Abbott Laboratories (NYSE:ABT) Updates 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 guidance of 1.080-1.120 for the period, compared to the consensus earnings per share 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 Stock Down 0.6 %

ABT stock opened at $105.27 on Friday. The firm has a market cap of $182.66 billion, a PE ratio of 32.29, a P/E/G ratio of 2.63 and a beta of 0.74. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.16 and a current ratio of 1.64. The firm’s fifty day moving average is $114.28 and its 200 day moving average is $107.57. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64.

Abbott Laboratories (NYSE:ABT) last announced its 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 $0.96 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 for the quarter, compared to analyst estimates of $9.88 billion. During the same quarter last year, the business earned $1.03 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, research analysts forecast that Abbott Laboratories will post 4.62 EPS for the current 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 paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Friday, April 12th. Abbott Laboratories’s dividend payout ratio is currently 67.48%.

Wall Street Analysts Forecast Growth

ABT has been the topic of a number of analyst reports. Citigroup lifted their target price on shares of Abbott Laboratories from $126.00 to $128.00 and gave the stock a buy rating in a research note on Wednesday, April 3rd. Raymond James lifted their target price 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. TheStreet raised shares of Abbott Laboratories from a c+ rating to a b- rating in a research note on Thursday, December 21st. Barclays lifted their target price 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. Finally, Royal Bank of Canada reduced their target price on shares of Abbott Laboratories from $128.00 to $125.00 and set an outperform rating on the stock in a research note on Thursday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of Moderate Buy and an average target price of $121.31.

Insider Activity

In related news, 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 value of $55,932.00. Following the completion of the transaction, the vice president now owns 18,760 shares in the company, valued at $2,223,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 value of $55,932.00. Following the completion of the transaction, the vice president now owns 18,760 shares in the company, valued at $2,223,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel Gesua Sive Salvadori sold 963 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 $114,115.50. Following the completion of the transaction, the executive vice president now owns 125,697 shares of the company’s stock, valued at approximately $14,895,094.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,435 shares of company stock valued at $6,451,298. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABT. Cornerstone Planning Group LLC acquired a new position in Abbott Laboratories during the 2nd quarter worth approximately $28,000. Altshuler Shaham Ltd acquired a new position in Abbott Laboratories during the 4th quarter worth approximately $28,000. Wahed Invest LLC grew its holdings in Abbott Laboratories by 888.9% during the 4th quarter. Wahed Invest LLC now owns 270,163 shares of the healthcare product maker’s stock worth $30,000 after acquiring an additional 242,843 shares in the last quarter. True Wealth Design LLC acquired a new position in Abbott Laboratories during the 4th quarter worth approximately $33,000. Finally, FWL Investment Management LLC acquired a new position in Abbott Laboratories during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

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.