Shinko Asset Management Co. Ltd. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 4,123 shares of the company’s stock after selling 154 shares during the period. Shinko Asset Management Co. Ltd.’s holdings in AbbVie were worth $255,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in ABBV. CapWealth Advisors LLC raised its position 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 period. Acropolis Investment Management LLC purchased a new position in AbbVie during the second quarter worth $106,000. Hartford Financial Management Inc. raised 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 worth $115,000 after buying an additional 979 shares during the period. Americafirst Capital Management LLC purchased a new position in AbbVie during the second quarter worth $122,000. Finally, D. Scott Neal Inc. raised its position in AbbVie by 107.4% in the second quarter. D. Scott Neal Inc. now owns 1,999 shares of the company’s stock worth $124,000 after buying an additional 1,035 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.40% on Friday, hitting $63.07. 7,325,429 shares of the stock were exchanged. The company’s 50-day moving average is $64.69 and its 200-day moving average is $62.29. The company has a market cap of $102.71 billion, a PE ratio of 18.19 and a beta of 1.49. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The business earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same quarter last year, the business posted $1.08 earnings per share. The company’s quarterly revenue was up 17.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post $4.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a $0.57 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.62%. AbbVie’s dividend payout ratio (DPR) is 65.71%.
Several equities research analysts have commented on ABBV shares. Cowen and Company lowered shares of AbbVie from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $77.00 to $70.00 in a research report on Monday, June 6th. JPMorgan Chase & Co. restated a “buy” rating on shares of AbbVie in a research report on Monday, June 6th. Deutsche Bank AG restated a “hold” rating on shares of AbbVie in a research report on Tuesday, June 7th. Morgan Stanley lowered shares of AbbVie from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $73.00 to $65.00 in a research report on Monday, June 6th. Finally, Jefferies Group restated a “buy” rating on shares of AbbVie in a research report on Monday, June 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the transaction, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.11% of the stock is owned by corporate 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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