Company Update (NYSE:ABT): Abbott Receives Approval in Australia for FreeStyle® Libre–the Revolutionary Glucose Monitoring System for People with Diabetes

[PR Newswire] – ABBOTT PARK, Ill., Feb. 16, 2016 /PRNewswire/ — Today, Abbott (ABT) announced that it has received approval from the Therapeutic Goods Administration (TGA) in Australia for its FreeStyle® Libre Flash Glucose Monitoring System, a revolutionary new glucose sensing technology for insulin-using Australians with diabetes2,3. The system eliminates the need for routine finger pricks1, reading glucose levels through a sensor that can be worn on the back of the upper arm for up to 14 days. In addition, no finger prick calibration is needed — a key differentiator from current continuous glucose monitoring systems. Read more on this. Abbott Laboratories (ABT) , with a current market cap of $56.63B, started the session at $37.13. During the trading session, ABT traded between $37.12 to $38.00 and has traded between $36.00 and $51.74 over the past year. ABT shares are currently priced at 17.19x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s -4.96x earnings multiple for the same period. And for income investors, the company pays shareholders $1.04 per share annually in dividends, yielding 2.80%. According to a consensus of 18 analysts, the earnings estimate of $0.39 per share would be $0.08 worse than the year-ago quarter and a $0.11 sequential decrease. The full-year EPS estimate is $2.16, which would be a $0.01 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $4.77 Billion. If realized, that would be a 2.65% decrease over the year-ago quarter. More recently, Morgan Stanley downgraded ABT from Overweight to Equal-Weight (Jan 4, 2016). Previously, Goldman downgraded ABT from Buy to Neutral. When considering if the stock is under or overvalued, the average price target is $44.07, which is 18.69% above where the stock opened this morning. See more in (NYSE:ABT) Similar Articles: Market Update: Abbott Laboratories (NYSE:ABT) – Abbott Labs to buy diagnostics company Alere for $5.8 bln Market Update: Abbott Laboratories (NYSE:ABT) – Abbott Teams Up with Soccer Star Cristiano Ronaldo to Inspire Young People to Donate Blood Company Update: Abbott Laboratories (NYSE:ABT) – Abbott Reports Third-Quarter 2015 Results