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Based in Abbott Park, Illinois, Abbott Laboratories (ABT) is a global healthcare company that develops a broad range of medical devices, diagnostics, branded generic medicines, and nutritional products with a market cap of $197.55 billion. The company is scheduled to announce its Q3 earnings before the market opens on Wednesday, Oct. 16.
Ahead of the event, analysts expect ABT to report a profit of $1.20 per share, up 5.3% from $1.14 in the year-ago quarter. The company has surpassed or matched Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $1.14 per share for the last quarter surpassed the consensus estimate by 3.6%. Abbott’s Q2 performance was driven by solid growth in its Medical Devices segment.
For fiscal 2024, analysts expect ABT to report EPS of $4.66, up 5% from $4.44 in fiscal 2023.
ABT stock is up 3.2% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 19.7% gains and the iShares U.S. Medical Devices ETF’s (IHI) 8.5% returns over the same time frame.
On July 18, Abbott's stock dropped over 4% after the release of its Q2 earnings report despite raising its full-year profit forecast. Abbott projects fiscal Q3 adjusted EPS between $1.18 and $1.22 and revised its full-year guidance between $4.61 and $4.71.
The consensus opinion on ABT stock is bullish, with an overall “Strong Buy” rating. Out of 22 analysts covering the stock, 15 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and five suggest a “Hold.” ABT's average analyst price target is $125.55, indicating a potential upside of 10.6% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
