Abbott Laboratories (NYSE:ABT) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia significantly reduced its stake in Abbott Laboratories by 40.5% during the first quarter, now holding 209,053 shares valued at approximately $27.7 million.
• Research firms are optimistic about Abbott Laboratories, with a consensus rating of "Moderate Buy" and an average price target of $144.47, while four analysts recommended a hold rating.
• Abbott Laboratories announced a quarterly dividend of $0.59 per share, which represents an annualized yield of 1.9%, with a payout ratio of 29.57%.

Bank of Nova Scotia trimmed its position in Abbott Laboratories (NYSE:ABT - Free Report) by 40.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 209,053 shares of the healthcare product maker's stock after selling 142,545 shares during the quarter. Bank of Nova Scotia's holdings in Abbott Laboratories were worth $27,730,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its stake in shares of Abbott Laboratories by 383.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,358,698 shares of the healthcare product maker's stock worth $945,453,000 after acquiring an additional 6,628,310 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Abbott Laboratories by 15,420.4% in the first quarter. GAMMA Investing LLC now owns 5,102,648 shares of the healthcare product maker's stock worth $676,866,000 after purchasing an additional 5,069,771 shares during the last quarter. Capital International Investors grew its holdings in shares of Abbott Laboratories by 3.4% in the fourth quarter. Capital International Investors now owns 67,972,953 shares of the healthcare product maker's stock worth $7,688,160,000 after purchasing an additional 2,229,026 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Abbott Laboratories by 10.3% in the fourth quarter. Northern Trust Corp now owns 22,056,860 shares of the healthcare product maker's stock worth $2,494,851,000 after purchasing an additional 2,060,650 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Abbott Laboratories by 27.6% in the fourth quarter. Invesco Ltd. now owns 9,018,429 shares of the healthcare product maker's stock worth $1,020,074,000 after purchasing an additional 1,948,329 shares during the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Up 0.8%

ABT stock traded up $1.00 during trading on Tuesday, reaching $130.93. 1,040,912 shares of the company traded hands, compared to its average volume of 6,897,125. Abbott Laboratories has a 12 month low of $107.11 and a 12 month high of $141.23. The business has a 50 day simple moving average of $131.76 and a 200 day simple moving average of $130.72. The company has a market capitalization of $227.80 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 2.41 and a beta of 0.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued 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 return on equity of 18.32% and a net margin of 32.43%. The business had revenue of $11.14 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter last year, the company earned $1.14 earnings per share. The company's quarterly revenue was up 7.4% on a year-over-year basis. On average, equities research analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. BTIG Research cut their price target on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Jefferies Financial Group upgraded shares of Abbott Laboratories from a "hold" rating to a "buy" rating and lifted their price target for the company from $143.00 to $145.00 in a report on Friday, July 18th. Leerink Partnrs upgraded shares of Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Finally, Barclays lifted their price target on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average 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.