Wall Street analysts expect Abbott Laboratories (NYSE:ABT) to post sales of $7.74 billion for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Abbott Laboratories’ earnings, with estimates ranging from $7.69 billion to $7.77 billion. Abbott Laboratories posted sales of $6.64 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 16.6%. The business is expected to report its next quarterly earnings results before the market opens on Wednesday, July 18th.
According to Zacks, analysts expect that Abbott Laboratories will report full year sales of $31.02 billion for the current financial year, with estimates ranging from $30.82 billion to $31.20 billion. For the next year, analysts expect that the firm will report sales of $32.91 billion per share, with estimates ranging from $32.52 billion to $33.27 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Abbott Laboratories.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, April 18th. The healthcare product maker reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. Abbott Laboratories had a return on equity of 14.54% and a net margin of 1.67%. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same period in the prior year, the company earned $0.48 earnings per share. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year.
ABT has been the subject of a number of research reports. Sanford C. Bernstein initiated coverage on Abbott Laboratories in a report on Wednesday. They set an “outperform” rating and a $73.00 price objective for the company. Citigroup decreased their price objective on Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, April 24th. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a report on Sunday, April 22nd. Finally, Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Friday, April 20th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Abbott Laboratories has a consensus rating of “Buy” and an average price target of $69.35.
Shares of Abbott Laboratories traded down $0.28, hitting $60.99, during trading hours on Tuesday, MarketBeat reports. The company’s stock had a trading volume of 5,807,251 shares, compared to its average volume of 5,066,088. Abbott Laboratories has a 12 month low of $47.83 and a 12 month high of $64.60. The company has a market capitalization of $106.93 billion, a P/E ratio of 24.40, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.66 and a quick ratio of 1.24.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Friday, July 13th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, July 12th. This represents a $1.12 annualized dividend and a yield of 1.84%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 44.80%.
In other news, insider Jaime Contreras sold 849 shares of the firm’s stock in a transaction that occurred on Monday, April 23rd. The stock was sold at an average price of $59.36, for a total value of $50,396.64. Following the completion of the sale, the insider now directly owns 50,436 shares of the company’s stock, valued at $2,993,880.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Sharon J. Bracken sold 2,150 shares of the firm’s stock in a transaction that occurred on Friday, May 4th. The shares were sold at an average price of $58.56, for a total value of $125,904.00. Following the completion of the sale, the senior vice president now directly owns 43,990 shares of the company’s stock, valued at $2,576,054.40. The disclosure for this sale can be found here. Insiders have sold 5,999 shares of company stock valued at $359,901 over the last three months. Insiders own 0.74% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ABT. BlackRock Inc. lifted its holdings in Abbott Laboratories by 3.3% during the 4th quarter. BlackRock Inc. now owns 110,201,384 shares of the healthcare product maker’s stock worth $6,289,191,000 after purchasing an additional 3,566,731 shares during the last quarter. Montag & Caldwell LLC acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $97,503,000. Ceredex Value Advisors LLC acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $97,236,000. Amundi Pioneer Asset Management Inc. acquired a new stake in Abbott Laboratories during the 4th quarter worth approximately $66,450,000. Finally, Eaton Vance Management lifted its holdings in Abbott Laboratories by 33.3% during the 1st quarter. Eaton Vance Management now owns 3,656,561 shares of the healthcare product maker’s stock worth $219,101,000 after purchasing an additional 913,126 shares during the last quarter. 71.67% of the stock is owned by institutional investors.
About Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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