Bank of Nova Scotia Buys 362,744 Shares of Abbott Laboratories (ABT)

Bank of Nova Scotia increased its stake in Abbott Laboratories (NYSE:ABT) by 939.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 401,349 shares of the healthcare product maker’s stock after acquiring an additional 362,744 shares during the period. Bank of Nova Scotia’s holdings in Abbott Laboratories were worth $17,824,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Janney Capital Management LLC grew its position in Abbott Laboratories by 0.4% in the first quarter. Janney Capital Management LLC now owns 6,229 shares of the healthcare product maker’s stock worth $276,000 after acquiring an additional 26 shares in the last quarter. Delta Asset Management LLC TN grew its position in Abbott Laboratories by 1.3% in the first quarter. Delta Asset Management LLC TN now owns 3,996 shares of the healthcare product maker’s stock worth $178,000 after acquiring an additional 51 shares in the last quarter. Farmers National Bank grew its position in Abbott Laboratories by 1.5% in the first quarter. Farmers National Bank now owns 3,568 shares of the healthcare product maker’s stock worth $158,000 after acquiring an additional 52 shares in the last quarter. Alexandria Capital LLC grew its position in Abbott Laboratories by 0.5% in the first quarter. Alexandria Capital LLC now owns 11,318 shares of the healthcare product maker’s stock worth $503,000 after acquiring an additional 56 shares in the last quarter. Finally, iAB Financial Bank grew its position in Abbott Laboratories by 0.4% in the first quarter. iAB Financial Bank now owns 27,050 shares of the healthcare product maker’s stock worth $1,201,000 after acquiring an additional 100 shares in the last quarter. Institutional investors own 71.66% of the company’s stock.

In other Abbott Laboratories news, insider Jared Watkin sold 552 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $47.97, for a total value of $26,479.44. Following the completion of the transaction, the insider now owns 47,090 shares of the company’s stock, valued at approximately $2,258,907.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sharon J. Bracken sold 2,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 28,806 shares of the company’s stock, valued at approximately $1,416,102.96. The disclosure for this sale can be found here. Insiders sold a total of 218,702 shares of company stock valued at $10,837,658 in the last three months. 0.76% of the stock is currently owned by corporate insiders.

Several research analysts recently commented on ABT shares. Goldman Sachs Group, Inc. (The) started coverage on Abbott Laboratories in a research report on Tuesday, May 16th. They issued a “neutral” rating and a $45.00 price target for the company. Zacks Investment Research upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Tuesday, May 16th. TheStreet lowered Abbott Laboratories from a “b” rating to a “c+” rating in a research report on Thursday, May 18th. Stifel Nicolaus boosted their target price on Abbott Laboratories from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, May 31st. Finally, Jefferies Group LLC restated a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Friday, June 16th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $52.50.

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Shares of Abbott Laboratories (NYSE ABT) traded down 0.036% during trading on Wednesday, reaching $52.231. 1,184,791 shares of the company were exchanged. Abbott Laboratories has a 1-year low of $37.38 and a 1-year high of $52.60. The firm has a 50-day moving average price of $49.82 and a 200-day moving average price of $46.77. The stock has a market capitalization of $90.75 billion, a P/E ratio of 73.153 and a beta of 1.06.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Abbott Laboratories had a net margin of 4.96% and a return on equity of 14.43%. The company had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.63 billion. During the same quarter last year, the company posted $0.55 EPS. The firm’s revenue was up 24.5% compared to the same quarter last year. Equities research analysts predict that Abbott Laboratories will post $2.49 earnings per share for the current fiscal year.

Abbott Laboratories Profile

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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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