Shares of healthcare major Abbott Laboratories (NYSE:ABT) are under pressure today after the company announced its results for the fourth quarter. Revenue inched up by 1.4% year-over-year to $10.24 billion. The figure came in better than expectations by $50 million. Further, EPS of $1.19 landed largely in line with estimates.
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Excluding COVID-19 testing-associated sales, Abbott’s Q4 sales rose by 11% on an organic basis. The company is continuing to regain its market share in the U.S. infant formula market. Additionally, the t:slim X2 insulin pump from Tandem Diabetes (NASDAQ:TNDM) has now become the first automated insulin delivery system in the U.S. to feature an integration with ABT’s FreeStyle Libre 2 Plus sensor.
At the same time, Abbott’s U.S. sales declined by 6.4% year-over-year to $3.95 billion in Q4. Its International sales, on the other hand, rose by 7.2% to $6.29 billion during this period. For Fiscal Year 2024, the company expects adjusted EPS to be in the range of $4.50 to $4.70. Organic sales growth (excluding COVID-19 sales) for the year is anticipated to hover between 8% and 10%.
What is the Target Price for ABT Stock?
Despite today’s price decline, Abbott shares still remain nearly 3.6% higher so far this month. Overall, the Street has a Strong Buy consensus rating on Abbott, and the average ABT price target of $127.75 points to a 14.6% potential upside in the stock.
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