Abbott Laboratories Expected to Post FY2017 Earnings of $2.51 Per Share (ABT)
Abbott Laboratories (NYSE:ABT) – Equities researchers at Jefferies Group cut their FY2017 earnings per share (EPS) estimates for shares of Abbott Laboratories in a research note issued to investors on Thursday. Jefferies Group analyst J. Holford now forecasts that the firm will post earnings of $2.51 per share for the year, down from their previous forecast of $2.56. Jefferies Group currently has a “Buy” rating and a $48.00 target price on the stock. Jefferies Group also issued estimates for Abbott Laboratories’ FY2018 earnings at $2.83 EPS, FY2019 earnings at $3.16 EPS and FY2020 earnings at $3.51 EPS.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. Abbott Laboratories had a return on equity of 15.11% and a net margin of 11.08%. The business earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the previous year, the firm earned $0.52 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year.
ABT has been the topic of several other research reports. Bank of America Corp. reissued a “buy” rating on shares of Abbott Laboratories in a research note on Monday, September 19th. Royal Bank Of Canada reissued an “outperform” rating and issued a $48.00 price target on shares of Abbott Laboratories in a research note on Monday, September 19th. Barclays PLC reissued an “overweight” rating and issued a $48.00 price target on shares of Abbott Laboratories in a research note on Tuesday, July 12th. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, July 5th. Finally, Argus reissued a “buy” rating and issued a $55.00 price target on shares of Abbott Laboratories in a research note on Thursday, July 28th. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $47.02.
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Abbott Laboratories (NYSE:ABT) opened at 40.79 on Monday. The firm has a market cap of $59.96 billion, a PE ratio of 26.92 and a beta of 0.87. The company’s 50 day moving average price is $41.96 and its 200 day moving average price is $41.39. Abbott Laboratories has a 52-week low of $36.00 and a 52-week high of $46.38.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a $0.26 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.55%. Abbott Laboratories’s payout ratio is 68.87%.
In other Abbott Laboratories news, insider Stephen R. Fussell sold 41,500 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $45.00, for a total transaction of $1,867,500.00. Following the completion of the transaction, the insider now directly owns 196,467 shares in the company, valued at $8,841,015. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Miles D. White acquired 242,547 shares of the stock in a transaction on Monday, July 25th. The shares were purchased at an average price of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the transaction, the chairman now owns 2,010,517 shares of the company’s stock, valued at $86,814,124.06. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jarislowsky Fraser Ltd increased its position in shares of Abbott Laboratories by 780.3% in the second quarter. Jarislowsky Fraser Ltd now owns 18,800,322 shares of the healthcare product maker’s stock valued at $1,060,533,000 after buying an additional 16,664,605 shares in the last quarter. Mondrian Investment Partners LTD bought a new stake in Abbott Laboratories during the first quarter worth $268,822,000. Massachusetts Financial Services Co. MA boosted its stake in Abbott Laboratories by 16.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 36,209,595 shares of the healthcare product maker’s stock worth $1,423,400,000 after buying an additional 5,115,232 shares during the last quarter. Flossbach Von Storch AG boosted its stake in Abbott Laboratories by 51.5% in the second quarter. Flossbach Von Storch AG now owns 14,514,773 shares of the healthcare product maker’s stock worth $570,576,000 after buying an additional 4,936,655 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new stake in Abbott Laboratories during the second quarter worth $162,264,000. Institutional investors and hedge funds own 73.00% of the company’s stock.
About Abbott Laboratories
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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