Abbott Laboratories (NYSE:ABT – Get Free Report) was up 4.6% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $112.57 and last traded at $112.22. Approximately 2,204,038 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 5,033,934 shares. The stock had previously closed at $107.28.
The healthcare product maker reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. Abbott Laboratories had a net margin of 13.98% and a return on equity of 22.36%. The business had revenue of $9.98 billion for the quarter, compared to analysts’ expectations of $9.71 billion. During the same period in the previous year, the business earned $1.43 earnings per share. The company’s revenue was down 11.4% on a year-over-year basis.
Abbott Laboratories Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a dividend of $0.51 per share. The ex-dividend date is Thursday, July 13th. This represents a $2.04 annualized dividend and a yield of 1.82%. Abbott Laboratories’s payout ratio is presently 62.01%.
Analysts Set New Price Targets
Insider Buying and Selling at Abbott Laboratories
In other news, Director Daniel J. Starks sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $111.02, for a total value of $5,551,000.00. Following the completion of the sale, the director now directly owns 6,825,316 shares of the company’s stock, valued at $757,746,582.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Andrea F. Wainer sold 8,226 shares of Abbott Laboratories stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $110.56, for a total value of $909,466.56. Following the completion of the transaction, the executive vice president now directly owns 70,427 shares in the company, valued at $7,786,409.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel J. Starks sold 50,000 shares of Abbott Laboratories stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $111.02, for a total value of $5,551,000.00. Following the completion of the transaction, the director now owns 6,825,316 shares of the company’s stock, valued at $757,746,582.32. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Institutional Investors Weigh In On Abbott Laboratories
Several large investors have recently added to or reduced their stakes in ABT. JDM Financial Group LLC bought a new stake in Abbott Laboratories during the fourth quarter worth about $26,000. Altshuler Shaham Ltd bought a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $28,000. Monumental Financial Group Inc. bought a new stake in shares of Abbott Laboratories in the 1st quarter valued at about $32,000. FWL Investment Management LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $33,000. Finally, True Wealth Design LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $33,000. Institutional investors own 73.08% of the company’s stock.
Abbott Laboratories Stock Performance
The company has a market cap of $194.43 billion, a PE ratio of 33.98, a P/E/G ratio of 4.83 and a beta of 0.68. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The business has a fifty day moving average of $106.05 and a 200-day moving average of $106.28.
About Abbott Laboratories
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.
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