s stock worth $128,000 after buying an additional 878 shares during the period. 72.16% of the stock is owned by hedge funds and other institutional investors.
NYSE:ABT traded up $1.23 during mid-day trading on Monday, reaching $69.33. The company’s stock had a trading volume of 10,345,615 shares, compared to its average volume of 6,017,730. The firm has a market cap of $128.70 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 2.05 and a beta of 1.49. Abbott Laboratories has a 1 year low of $53.61 and a 1 year high of $74.15. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.58 and a quick ratio of 1.16.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Friday, October 12th. Abbott Laboratories’s payout ratio is currently 44.80%.
Abbott Laboratories Company Profile
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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