Mengis Capital Management Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 18,195 shares of the company’s stock after selling 400 shares during the period. Mengis Capital Management Inc.’s holdings in AbbVie were worth $1,126,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of ABBV. Acropolis Investment Management LLC bought a new position in AbbVie during the second quarter valued at about $106,000. CapWealth Advisors LLC increased its position in AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock valued at $103,000 after buying an additional 639 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in AbbVie during the second quarter valued at about $114,000. Hartford Financial Management Inc. increased its position in AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock valued at $115,000 after buying an additional 979 shares during the last quarter. Finally, Americafirst Capital Management LLC bought a new position in AbbVie during the second quarter valued at about $122,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.40% on Friday, reaching $63.07. 7,325,429 shares of the company’s stock traded hands. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12. The stock has a 50-day moving average of $64.69 and a 200 day moving average of $62.29. The firm has a market capitalization of $102.71 billion, a P/E ratio of 18.19 and a beta of 1.49.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 EPS. On average, equities analysts expect that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $0.57 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a yield of 3.62%. AbbVie’s dividend payout ratio (DPR) is 65.71%.
Several research firms have recently weighed in on ABBV. Credit Suisse Group AG reissued a “buy” rating on shares of AbbVie in a research note on Sunday, July 10th. Vetr downgraded shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.01 price target on the stock. in a research note on Tuesday, July 26th. Jefferies Group reissued a “buy” rating on shares of AbbVie in a research note on Monday, June 6th. BMO Capital Markets reissued a “market perform” rating and issued a $66.00 price target on shares of AbbVie in a research note on Friday, July 29th. Finally, Zacks Investment Research raised shares of AbbVie from a “sell” rating to a “hold” rating in a research note on Wednesday, June 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average target price of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the transaction, the insider now directly owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.11% of the stock is currently owned by company insiders.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. Its products are focused on treating conditions, such as chronic autoimmune diseases, in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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