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

Abbott Laboratories (NYSE:ABT) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. 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.

Abbott Laboratories Price Performance

ABT stock opened at $105.27 on Friday. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The firm has a 50-day moving average of $114.28 and a 200 day moving average of $107.57. The company has a market cap of $182.66 billion, a P/E ratio of 32.29, a PEG ratio of 2.63 and a beta of 0.74. 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 announced its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Abbott Laboratories had a net margin of 14.27% and a return on equity of 20.65%. The business had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, April 12th. Abbott Laboratories’s dividend payout ratio is 67.48%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Raymond James raised their target price on shares of Abbott Laboratories from $124.00 to $127.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Barclays increased their price target on shares of Abbott Laboratories from $133.00 to $141.00 and gave the company an overweight rating in a report on Friday, January 26th. Evercore ISI increased their price target 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. TheStreet upgraded shares of Abbott Laboratories from a c+ rating to a b- rating in a report on Thursday, December 21st. Finally, Royal Bank of Canada cut their price target on shares of Abbott Laboratories from $128.00 to $125.00 and set an outperform rating on the stock in a report on Thursday. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $121.31.

Insider Buying and Selling

In other news, EVP Andrea F. Wainer sold 42,500 shares of Abbott Laboratories stock in a transaction on Monday, January 29th. The shares were sold at an average price of $112.50, for a total transaction of $4,781,250.00. Following the transaction, the executive vice president now owns 65,027 shares in the company, valued at approximately $7,315,537.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Andrea F. Wainer sold 42,500 shares of Abbott Laboratories stock in a transaction on Monday, January 29th. The shares were sold at an average price of $112.50, for a total transaction of $4,781,250.00. Following the transaction, the executive vice president now owns 65,027 shares in the company, valued at approximately $7,315,537.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrea F. Wainer sold 12,500 shares of Abbott Laboratories stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the transaction, the executive vice president now owns 78,704 shares in the company, valued at approximately $9,444,480. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,435 shares of company stock worth $6,451,298. 1.10% of the stock is owned by insiders.

Institutional Trading of Abbott Laboratories

Several institutional investors and hedge funds have recently modified their holdings of the company. 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 valued at $356,000 after purchasing an additional 96 shares during the period. Shepherd Financial Partners LLC increased its holdings in Abbott Laboratories by 4.5% in the 4th quarter. Shepherd Financial Partners LLC now owns 2,275 shares of the healthcare product maker’s stock valued at $250,000 after acquiring an additional 99 shares during the last quarter. Landaas & Co. WI ADV increased its holdings in Abbott Laboratories by 1.8% in the 4th quarter. Landaas & Co. WI ADV now owns 5,534 shares of the healthcare product maker’s stock valued at $608,000 after acquiring an additional 100 shares during the last quarter. Stonebridge Capital Advisors LLC increased its holdings in Abbott Laboratories by 0.5% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 20,029 shares of the healthcare product maker’s stock valued at $2,371,000 after acquiring an additional 100 shares during the last quarter. Finally, Staley Capital Advisers Inc. increased its holdings in Abbott Laboratories by 0.4% in the 4th quarter. Staley Capital Advisers Inc. now owns 26,391 shares of the healthcare product maker’s stock valued at $2,897,000 after acquiring an additional 101 shares during the last quarter. 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.