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Abbott (ABT) Stock Drops Despite Market Gains: Important Facts to Note
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Abbott (ABT - Free Report) closed at $101.64 in the latest trading session, marking a -0.47% move from the prior day. This change lagged the S&P 500's daily gain of 0.07%. Meanwhile, the Dow lost 0.13%, and the Nasdaq, a tech-heavy index, added 0.14%.
The maker of infant formula, medical devices and drugs's shares have seen a decrease of 5% over the last month, not keeping up with the Medical sector's loss of 1.99% and the S&P 500's gain of 4.34%.
The investment community will be closely monitoring the performance of Abbott in its forthcoming earnings report. The company is scheduled to release its earnings on July 18, 2024. The company's upcoming EPS is projected at $1.10, signifying a 1.85% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.35 billion, up 3.78% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.62 per share and revenue of $41.66 billion, which would represent changes of +4.05% and +3.86%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Abbott. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Abbott is currently a Zacks Rank #3 (Hold).
In the context of valuation, Abbott is at present trading with a Forward P/E ratio of 22.11. This represents a premium compared to its industry's average Forward P/E of 21.87.
Investors should also note that ABT has a PEG ratio of 2.46 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Medical - Products industry held an average PEG ratio of 2.24.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 166, finds itself in the bottom 35% echelons 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Abbott (ABT) Stock Drops Despite Market Gains: Important Facts to Note
Abbott (ABT - Free Report) closed at $101.64 in the latest trading session, marking a -0.47% move from the prior day. This change lagged the S&P 500's daily gain of 0.07%. Meanwhile, the Dow lost 0.13%, and the Nasdaq, a tech-heavy index, added 0.14%.
The maker of infant formula, medical devices and drugs's shares have seen a decrease of 5% over the last month, not keeping up with the Medical sector's loss of 1.99% and the S&P 500's gain of 4.34%.
The investment community will be closely monitoring the performance of Abbott in its forthcoming earnings report. The company is scheduled to release its earnings on July 18, 2024. The company's upcoming EPS is projected at $1.10, signifying a 1.85% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.35 billion, up 3.78% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.62 per share and revenue of $41.66 billion, which would represent changes of +4.05% and +3.86%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Abbott. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Abbott is currently a Zacks Rank #3 (Hold).
In the context of valuation, Abbott is at present trading with a Forward P/E ratio of 22.11. This represents a premium compared to its industry's average Forward P/E of 21.87.
Investors should also note that ABT has a PEG ratio of 2.46 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Medical - Products industry held an average PEG ratio of 2.24.
The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 166, finds itself in the bottom 35% echelons 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.