Abbott Laboratories (NYSE:ABT) Issues FY24 Earnings Guidance

Abbott Laboratories (NYSE:ABT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $4.55-4.70 for the period, compared to the consensus estimate of $4.62. Abbott Laboratories also updated its FY 2024 guidance to 4.550-4.700 EPS.

Abbott Laboratories Stock Up 1.9 %

ABT stock opened at $107.29 on Friday. 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 firm has a market capitalization of $186.17 billion, a P/E ratio of 33.42, a P/E/G ratio of 2.55 and a beta of 0.74. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The company’s 50 day simple moving average is $114.19 and its 200-day simple moving average is $107.65.

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 13.96% and a return on equity of 20.32%. The company had revenue of $9.96 billion for the quarter, compared to the consensus estimate of $9.88 billion. During the same period in the previous year, the business earned $1.03 EPS. The company’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Abbott Laboratories will post 4.61 EPS for the current year.

Abbott Laboratories Dividend Announcement

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

Wall Street Analyst Weigh In

ABT has been the topic of a number of research reports. Raymond James upped 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. Barclays upped their target price on Abbott Laboratories from $133.00 to $141.00 and gave the stock an overweight rating in a research report on Friday, January 26th. Citigroup lifted their price target on Abbott Laboratories from $126.00 to $128.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Evercore ISI increased their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the stock an outperform rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada decreased their target price on shares of Abbott Laboratories from $128.00 to $125.00 and set an outperform rating for the company in a research report on Thursday. Three 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 currently has a consensus rating of Moderate Buy and an average price target of $121.31.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, EVP Andrea F. Wainer sold 12,500 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 78,704 shares of the company’s stock, valued at approximately $9,444,480. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Abbott Laboratories news, EVP Daniel Gesua Sive Salvadori sold 963 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 $114,115.50. Following the transaction, the executive vice president now directly owns 125,697 shares of the company’s stock, valued at approximately $14,895,094.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Andrea F. Wainer sold 12,500 shares of the firm’s 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 completion of the sale, 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. In the last three months, insiders have sold 56,435 shares of company stock worth $6,451,298. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Abbott Laboratories

Several large investors have recently bought and sold shares of the stock. Milestone Investment Advisors LLC acquired a new position in shares of Abbott Laboratories during the first quarter valued at about $117,000. Worth Asset Management LLC bought a new position in Abbott Laboratories during the first quarter valued at about $108,000. Hobbs Group Advisors LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth approximately $99,000. Tyler Stone Wealth Management bought a new stake in shares of Abbott Laboratories during the second quarter valued at approximately $61,000. Finally, Studio Investment Management LLC raised its stake in shares of Abbott Laboratories by 125.0% in the fourth quarter. Studio Investment Management LLC now owns 450 shares of the healthcare product maker’s stock valued at $49,000 after purchasing an additional 250 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

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.