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

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

Abbott Laboratories Trading Up 0.1 %

Shares of ABT stock opened at $117.90 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The stock has a market capitalization of $205.10 billion, a P/E ratio of 36.73, a P/E/G ratio of 2.74 and a beta of 0.72. The firm’s 50 day moving average is $113.76 and its 200 day moving average is $108.47.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping the consensus estimate of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. Abbott Laboratories’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 earnings per share. Research analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target for the company. Sanford C. Bernstein increased their price target on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday. Raymond James restated a “buy” rating and issued a $129.00 price objective (up from $122.00) on shares of Abbott Laboratories in a research report on Monday. Jefferies Financial Group increased their target price on Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, UBS Group upped their price target on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.67.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at $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 available at this link. 1.10% of the stock is owned by insiders.

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.