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Abbott Laboratories (NYSE:ABT) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

kopsource · Jan 27, 2023 12:46

Abbott Laboratories (NYSE:ABT – Get Rating) released its quarterly earnings data on Wednesday. The healthcare product maker reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.13, Briefing.com reports. Abbott Laboratories had a return on equity of 26.24% and a net margin of 15.88%. The company had revenue of $10.09 billion during the quarter, compared to the consensus estimate of $9.69 billion. During the same quarter in the prior year, the firm posted $1.32 earnings per share. The firm's revenue was down 12.0% compared to the same quarter last year. Abbott Laboratories updated its FY23 guidance to $4.30-4.50 EPS and its FY 2023 guidance to $4.30-$4.50 EPS.

Abbott Laboratories Stock Performance

Shares of ABT opened at $111.07 on Friday. The stock has a 50 day moving average price of $108.90 and a two-hundred day moving average price of $105.82. Abbott Laboratories has a 52 week low of $93.25 and a 52 week high of $130.93. The firm has a market capitalization of $193.66 billion, a P/E ratio of 28.41, a P/E/G ratio of 5.06 and a beta of 0.69. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.43 and a current ratio of 1.86.

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Abbott Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, January 12th. This is an increase from Abbott Laboratories's previous quarterly dividend of $0.47. This represents a $2.04 annualized dividend and a dividend yield of 1.84%. Abbott Laboratories's payout ratio is presently 52.17%.

Insider Buying and Selling

In other news, EVP John F. Ginascol sold 11,000 shares of the company's stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $112.32, for a total value of $1,235,520.00. Following the completion of the sale, the executive vice president now owns 111,912 shares in the company, valued at approximately $12,569,955.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Abbott Laboratories

Hedge funds have recently bought and sold shares of the business. Worth Asset Management LLC purchased a new position in shares of Abbott Laboratories in the 1st quarter worth about $108,000. Fairfield Bush & CO. purchased a new stake in shares of Abbott Laboratories during the 1st quarter worth approximately $131,000. Global Wealth Management Investment Advisory Inc. lifted its stake in Abbott Laboratories by 16.5% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 1,249 shares of the healthcare product maker's stock valued at $148,000 after purchasing an additional 177 shares during the last quarter. BCK Partners Inc. purchased a new stake in Abbott Laboratories in the first quarter worth $220,000. Finally, Eudaimonia Advisors LLC purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at $240,000. 72.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of Abbott Laboratories from $132.00 to $126.00 and set an "outperform" rating for the company in a research note on Thursday, October 20th. Stifel Nicolaus upped their price target on Abbott Laboratories from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday. Sanford C. Bernstein raised their price objective on Abbott Laboratories from $125.00 to $132.00 and gave the stock an "outperform" rating in a research report on Thursday. Barclays increased their target price on shares of Abbott Laboratories from $122.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Morgan Stanley upped their price objective on shares of Abbott Laboratories from $117.00 to $133.00 and gave the company an "overweight" rating in a research note on Friday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $126.41.

About Abbott Laboratories

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.