ABBOTT PARK, Ill. - Abbott (NYSE: ABT) has announced a quarterly common dividend of 55 cents per share, continuing its long-standing tradition of returning value to its shareholders. This latest dividend is set to be distributed on August 15, 2024, to shareholders who are on record as of July 15, 2024.
The declaration marks the 402nd consecutive quarterly dividend paid by the healthcare giant since 1924, showcasing its commitment to consistent shareholder returns. Notably, Abbott has achieved the distinction of increasing its dividend payout for 52 consecutive years, a testament to its financial resilience and performance.
Abbott's consistent dividend increases have earned it a place in the S&P 500 Dividend Aristocrats Index, a prestigious group of companies that have raised their dividends annually for at least 25 years in a row. This status is indicative of Abbott's stable and reliable growth, making it a noteworthy company for investors seeking steady income through dividends.
As a global healthcare leader, Abbott's diverse portfolio encompasses a range of life-changing technologies across various sectors including diagnostics, medical devices, nutritionals, and branded generic medicines. With operations in over 160 countries and a workforce of 114,000, Abbott plays a significant role in advancing health and wellness worldwide.
The information for this report is based on a press release statement from Abbott.
In other recent news, Abbott Laboratories (NYSE:ABT) has received FDA clearance for two over-the-counter continuous glucose monitoring systems, Lingo and Libre Rio. Lingo is designed to foster healthy habits and metabolic improvement, while Libre Rio, the first of its kind in the U.S, is designed to track glucose levels for adults with Type 2 diabetes. Both systems are extensions of Abbott's FreeStyle Libre technology, which is currently used by about 6 million people globally.
In the analyst space, BTIG confirmed its Buy rating for Abbott, while Goldman Sachs initiated coverage with a Buy rating. Despite reducing its price target to $140.00 from $141.00, Barclays maintained an Overweight rating on the stock, and Citi reiterated its Buy rating, maintaining a price target of $128.00.
In addition, the FDA approved Abbott's Esprit BTK Everolimus Eluting Resorbable Scaffold System, a novel medical device for treating severe peripheral artery disease below the knee. These are recent developments, and all the firms anticipate Abbott Labs' continued growth and success in the medical devices sector.
InvestingPro Insights
Abbott's recent announcement of its quarterly dividend underscores its robust track record in shareholder value. Not only has Abbott (NYSE: ABT) been consistent in paying dividends, but it has also been increasing them for an impressive 52 years. This is further reinforced by an InvestingPro Tip highlighting that Abbott has actually raised its dividend for 54 consecutive years, underscoring its commitment to consistent shareholder returns.
Investors considering Abbott's stock will find that it trades at a high earnings multiple, with a P/E ratio of 32.06 and an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at 30.69. This suggests a premium valuation, which could be justified by the company's position as a prominent player in the Healthcare Equipment & Supplies industry, as noted in another InvestingPro Tip. Moreover, the company's stock is characterized by low price volatility, which might appeal to investors looking for stability in their portfolio.
On the financial front, Abbott's market capitalization is a solid $179.76 billion, and the company has demonstrated a gross profit margin of 55.26% over the last twelve months as of Q1 2024. Additionally, the dividend yield is currently at 2.13%, with the last dividend ex-date recorded on April 12, 2024.
For investors who are intrigued by these insights and wish to delve deeper into Abbott's financial health and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/ABT. To access these tips and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 9 more tips waiting, this could be an invaluable resource for making informed investment decisions.
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