The third-quarter earnings season is in full swing, with 84 S&P 500 companies scheduled to release their earnings this week. When does Abbott Laboratories report its earnings and what do analysts expect for the company?
Abbott's earnings date and time
Abbott Laboratories is set to report its third-quarter earnings on Oct. 21 at 7:30 a.m. ET, followed by an earnings conference call at 9:00 a.m. ET. Analysts polled by Tikr expect Abbott to report revenue of $8.5 billion in the quarter, marking a YoY (year-over-year) rise of 5.4 percent. They expect its revenue to rise by 15.6 percent YoY in the fourth quarter. In comparison, its revenue tumbled 8.2 percent YoY in the second quarter.
Abbott’s medical device sales have been weak this year, and fell almost 20 percent in the second quarter. Other medical equipment makers such as Philips have also seen low demand for equipment used in elective surgeries. In its second-quarter earnings call, Abbott said that by the end of June, volumes had improved to almost 90 percent of the pre-coronavirus-pandemic levels.
Abbott stock in premarket trading
Abbott stock was trading 0.30 percent higher at $110 in premarket trading today, as of 7:30 a.m. ET. Meanwhile, Nasdaq 100 futures were up over 1 percent, and S&P 500 futures were up 0.83 percent.
What is Abbott's stock price today?
Abbott stock closed at $109.67 on Friday. The stock has risen 26.3 percent this year has outperformed the S&P 500 by a wide margin. Abbott stock has a 52-week trading range of $61.61–$114.20.
Abbott has announced four dividends of $0.36 each this year. While three of these have been paid, the fourth dividend had a record date of Oct. 15 and will be payable on Nov. 16. Abbott has increased its dividends annually for 48 consecutive years. Based on this year’s dividend, Abbott’s dividend yield is 1.3 percent.
Abbott stock forecast
According to analyst estimates compiled by CNN, Abbott has a median price target of $119, which is 8.5 percent above its current stock price. Analysts' highest price target is $136, and their lowest target is $99.
Of the 21 analysts covering Abbott stock, 16 recommend “buy” or a higher rating, and two recommend “sell” or lower. The remaining three analysts have rated the stock as a “hold.”