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Abbott (ABT) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Abbott (ABT - Free Report) closed at $96.85, marking a -1.29% move from the previous day. This change lagged the S&P 500's daily loss of 0.27%. At the same time, the Dow lost 0.47%, and the tech-heavy Nasdaq gained 0.14%.
Coming into today, shares of the maker of infant formula, medical devices and drugs had lost 4.65% in the past month. In that same time, the Medical sector lost 3.01%, while the S&P 500 lost 2.86%.
Abbott will be looking to display strength as it nears its next earnings release, which is expected to be October 18, 2023. On that day, Abbott is projected to report earnings of $1.10 per share, which would represent a year-over-year decline of 4.35%. Our most recent consensus estimate is calling for quarterly revenue of $9.78 billion, down 6.06% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.40 per share and revenue of $39.78 billion, which would represent changes of -17.6% and -8.88%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Abbott. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% higher. Abbott currently has a Zacks Rank of #2 (Buy).
Digging into valuation, Abbott currently has a Forward P/E ratio of 22.3. For comparison, its industry has an average Forward P/E of 18.11, which means Abbott is trading at a premium to the group.
Also, we should mention that ABT has a PEG ratio of 4.38. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products was holding an average PEG ratio of 2.65 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 75, which puts it in the top 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Abbott (ABT) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Abbott (ABT - Free Report) closed at $96.85, marking a -1.29% move from the previous day. This change lagged the S&P 500's daily loss of 0.27%. At the same time, the Dow lost 0.47%, and the tech-heavy Nasdaq gained 0.14%.
Coming into today, shares of the maker of infant formula, medical devices and drugs had lost 4.65% in the past month. In that same time, the Medical sector lost 3.01%, while the S&P 500 lost 2.86%.
Abbott will be looking to display strength as it nears its next earnings release, which is expected to be October 18, 2023. On that day, Abbott is projected to report earnings of $1.10 per share, which would represent a year-over-year decline of 4.35%. Our most recent consensus estimate is calling for quarterly revenue of $9.78 billion, down 6.06% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.40 per share and revenue of $39.78 billion, which would represent changes of -17.6% and -8.88%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Abbott. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% higher. Abbott currently has a Zacks Rank of #2 (Buy).
Digging into valuation, Abbott currently has a Forward P/E ratio of 22.3. For comparison, its industry has an average Forward P/E of 18.11, which means Abbott is trading at a premium to the group.
Also, we should mention that ABT has a PEG ratio of 4.38. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Products was holding an average PEG ratio of 2.65 at yesterday's closing price.
The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 75, which puts it in the top 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.