Trustco Bank Corp N Y reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 32,945 shares of the company’s stock after selling 200 shares during the period. AbbVie accounts for 2.1% of Trustco Bank Corp N Y’s holdings, making the stock its 16th largest position. Trustco Bank Corp N Y’s holdings in AbbVie were worth $2,040,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. CapWealth Advisors LLC raised its stake in AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock worth $103,000 after buying an additional 639 shares during the last quarter. Acropolis Investment Management LLC bought a new stake in AbbVie during the second quarter worth approximately $106,000. Cypress Capital Management LLC WY bought a new stake in AbbVie during the second quarter worth approximately $114,000. Hartford Financial Management Inc. raised its stake in AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares during the last quarter. Finally, Americafirst Capital Management LLC bought a new stake in AbbVie during the second quarter worth approximately $122,000. Institutional investors and hedge funds own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 1.30% during midday trading on Wednesday, hitting $64.10. The company had a trading volume of 7,582,504 shares. The company’s 50 day moving average is $65.24 and its 200 day moving average is $61.93. The firm has a market cap of $104.39 billion, a price-to-earnings ratio of 18.49 and a beta of 1.49. AbbVie Inc. has a one year low of $45.45 and a one year high of $68.12.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 161.46% and a net margin of 23.11%. AbbVie’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 earnings per share. Equities analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
ABBV has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Morgan Stanley lowered AbbVie from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $73.00 to $65.00 in a research note on Wednesday, June 8th. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.14 price objective on the stock in a research note on Monday, July 18th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $68.00 price objective on shares of AbbVie in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie has an average rating of “Buy” and a consensus target price of $70.39.
In related news, EVP Laura J. Schumacher sold 186,106 shares of the company’s stock in a transaction on Friday, June 24th. The stock was sold at an average price of $60.03, for a total transaction of $11,171,943.18. Following the transaction, the executive vice president now directly owns 260,438 shares of the company’s stock, valued at $15,634,093.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction on 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 $9,368,970. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.
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.
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV).
Receive News & Ratings for AbbVie Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie Inc. and related companies with MarketBeat.com's FREE daily email newsletter.