Abbott Laboratories – Growth And Income – Zacks Rank Buy
Source: http://www.zacks.com/commentary/9492/Abbott+Laboratories++-+Growth+And+Income+-+Zacks+Rank+BuyPosted on Monday, December 15th, 2008 | In Stocks to Watch
Abbott Laboratories (ABT) recently declared its 340th consecutive quarterly dividend. The dividend of 36 cents per share is payable February 15 to shareholders of record at the close of business on January 15. The company’s dividend yield of 2.8% is well above the industry average.
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Company Description
Abbott is a global, broad-based health care company that develops, manufactures and markets pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 68,000 people and markets its products in more than 130 countries. The company is headquartered in north suburban Chicago.
A Long Record of Rewarding Shareholders
The company recently declared its 340th consecutive quarterly dividend. The dividend of 36 cents per share is payable February 15 to shareholders of record at the close of business on January 15. The company’s dividend yield of 2.8% is well above the industry average.
Abbott noted that it increased its dividend payout for 36 consecutive years, including a 10.8% increase earlier this year. Also, the company was named by a leading financial media outlet as one of its top five dividend stocks.
Strong Third-quarter Growth
In mid-October, the company reported solid results for the third quarter. Earnings per share of 79 cents surpassed the year-prior 67 cents and exceeded the consensus estimate by 3%. Worldwide sales jumped 17.6% on a year-over-year basis.
All of Abbott’s businesses are performing exceptionally well, ahead of expectations,” said Miles D. White, chairman and chief executive officer, Abbott. “Abbott remains well-positioned, with strong core growth franchises, including our emerging vascular business, which is rapidly becoming a significant contributor to Abbott’s growth.”
Wall Street is Bullish on ABT
Abbott Laboratories saw analysts boost full-year 2008 earnings estimates. Forecasts of $3.32 per share were increased from $3.27 over the past 90 days. The current estimate represents 17% growth over 2007. For 2009, analysts are projecting earnings per share growth of 10%.
“ABT” Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research
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 About Alex Kolb (http://www.zacks.com/)
Alex Kolb is an Editor at Zacks Investment Research. |
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