SSI Investment Management Inc. boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,154 shares of the company’s stock after buying an additional 69 shares during the period. SSI Investment Management Inc.’s holdings in AbbVie were worth $256,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Geode Capital Management LLC boosted its stake in shares of AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock worth $743,963,000 after buying an additional 93,719 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock worth $641,739,000 after buying an additional 3,562,980 shares during the period. Franklin Resources Inc. boosted its stake in shares of AbbVie by 2.1% in the first quarter. Franklin Resources Inc. now owns 5,623,069 shares of the company’s stock worth $321,188,000 after buying an additional 115,458 shares during the period. Orbis Allan Gray Ltd bought a new stake in shares of AbbVie during the first quarter worth approximately $281,766,000. Finally, Swiss National Bank boosted its stake in shares of AbbVie by 6.3% in the second quarter. Swiss National Bank now owns 4,516,229 shares of the company’s stock worth $279,600,000 after buying an additional 269,100 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.26% during mid-day trading on Wednesday, hitting $61.98. The stock had a trading volume of 540,665 shares. AbbVie Inc. has a one year low of $45.45 and a one year high of $68.12. The firm’s 50 day moving average price is $63.89 and its 200-day moving average price is $62.67. The company has a market cap of $100.94 billion, a PE ratio of 17.88 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.06. The firm had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.08 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.65%. AbbVie’s dividend payout ratio (DPR) is currently 65.71%.
ABBV has been the topic of a number of analyst reports. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $78.00 target price on shares of AbbVie in a report on Tuesday, September 27th. Vetr cut AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.75 price objective on the stock. in a report on Wednesday, June 29th. BMO Capital Markets restated a “market perform” rating and set a $66.00 price objective on shares of AbbVie in a report on Friday, July 29th. Credit Suisse Group AG restated a “buy” rating on shares of AbbVie in a report on Sunday, July 10th. Finally, Jefferies Group restated a “buy” rating and set a $90.00 price objective on shares of AbbVie in a report on Wednesday, October 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie presently has an average rating of “Buy” and a consensus price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.11% of the company’s stock.
AbbVie Company Profile
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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