Abbott Laboratories (NYSE:ABT) Announces Quarterly Earnings Results

Abbott Laboratories (NYSE:ABT) posted its quarterly earnings data on Thursday. The healthcare product maker reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.15, MarketWatch Earnings reports. The firm had revenue of $10.22 billion for the quarter, compared to analysts’ expectations of $9.67 billion. Abbott Laboratories had a return on equity of 24.02% and a net margin of 15.33%. The business’s quarterly revenue was up 41.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. Abbott Laboratories updated its FY 2021 guidance to $4.300-$4.500 EPS and its FY21 guidance to $4.30-4.50 EPS.

Shares of ABT stock traded down $1.21 during trading hours on Thursday, reaching $117.77. 255,672 shares of the stock were exchanged, compared to its average volume of 5,344,334. The company has a market cap of $209.26 billion, a price-to-earnings ratio of 37.30, a price-to-earnings-growth ratio of 2.33 and a beta of 0.68. Abbott Laboratories has a 12-month low of $98.00 and a 12-month high of $128.54. The stock’s 50-day moving average is $114.72. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.75 and a quick ratio of 1.32.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 16th. Shareholders of record on Thursday, July 15th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Wednesday, July 14th. Abbott Laboratories’s payout ratio is 49.32%.

Several equities analysts have weighed in on the stock. SVB Leerink lifted their price target on shares of Abbott Laboratories from $115.00 to $128.00 and gave the company a “market perform” rating in a report on Tuesday. BTIG Research lowered their target price on shares of Abbott Laboratories from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, June 2nd. Raymond James cut their price target on Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating for the company in a research note on Wednesday, June 2nd. Atlantic Securities began coverage on Abbott Laboratories in a research note on Thursday, April 15th. They issued a “neutral” rating and a $122.00 price objective for the company. Finally, Wells Fargo & Company boosted their price target on Abbott Laboratories from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday, July 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $123.22.

In other Abbott Laboratories news, SVP Jared Watkin sold 94,576 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $119.90, for a total transaction of $11,339,662.40. Following the completion of the transaction, the senior vice president now owns 59,783 shares in the company, valued at $7,167,981.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.

A hedge fund recently raised its stake in Abbott Laboratories stock. Camden National Bank lifted its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,707 shares of the healthcare product maker’s stock after acquiring an additional 114 shares during the quarter. Camden National Bank’s holdings in Abbott Laboratories were worth $844,000 at the end of the most recent reporting period. 72.99% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Company Profile

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.

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Earnings History for Abbott Laboratories (NYSE:ABT)

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