Abbott Laboratories (NYSE:ABT) shares, rose in value on Thursday, May 25, with the stock price down by -1.84% to the previous day’s close as strong demand from buyers drove the stock to $102.13.
Actively observing the price movement in the recent trading, the stock is buoying the session at $104.04, falling within a range of $103.99 and $105.65. The value of beta (5-year monthly) is 0.66 whereas the PE ratio is 31.54 over 12-month period. Referring to stock’s 52-week performance, its high was $118.23, and the low was $93.25. On the whole, ABT has fluctuated by -6.09% over the past month.
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With the market capitalization of Abbott Laboratories currently standing at about $180.16 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 18, 2023 – Jul 24, 2023. The company’s Forward Dividend Ratio is 2.04, with its dividend yield at 1.96%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $1.05, which is expected to increase to $1.15 for fiscal year $4.4 and then to about $4.62 by fiscal year 2024. Data indicates that the EPS growth is expected to be -17.60% in 2024, while the next year’s EPS growth is forecast to be 5.00%.
Analysts have estimated the company’s revenue for the quarter at $9.7 billion, with a low estimate of $9.52 billion and a high estimate of $9.96 billion. According to the average forecast, sales growth in current quarter could jump down -13.80%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $39.63 billion, representing a decrease of -9.20% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ABT’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 50% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of ABT currently trading nearly -6.83% and -3.13% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 28.95, while the 7-day volatility ratio is showing 1.39% which for the 30-day chart, stands at 1.29%. Furthermore, Abbott Laboratories (ABT)’s beta value is 0.66, and its average true range (ATR) is 1.70.
A comparison of Abbott Laboratories (ABT) with its peers suggests the former has fared considerably weaker in the market. ABT showed an intraday change of -1.84% in today’s session so far, and over the past year, it shrunk by -10.23%%. In comparison, Johnson & Johnson (JNJ) has moved lower at -1.20% today and is down -14.67% over the past 12 months. On the other hand, the price of Rogers Corporation (ROG) has risen 1.39% today. The stock, however, is off -40.12% from where it was a year ago. The PE ratio stands at 31.54 for Abbott Laboratories, compared to 32.77 for Johnson & Johnson, and 30.04 for Rogers Corporation. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.82%. Meanwhile, the Dow Jones Industrial Slipped by -0.15%.
Data on historical trading for Abbott Laboratories (NYSE:ABT) indicates that the trading volumes over the past 10 days have averaged 3.7 million and over the past 3 months, they’ve averaged 5.19 million. According to company’s latest data on outstanding shares, there are 1.74 billion shares outstanding.
Nearly 0.40% of Abbott Laboratories’s shares belong to company insiders and institutional investors own 76.20% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 12.95 million shares as on May 14, 2023, resulting in a short ratio of 2.63. According to the data, the short interest in Abbott Laboratories (ABT) stood at 0.74% of shares outstanding as of May 14, 2023; the number of short shares registered in Apr 13, 2023 reached 12.6 million. The stock has fallen by -6.98% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ABT stock heading into the next quarter.