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Abbott Laboratories (NYSE:ABT) Updates FY23 Earnings Guidance

Financial News Live · Jan 28, 2023 08:12

Abbott Laboratories (NYSE:ABT – Get Rating) updated its FY23 earnings guidance on Wednesday. The company provided earnings per share guidance of $4.30-4.50 for the period, compared to the consensus earnings per share estimate of $4.45. Abbott Laboratories also updated its FY 2023 guidance to $4.30-$4.50 EPS.

Analysts Set New Price Targets

A number of analysts recently issued reports on ABT shares. Stifel Nicolaus raised their price target on Abbott Laboratories from $110.00 to $125.00 and gave the stock a buy rating in a research report on Thursday. Royal Bank of Canada cut their target price on Abbott Laboratories from $132.00 to $126.00 and set an outperform rating on the stock in a research note on Thursday, October 20th. Jefferies Financial Group initiated coverage on Abbott Laboratories in a research note on Wednesday, October 12th. They set a hold rating and a $110.00 price target on the stock. Morgan Stanley boosted their price target on Abbott Laboratories from $117.00 to $133.00 and gave the stock an overweight rating in a research note on Friday, January 6th. Finally, Wells Fargo & Company dropped their price target on Abbott Laboratories from $150.00 to $140.00 and set an overweight rating on the stock in a research note on Monday, October 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Abbott Laboratories presently has a consensus rating of Moderate Buy and a consensus target price of $125.63.

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Abbott Laboratories Trading Down 1.0 %

Shares of NYSE:ABT opened at $109.95 on Friday. The company has a market capitalization of $191.71 billion, a PE ratio of 28.12, a PEG ratio of 5.06 and a beta of 0.69. Abbott Laboratories has a 12-month low of $93.25 and a 12-month high of $130.93. The business has a 50 day moving average of $109.07 and a two-hundred day moving average of $105.86. The company has a current ratio of 1.86, a quick ratio of 1.43 and a debt-to-equity ratio of 0.43.

Abbott Laboratories (NYSE:ABT – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The healthcare product maker reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.13. The business had revenue of $10.09 billion during the quarter, compared to analysts' expectations of $9.69 billion. Abbott Laboratories had a return on equity of 26.24% and a net margin of 15.88%. The business's revenue was down 12.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.32 earnings per share. As a group, analysts forecast that Abbott Laboratories will post 4.37 EPS for the current year.

Abbott Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.86%. This is a boost from Abbott Laboratories's previous quarterly dividend of $0.47. The ex-dividend date is Thursday, January 12th. Abbott Laboratories's payout ratio is presently 52.17%.

Insider Buying and Selling

In related news, EVP John F. Ginascol sold 11,000 shares of the business's stock in a transaction that occurred on Tuesday, December 13th. The stock was sold at an average price of $112.32, for a total transaction of $1,235,520.00. Following the completion of the sale, the executive vice president now directly owns 111,912 shares in the company, valued at $12,569,955.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.52% of the stock is owned by company insiders.

Institutional Trading of Abbott Laboratories

Large investors have recently added to or reduced their stakes in the stock. MQS Management LLC purchased a new stake in Abbott Laboratories in the 3rd quarter valued at $702,000. Mirabella Financial Services LLP acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at $664,000. Summit Financial Group Inc. lifted its stake in shares of Abbott Laboratories by 5.0% in the 3rd quarter. Summit Financial Group Inc. now owns 6,393 shares of the healthcare product maker's stock valued at $618,000 after purchasing an additional 303 shares during the last quarter. West Michigan Advisors LLC lifted its stake in shares of Abbott Laboratories by 11.0% in the 1st quarter. West Michigan Advisors LLC now owns 4,637 shares of the healthcare product maker's stock valued at $549,000 after purchasing an additional 461 shares during the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in shares of Abbott Laboratories in the 3rd quarter valued at $513,000. 72.93% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Company Profile

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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.