Scotia Capital Inc. Raises Stake in Abbott Laboratories (NYSE:ABT)

Key Points

• Scotia Capital Inc. has increased its holdings in Abbott Laboratories by 25.5%, now owning 102,099 shares valued at approximately $13.5 million.
• Abbott Laboratories reported a quarterly earnings per share (EPS) of $1.26, meeting analyst expectations, and a revenue of $11.14 billion, which was above the consensus estimate.
• The company will pay a quarterly dividend of $0.59 on August 15, reflecting an annualized dividend yield of 1.9% and a payout ratio of 29.57%.

Scotia Capital Inc. lifted its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 25.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 102,099 shares of the healthcare product maker's stock after purchasing an additional 20,741 shares during the period. Scotia Capital Inc.'s holdings in Abbott Laboratories were worth $13,543,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ABT. Hughes Financial Services LLC acquired a new position in shares of Abbott Laboratories in the 1st quarter worth approximately $27,000. Abound Financial LLC acquired a new position in shares of Abbott Laboratories in the 1st quarter worth approximately $28,000. Redwood Park Advisors LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter worth approximately $25,000. JCIC Asset Management Inc. acquired a new position in Abbott Laboratories during the 1st quarter worth $32,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Abbott Laboratories during the 1st quarter worth $34,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Price Performance

Shares of ABT stock traded up $0.85 during mid-day trading on Tuesday, hitting $130.78. The company had a trading volume of 5,355,361 shares, compared to its average volume of 7,820,615. Abbott Laboratories has a 52-week low of $107.11 and a 52-week high of $141.23. The stock's 50 day moving average price is $131.76 and its 200-day moving average price is $130.72. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. The company has a market capitalization of $227.62 billion, a P/E ratio of 16.39, a P/E/G ratio of 2.46 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, hitting the consensus estimate of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company had revenue of $11.14 billion for the quarter, compared to analysts' expectations of $11.01 billion. During the same quarter in the previous year, the business posted $1.14 earnings per share. Abbott Laboratories's quarterly revenue was up 7.4% on a year-over-year basis. Equities research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. Abbott Laboratories's payout ratio is 29.57%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Stifel Nicolaus upped their price objective on Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Leerink Partnrs raised shares of Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. Barclays increased their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a research note on Thursday, April 17th. BTIG Research cut their target price on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Finally, William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.