Bank of Nova Scotia lifted its stake in shares of Abbott Laboratories (NYSE:ABT) by 939.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 401,349 shares of the healthcare product maker’s stock after purchasing an additional 362,744 shares during the quarter. Bank of Nova Scotia’s holdings in Abbott Laboratories were worth $17,824,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in ABT. Somerset Trust Co boosted its holdings in shares of Abbott Laboratories by 3.3% in the 1st quarter. Somerset Trust Co now owns 29,683 shares of the healthcare product maker’s stock worth $1,318,000 after purchasing an additional 939 shares in the last quarter. Capital Investment Advisors LLC boosted its holdings in Abbott Laboratories by 16.4% during the 1st quarter. Capital Investment Advisors LLC now owns 8,849 shares of the healthcare product maker’s stock valued at $393,000 after acquiring an additional 1,248 shares during the period. Gateway Investment Advisers LLC boosted its holdings in Abbott Laboratories by 11.4% during the 1st quarter. Gateway Investment Advisers LLC now owns 1,137,734 shares of the healthcare product maker’s stock valued at $50,527,000 after acquiring an additional 116,538 shares during the period. Private Wealth Partners LLC raised its position in Abbott Laboratories by 2.4% during the 1st quarter. Private Wealth Partners LLC now owns 17,000 shares of the healthcare product maker’s stock valued at $755,000 after purchasing an additional 400 shares during the last quarter. Finally, Evanson Asset Management LLC raised its position in Abbott Laboratories by 12.2% during the 1st quarter. Evanson Asset Management LLC now owns 11,324 shares of the healthcare product maker’s stock valued at $503,000 after purchasing an additional 1,231 shares during the last quarter. Institutional investors own 71.50% of the company’s stock.
A number of research analysts recently weighed in on the company. Cowen and Company reaffirmed a “buy” rating and set a $55.00 price objective on shares of Abbott Laboratories in a research report on Thursday, August 17th. BidaskClub downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Sunday, August 6th. Citigroup Inc. initiated coverage on Abbott Laboratories in a research note on Thursday, August 17th. They issued a “neutral” rating and a $53.00 price target on the stock. BMO Capital Markets reiterated a “hold” rating and set a $48.00 target price on shares of Abbott Laboratories in a research report on Tuesday, July 11th. Finally, Zacks Investment Research cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Abbott Laboratories presently has a consensus rating of “Buy” and an average target price of $52.50.
In other news, insider Hubert L. Allen sold 4,600 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $50.79, for a total value of $233,634.00. Following the completion of the sale, the insider now owns 105,479 shares of the company’s stock, valued at $5,357,278.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sharon J. Bracken sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $49.16, for a total transaction of $98,320.00. Following the completion of the transaction, the insider now owns 28,806 shares of the company’s stock, valued at $1,416,102.96. The disclosure for this sale can be found here. Insiders have sold 218,150 shares of company stock valued at $10,811,179 in the last ninety days. 0.76% of the stock is currently owned by company insiders.
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Abbott Laboratories (NYSE:ABT) traded up 0.535% during midday trading on Wednesday, reaching $51.685. 1,856,626 shares of the company’s stock traded hands. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $52.60. The company has a market capitalization of $89.80 billion, a PE ratio of 72.388 and a beta of 1.06. The firm’s 50 day moving average price is $50.15 and its 200-day moving average price is $47.04.
Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.63 billion. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The company’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 earnings per share. Equities analysts expect that Abbott Laboratories will post $2.49 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, October 12th. Abbott Laboratories’s dividend payout ratio (DPR) is 149.30%.
About Abbott Laboratories
Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.
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