Abbott Laboratories (NYSE:ABT) Releases Q2 2024 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 1.080-1.120 for the period, compared to the consensus estimate of 1.120. The company issued revenue guidance of -. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Analysts Set New Price Targets

Several brokerages recently issued reports on ABT. Royal Bank of Canada reissued an outperform rating and set a $128.00 price objective on shares of Abbott Laboratories in a research note on Wednesday, February 14th. TheStreet raised shares of Abbott Laboratories from a c+ rating to a b- rating in a research note on Thursday, December 21st. Citigroup upped their price target 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. Barclays upped their price target on shares of Abbott Laboratories from $133.00 to $141.00 and gave the stock an overweight rating in a research report on Friday, January 26th. Finally, Raymond James upped their price target on shares of Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $122.14.

Abbott Laboratories Stock Down 3.2 %

ABT traded down $3.45 during trading hours on Wednesday, reaching $105.76. 9,157,790 shares of the stock traded hands, compared to its average volume of 5,634,908. The firm’s fifty day simple moving average is $114.57 and its two-hundred day simple moving average is $107.60. The company has a market cap of $183.51 billion, a price-to-earnings ratio of 33.50, a PEG 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 company has a debt-to-equity ratio of 0.35, a current ratio of 1.64 and a quick ratio of 1.16.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, January 24th. The healthcare product maker reported $1.19 EPS for the quarter, meeting analysts’ consensus estimates of $1.19. Abbott Laboratories had a net margin of 14.27% and a return on equity of 20.65%. The firm had revenue of $10.24 billion for the quarter, compared to the consensus estimate of $10.19 billion. During the same period in the prior year, the firm posted $1.03 EPS. The firm’s revenue was up 1.5% compared to the same quarter last year. As a group, analysts forecast that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $0.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.08%. Abbott Laboratories’s payout ratio is currently 67.48%.

Insider Transactions at Abbott Laboratories

In other news, EVP Daniel Gesua Sive Salvadori sold 963 shares of the firm’s stock in a transaction dated 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 directly owns 125,697 shares in the company, valued at approximately $14,895,094.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Daniel Gesua Sive Salvadori sold 963 shares of Abbott Laboratories stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $118.50, for a total value 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 SEC, which is available at the SEC website. Also, VP John A. Jr. Mccoy sold 472 shares of Abbott Laboratories stock in a transaction dated 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 owns 18,760 shares in the company, valued at $2,223,060. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,435 shares of company stock worth $6,451,298. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Abbott Laboratories

Several large investors have recently bought and sold shares of ABT. Cornerstone Planning Group LLC acquired a new position in shares of Abbott Laboratories in the second quarter worth about $28,000. Altshuler Shaham Ltd acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $28,000. Wahed Invest LLC boosted its holdings in shares of Abbott Laboratories by 888.9% during the fourth 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 period. True Wealth Design LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $33,000. Finally, FWL Investment Management LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds 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.