Abbott Laboratories (NYSE:ABT) Updates FY 2024 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its FY 2024 earnings guidance on Wednesday. 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.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABT. Barclays boosted their price target on shares of Abbott Laboratories from $133.00 to $141.00 and gave the stock an overweight rating in a research note on Friday, January 26th. TheStreet raised shares of Abbott Laboratories from a c+ rating to a b- rating in a research note on Thursday, December 21st. Evercore ISI boosted their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. Raymond James boosted their price target on shares of Abbott Laboratories from $124.00 to $127.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $128.00 price objective on shares of Abbott Laboratories in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $121.54.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $105.90 on Thursday. 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 current ratio of 1.64 and a quick ratio of 1.16. The company’s 50-day moving average is $114.42 and its 200 day moving average is $107.59. The stock has a market capitalization of $183.76 billion, a P/E ratio of 32.48, a P/E/G ratio of 2.62 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.03. The company had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a net margin of 14.27% and a return on equity of 20.65%. Abbott Laboratories’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 earnings per share. On average, sell-side analysts expect that Abbott Laboratories will post 4.62 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm 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 $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 67.48%.

Insiders Place Their Bets

In other Abbott Laboratories news, VP John A. Jr. Mccoy sold 472 shares of the company’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 $55,932.00. Following the sale, the vice president now owns 18,760 shares in the company, valued at $2,223,060. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP John A. Jr. Mccoy sold 472 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $118.50, for a total value of $55,932.00. Following the transaction, the vice president now owns 18,760 shares in the company, valued at $2,223,060. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Andrea F. Wainer sold 12,500 shares of the company’s stock in a transaction that occurred 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 completion of 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. 0.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Patriot Investment Management Group Inc. lifted its stake in shares of Abbott Laboratories by 3.1% in the fourth quarter. Patriot Investment Management Group Inc. now owns 3,236 shares of the healthcare product maker’s stock worth $356,000 after buying an additional 96 shares in the last quarter. Shepherd Financial Partners LLC lifted its position in Abbott Laboratories by 4.5% during the fourth quarter. Shepherd Financial Partners LLC now owns 2,275 shares of the healthcare product maker’s stock valued at $250,000 after purchasing an additional 99 shares during the period. Landaas & Co. WI ADV lifted its position in Abbott Laboratories by 1.8% during the fourth quarter. Landaas & Co. WI ADV now owns 5,534 shares of the healthcare product maker’s stock valued at $608,000 after purchasing an additional 100 shares during the period. Stonebridge Capital Advisors LLC lifted its position in Abbott Laboratories by 0.5% during the first quarter. Stonebridge Capital Advisors LLC now owns 20,029 shares of the healthcare product maker’s stock valued at $2,371,000 after purchasing an additional 100 shares during the period. Finally, Staley Capital Advisers Inc. lifted its position in Abbott Laboratories by 0.4% during the fourth quarter. Staley Capital Advisers Inc. now owns 26,391 shares of the healthcare product maker’s stock valued at $2,897,000 after purchasing an additional 101 shares during the period. Institutional investors 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.