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Abbott (ABT) Stock Sinks As Market Gains: What You Should Know
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Abbott (ABT - Free Report) closed at $107.22 in the latest trading session, marking a -1.65% move from the prior day. This change lagged the S&P 500's 0.12% gain on the day. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 5.14%.
Wall Street will be looking for positivity from Abbott as it approaches its next earnings report date. This is expected to be July 20, 2023. The company is expected to report EPS of $0.97, down 32.17% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $9.67 billion, down 14.08% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.39 per share and revenue of $39.38 billion, which would represent changes of -17.79% and -9.79%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Abbott. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. The Zacks Consensus EPS estimate has moved 0.07% higher within the past month. Abbott is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Abbott is holding a Forward P/E ratio of 24.86. Its industry sports an average Forward P/E of 23.94, so we one might conclude that Abbott is trading at a premium comparatively.
We can also see that ABT currently has a PEG ratio of 4.88. 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 industry currently had an average PEG ratio of 2.62 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 56, putting it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Abbott (ABT) Stock Sinks As Market Gains: What You Should Know
Abbott (ABT - Free Report) closed at $107.22 in the latest trading session, marking a -1.65% move from the prior day. This change lagged the S&P 500's 0.12% gain on the day. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 5.14%.
Wall Street will be looking for positivity from Abbott as it approaches its next earnings report date. This is expected to be July 20, 2023. The company is expected to report EPS of $0.97, down 32.17% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $9.67 billion, down 14.08% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.39 per share and revenue of $39.38 billion, which would represent changes of -17.79% and -9.79%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Abbott. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. The Zacks Consensus EPS estimate has moved 0.07% higher within the past month. Abbott is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Abbott is holding a Forward P/E ratio of 24.86. Its industry sports an average Forward P/E of 23.94, so we one might conclude that Abbott is trading at a premium comparatively.
We can also see that ABT currently has a PEG ratio of 4.88. 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 industry currently had an average PEG ratio of 2.62 as of yesterday's close.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 56, putting it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.