Stocks Breaking Down: Shares Of Abbott Laboratories (ABT) Trade Down, Here’s Why

Abbott Laboratories (ABT)

Abbott Laboratories (ABT), a Medical Devices corporation, was a bullish stock in the prior trading session. Abbott Laboratories (ABT) stock started the day for trading at $91.85 and closed the day at $92.09 with negative move of -0.21%. This decrease move beat the Dow’s -0.31% lose for the prior trading session.

Abbott Laboratories (ABT) is focused on the Medical Devices sector. This sector has seen some movement from investors in recent trading sessions. Bullish investors of Abbott Laboratories (ABT) will be looking for positive upcoming earnings whereas bearish investors of Abbott Laboratories (ABT) will be looking for negative earnings. The last time Abbott Laboratories (ABT) had an earnings surprise was on Qtr Ending 03/20 when they reported $0.65 compared to an estimate of $0.55 which was a difference of $+0.10 resulting in a change of +18.18%. Current earnings estimates are to be released for Current Qtr 06/2020 on Abbott Laboratories (ABT) and out of 9 Wall Street estimates the average is saying $0.41. The high estimate is saying $0.50 whereas the low estimate is saying $0.29 and the prior year Abbott Laboratories (ABT) announced earnings at $0.82 a growth rate est. (year over year) of -50.00%.

The market performance of Abbott Laboratories (ABT) has varied recently. Year to date Abbott Laboratories (ABT)’s shares are up 6.02%. Over the past 12 weeks Abbott Laboratories (ABT) is up 2.93% and over the last 4 weeks Abbott Laboratories (ABT) is up 15.92%. Abbott Laboratories (ABT) current income statement shows revenue (ttm) of $32.1B. Gross Profit is $18.71B. This puts the current EBITDA of Abbott Laboratories (ABT) at $8.03B.

Wall street investors might also notice recent changes to stock analyst estimates for Abbott Laboratories (ABT). The stock is trading with an RSI (relative strength index) of 57.17 indicating Abbott Laboratories (ABT) is neither overbought nor oversold. Technically, ABT’s short term support levels are around $3.54, $2.82 and $1.97 on the downside. ABTs short term resistance levels are $6.00, $5.50 and $5.32 on the upside. The market cap of Abbott Laboratories (ABT) is $162.394B and institutions hold 76.91% of the stock. The outstanding share count stands at 1.79B while the short float (shares short) stands at 1.02%.

Research shows that these earning estimate changes look to be directly correlated with short-term stock prices. The investors can look to capitalize on the basis of ranking. Abbott Laboratories (ABT) has short term rating of Bullish (0.40), Intermediate rating of Neutral (0.23) and long-term rating of Bullish (0.44) giving Abbott Laboratories (ABT) an overall rating of Bullish (0.36).

The EPS growth this year on Abbott Laboratories (ABT) is increased 45.20% and is expected to increase 29.75% next year. However, quarterly earnings (EPS) growth year over year on Abbott Laboratories (ABT) has increased by 41.60% and quarterly revenue (Sales) growth year over year stands at 7.10%. Gross margin is detected at 58.50% that represents the percent of total sales revenue that the company retains after direct cost of goods sold. Net profit margin (ttm) is 10.30% while return on equity (ttm) is 10.50%.

Recent Developments:

2020-04-27 – U.S. FDA In Letter Dated April 26, Authorizes Emergency Use Of Abbott’s SARS-CoV-2 IgG Assay.
2020-04-16 – Abbott Reports Q1 GAAP EPS From Continuing Operations Of $0.30.
2020-04-15 – Abbott Launches Third Covid-19 Test, A Laboratory-Based Antibody Blood Test That Will Ship In The U.S. Starting Tomorrow.
2020-03-18 – Abbott Receives FDA Authorization And Launches Test To Detect Coronavirus.
2020-02-19 – FDA Says Abbott Vascular Recalls NC Trek RX And NC Traveler RX Coronary Dilatation Catheters Due To Failure Of Balloon To Deflate.

About Company:

Abbott Park, IL-based Abbott discovers, develops, manufactures and sells a diversified line of health care products. Established Pharmaceuticals Division (EPD) includes branded generics business in the emerging markets. The division accounted for 14% of total sales in 2019 and registered organic growth of 7.