Bank of Nova Scotia Trust Co. Boosts Stake in Abbott Laboratories (NYSE:ABT)

Key Points

• Bank of Nova Scotia Trust Co. increased its holdings in Abbott Laboratories by 7.9%, totaling 32,718 shares valued at approximately $4.34 million.
• Abbott Laboratories reported $1.26 earnings per share in its latest quarterly earnings, aligning with analysts' estimates and marking a 7.4% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.59, resulting in a dividend yield of 1.9%, with a payout ratio of 29.57%.

Bank of Nova Scotia Trust Co. increased its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,718 shares of the healthcare product maker's stock after acquiring an additional 2,402 shares during the period. Bank of Nova Scotia Trust Co.'s holdings in Abbott Laboratories were worth $4,340,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ABT. Redwood Park Advisors LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter worth $25,000. Hughes Financial Services LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth $27,000. Abound Financial LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth $28,000. Wormser Freres Gestion purchased a new stake in shares of Abbott Laboratories in the fourth quarter worth $32,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Abbott Laboratories in the first quarter worth $32,000. 75.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada raised their price target on Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. BTIG Research lowered their price target on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. William Blair upgraded Abbott Laboratories to a "strong-buy" rating in a research report on Thursday, July 17th. Jefferies Financial Group upgraded Abbott Laboratories from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $143.00 to $145.00 in a report on Friday, July 18th. Finally, Raymond James Financial decreased their price objective on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories has an average rating of "Moderate Buy" and an average target price of $144.47.

Abbott Laboratories Stock Up 2.2%

ABT stock traded up $2.76 during midday trading on Monday, hitting $130.05. The company's stock had a trading volume of 5,670,467 shares, compared to its average volume of 7,983,422. The company has a market cap of $226.35 billion, a PE ratio of 16.30, a P/E/G ratio of 2.41 and a beta of 0.70. Abbott Laboratories has a 12 month low of $107.11 and a 12 month high of $141.23. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The firm's 50-day moving average is $131.78 and its 200-day moving average is $130.61.

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

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid 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 currently 29.57%.

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.