Abbott Laboratories (ABT) Releases FY16 Earnings Guidance
Abbott Laboratories (NYSE:ABT) updated its FY16 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.19-2.21 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.20.
Several equities research analysts have recently weighed in on the company. Argus reissued a buy rating and set a $55.00 price objective on shares of Abbott Laboratories in a research note on Thursday, July 28th. Barclays PLC reaffirmed an overweight rating and issued a $48.00 target price on shares of Abbott Laboratories in a research report on Tuesday, July 12th. BTIG Research reaffirmed a buy rating and issued a $45.00 target price on shares of Abbott Laboratories in a research report on Wednesday, August 10th. Bank of America Corp. reaffirmed a buy rating and issued a $50.00 target price on shares of Abbott Laboratories in a research report on Friday, August 12th. Finally, Edward Jones raised Abbott Laboratories from a hold rating to a buy rating in a research report on Tuesday, June 21st. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Abbott Laboratories presently has an average rating of Buy and an average price target of $47.02.
Shares of Abbott Laboratories (NYSE:ABT) opened at 41.17 on Wednesday. The stock has a 50 day moving average price of $41.83 and a 200 day moving average price of $41.37. Abbott Laboratories has a 12 month low of $36.00 and a 12 month high of $46.38. The firm has a market capitalization of $60.52 billion, a P/E ratio of 27.17 and a beta of 0.87.
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Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 19th. The healthcare product maker reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. The firm earned $5.30 billion during the quarter, compared to analyst estimates of $5.29 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 EPS. On average, analysts expect that Abbott Laboratories will post $2.20 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Wednesday, October 12th. Abbott Laboratories’s payout ratio is presently 68.87%.
In related news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the company’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $41.71, for a total value of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares of the company’s stock, valued at approximately $2,493,882.61. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Robert E. Funck sold 26,800 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $43.08, for a total transaction of $1,154,544.00. Following the completion of the transaction, the vice president now directly owns 111,819 shares of the company’s stock, valued at $4,817,162.52. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Jarislowsky Fraser Ltd raised 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 worth $1,060,533,000 after buying an additional 16,664,605 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of 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. Westwood Holdings Group Inc. bought a new position in shares of Abbott Laboratories during the second quarter worth $162,264,000. TIAA CREF Investment Management LLC raised its position in shares of Abbott Laboratories by 23.1% in the second quarter. TIAA CREF Investment Management LLC now owns 10,171,634 shares of the healthcare product maker’s stock worth $399,847,000 after buying an additional 1,906,748 shares during the last quarter. Finally, AXA raised its position in shares of Abbott Laboratories by 518.1% in the second quarter. AXA now owns 1,678,100 shares of the healthcare product maker’s stock worth $65,966,000 after buying an additional 1,406,600 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.
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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