Abbott Laboratories (ABT) Releases Q3 Earnings Guidance
Abbott Laboratories (NYSE:ABT) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.64-0.66 for the period, compared to the Thomson Reuters consensus estimate of $0.66. Abbott Laboratories also updated its FY17 guidance to $2.43-2.53 EPS.
Shares of Abbott Laboratories (ABT) traded up 2.87% during mid-day trading on Thursday, hitting $50.85. The company had a trading volume of 12,276,175 shares. Abbott Laboratories has a one year low of $37.38 and a one year high of $51.13. The firm’s 50-day moving average price is $48.03 and its 200 day moving average price is $44.63. The company has a market capitalization of $88.24 billion, a P/E ratio of 52.91 and a beta of 1.07.
Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. Abbott Laboratories had a net margin of 6.74% and a return on equity of 14.91%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.55 EPS. Analysts predict that Abbott Laboratories will post $2.47 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Wednesday, July 12th. Abbott Laboratories’s payout ratio is presently 110.42%.
A number of equities analysts recently weighed in on ABT shares. TheStreet raised shares of Abbott Laboratories from a c+ rating to a b rating in a research note on Monday, July 3rd. Royal Bank Of Canada reaffirmed a buy rating on shares of Abbott Laboratories in a research note on Monday, May 15th. Jefferies Group LLC reaffirmed a buy rating and issued a $51.00 target price (up from $50.00) on shares of Abbott Laboratories in a research note on Friday, May 12th. Stifel Nicolaus reaffirmed a buy rating and issued a $49.00 target price on shares of Abbott Laboratories in a research note on Tuesday, April 18th. Finally, Cowen and Company reaffirmed a buy rating and issued a $48.00 target price on shares of Abbott Laboratories in a research note on Thursday, April 13th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $51.33.
In other news, insider Roger Bird sold 5,600 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $43.82, for a total value of $245,392.00. Following the sale, the insider now directly owns 51,313 shares of the company’s stock, valued at approximately $2,248,535.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen R. Fussell sold 196,550 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $46.00, for a total transaction of $9,041,300.00. Following the completion of the sale, the insider now directly owns 221,488 shares in the company, valued at $10,188,448. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 206,902 shares of company stock worth $9,497,761. 0.76% of the stock is owned by insiders.
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Abbott Laboratories Company Profile
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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