Abbott Laboratories (ABT) released its fourth-quarter 2020 results on Wednesday, January 27, before trading opened. Sales growth exceeded Wall Street expectations in the diagnostics segment. Additionally, Abbott Laboratories claims to be a dividend aristocrat after the next dividend increase.
Abbot Laboratories reported an increase in revenue of 29% in the fourth quarter of 2020 to $10.7 billion. In this period, the net income was 2.2 billion dollars or $1.2 per share. More specifically, this is more than double the amount for the same quarter a year ago. Earnings per share increased 53% year over year to $1.45 per share.
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Abbott Laboratories (ABT) has experienced growth in the diagnostic products segment in recent years, particularly in tests for COVID-19. The company reported global sales of $2.4 billion in the quarter related to COVID-19 testing. Abbott Laboratories diagnostics segment revenue increased by 111% to $4.3 billion from the previous year. Pharma sales generally decreased by 2.3% YoY, but its overall success looked more modest. In the same period, the company’s revenues increased by 41% in the diabetic goods segment. Glucose management sales grew more than 40% to $917 million thanks to the FreeStyleLibre continuous glucose monitoring system’s growth.
Abbott Laboratories anticipates an increase in earnings per share of over 35% in 2021 to about $5. Abbott Laboratories also calls itself a dividend aristocrat – a term used to describe a company that has been raising dividends consistently for at least 50 years. Abbott Laboratories increased its payout by 25% last year. As a result, if the company can significantly increase payments, it can become a dividend aristocrat.
The relationship between Abbott Laboratories (ABT) 200-day and 20-day major moving averages indicates that the company is rally. ABT shares have grown 8.82% in the past 30 days. Over the past 12 months, the stock has gained 35.06%.