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 4.640-4.700 for the period, compared to the consensus earnings per share estimate of 4.660. The company issued revenue guidance of -. Abbott Laboratories also updated its Q4 guidance to $1.31-1.37 EPS.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABT. Edward Jones downgraded shares of Abbott Laboratories from a buy rating to a hold rating in a report on Tuesday, July 30th. Royal Bank of Canada boosted their price objective on shares of Abbott Laboratories from $125.00 to $130.00 and gave the stock an outperform rating in a report on Tuesday, October 8th. Piper Sandler began coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an overweight rating and a $131.00 price objective on the stock. Citigroup lifted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a buy rating in a research report on Thursday, August 22nd. Finally, Piper Sandler Companies began coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an overweight rating and a $131.00 target price for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $125.54.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $116.04 on Wednesday. The firm has a 50 day simple moving average of $113.44 and a 200-day simple moving average of $108.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The firm has a market cap of $201.87 billion, a PE ratio of 36.15, a P/E/G ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 1-year low of $90.87 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. During the same quarter in the previous year, the business posted $1.08 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. On average, equities analysts expect that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.90%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

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.