Abbott Laboratories (ABT) Issues Earnings Results
Abbott Laboratories (NYSE:ABT) issued its quarterly earnings data on Wednesday. The healthcare product maker reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.01, RTT News reports. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The business had revenue of $6.83 billion during the quarter, compared to the consensus estimate of $6.72 billion. During the same period in the prior year, the firm posted $0.59 EPS. The firm’s quarterly revenue was up 28.8% compared to the same quarter last year. Abbott Laboratories updated its Q4 guidance to $0.72-0.74 EPS.
Shares of Abbott Laboratories (NYSE ABT) opened at 55.06 on Wednesday. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $55.43. The stock has a market capitalization of $95.66 billion, a PE ratio of 77.11 and a beta of 1.06. The firm has a 50-day moving average of $52.59 and a 200 day moving average of $48.17.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 1.93%. The ex-dividend date is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio is presently 149.30%.
In other news, insider Daniel Gesua Sive Salvadori sold 62,460 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $52.95, for a total value of $3,307,257.00. Following the transaction, the insider now owns 113,426 shares of the company’s stock, valued at $6,005,906.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen R. Fussell sold 196,550 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $49.50, for a total transaction of $9,729,225.00. Following the completion of the transaction, the insider now directly owns 221,488 shares in the company, valued at approximately $10,963,656. The disclosure for this sale can be found here. Over the last quarter, insiders sold 333,310 shares of company stock valued at $16,857,255. Company insiders own 0.76% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Albion Financial Group UT purchased a new position in shares of Abbott Laboratories in the second quarter worth $211,000. Ackerman Capital Advisors LLC purchased a new position in shares of Abbott Laboratories in the second quarter worth $231,000. TLP Group LLC purchased a new position in shares of Abbott Laboratories in the second quarter worth $254,000. Coldstream Capital Management Inc. lifted its holdings in shares of Abbott Laboratories by 9.7% in the second quarter. Coldstream Capital Management Inc. now owns 5,484 shares of the healthcare product maker’s stock worth $267,000 after buying an additional 485 shares in the last quarter. Finally, Segment Wealth Management LLC purchased a new position in shares of Abbott Laboratories in the second quarter worth $268,000. 71.45% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on ABT shares. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, October 3rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Abbott Laboratories in a research report on Thursday, June 29th. TheStreet raised shares of Abbott Laboratories from a “c+” rating to a “b” rating in a research report on Monday, July 3rd. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $54.00 price objective (up from $47.50) on shares of Abbott Laboratories in a research report on Friday, June 30th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $55.00 price objective (up from $48.00) on shares of Abbott Laboratories in a research report on Friday, July 14th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $54.94.
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About Abbott Laboratories
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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