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 earnings per share guidance of 4.550-4.700 for the period, compared to the consensus earnings per share estimate of 4.590. The company issued revenue guidance of -. Abbott Laboratories also updated its FY24 guidance to $4.55-4.70 EPS.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $107.29 on Friday. The stock’s 50-day moving average is $114.19 and its two-hundred day moving average is $107.65. The firm has a market cap of $186.17 billion, a price-to-earnings ratio of 33.42, a PEG ratio of 2.55 and a beta of 0.74. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.16 and a current ratio of 1.64.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. The company had revenue of $9.96 billion for the quarter, compared to analyst estimates of $9.88 billion. Abbott Laboratories had a return on equity of 20.32% and a net margin of 13.96%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.03 earnings per share. Analysts predict that Abbott Laboratories will post 4.61 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s payout ratio is 68.54%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ABT shares. Royal Bank of Canada dropped their price objective on Abbott Laboratories from $128.00 to $125.00 and set an outperform rating on the stock in a report on Thursday. Barclays raised their price target on Abbott Laboratories from $133.00 to $141.00 and gave the stock an overweight rating in a report on Friday, January 26th. Evercore ISI raised their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock an outperform rating in a report on Thursday, April 4th. Raymond James raised their price target on Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a report on Thursday, January 25th. 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 ten have assigned a buy rating to the company. According to MarketBeat.com, Abbott Laboratories presently has a consensus rating of Moderate Buy and an average price target of $121.31.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, VP John A. Jr. Mccoy sold 472 shares of Abbott Laboratories stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $55,932.00. Following the sale, the vice president now 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 is available through the SEC website. In other news, EVP Andrea F. Wainer sold 12,500 shares of Abbott Laboratories stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the executive vice president now directly owns 78,704 shares in the company, valued at approximately $9,444,480. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John A. Jr. Mccoy sold 472 shares of Abbott Laboratories stock in a transaction that occurred 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 sale, the vice president now owns 18,760 shares of the company’s stock, valued at $2,223,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,435 shares of company stock valued at $6,451,298. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Abbott Laboratories

Hedge funds and other institutional investors have recently modified their holdings of the stock. Patriot Investment Management Group Inc. raised its position in shares of Abbott Laboratories by 3.1% during the 4th quarter. Patriot Investment Management Group Inc. now owns 3,236 shares of the healthcare product maker’s stock worth $356,000 after purchasing an additional 96 shares during the last quarter. Shepherd Financial Partners LLC raised its position in shares of Abbott Laboratories by 4.5% during the 4th quarter. Shepherd Financial Partners LLC now owns 2,275 shares of the healthcare product maker’s stock worth $250,000 after purchasing an additional 99 shares during the last quarter. Landaas & Co. WI ADV raised its position in shares of Abbott Laboratories by 1.8% during the 4th quarter. Landaas & Co. WI ADV now owns 5,534 shares of the healthcare product maker’s stock worth $608,000 after purchasing an additional 100 shares during the last quarter. Stonebridge Capital Advisors LLC raised its position in shares of Abbott Laboratories by 0.5% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 20,029 shares of the healthcare product maker’s stock worth $2,371,000 after purchasing an additional 100 shares during the last quarter. Finally, Staley Capital Advisers Inc. raised its position in shares of Abbott Laboratories by 0.4% during the 4th quarter. Staley Capital Advisers Inc. now owns 26,391 shares of the healthcare product maker’s stock worth $2,897,000 after purchasing an additional 101 shares during the last quarter. 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.