ABT Earnings: Abbott Beats Expectations with Q1 Earnings
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Abbott Laboratories Non-GAAP EPS of $0.98 beats by $0.03, raises midpoint of FY guidance ranges
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RBC Capital Remains a Buy on Abbott Labs (ABT)
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Abbott manufactures and markets cardiovascular and diabetes devices, adult and pediatric nutritional products, diagnostic equipment and testing kits, and branded generic drugs. Products include pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, catheters, infant formula, nutritional liquids for adults, continuous glucose monitors, and immunoassays and point-of-care diagnostic equipment. Abbott derives approximately 60% of sales outside the United States.
Abbott Laboratories trades on the NYSE stock market under the symbol ABT.
As of April 17, 2024, ABT stock price declined to $105.90 with 10,641,434 million shares trading.
ABT has a beta of 0.58, meaning it tends to be less sensitive to market movements. ABT has a correlation of 0.09 to the broad based SPY ETF.
ABT has a market cap of $183.76 billion. This is considered a Large Cap stock.
Last quarter Abbott Laboratories reported $10 billion in Revenue and $1.19 earnings per share. This beat revenue expectation by $61 million and met earnings estimates .
In the last 3 years, ABT stock traded as high as $142.60 and as low as $89.67.
The top ETF exchange traded funds that ABT belongs to (by Net Assets): VTI, VOO, SPY, IVV, VTV.
ABT has underperformed the market in the last year with a price return of +3.9% while the SPY ETF gained +23.0%. ABT has also underperformed the stock market ETF in the last 3 month and 2 week periods returning -6.4% and -5.0%, respectively, while the SPY returned +5.7% and -3.5%, respectively.
ABT support price is $107.96 and resistance is $110.46 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that ABT stock will trade within this expected range on the day.