First Merchants Corp raised its stake in AbbVie Inc. (NYSE:ABBV) by 2.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 33,276 shares of the company’s stock after buying an additional 860 shares during the period. First Merchants Corp’s holdings in AbbVie were worth $2,059,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of ABBV. CapWealth Advisors LLC boosted 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 purchased a new stake in AbbVie during the second quarter worth about $106,000. Hartford Financial Management Inc. boosted 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. Americafirst Capital Management LLC purchased a new stake in AbbVie during the second quarter worth about $122,000. Finally, D. Scott Neal Inc. boosted its stake 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 last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded down 1.60% during midday trading on Friday, reaching $60.17. The company’s stock had a trading volume of 5,606,474 shares. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12. The firm has a market cap of $97.99 billion, a P/E ratio of 17.36 and a beta of 1.50. The firm has a 50 day moving average price of $63.50 and a 200-day moving average price of $62.68.
AbbVie (NYSE:ABBV) last released its quarterly 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. 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 business’s 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, analysts forecast 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. Shareholders of record on Friday, October 14th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a yield of 3.79%. AbbVie’s dividend payout ratio is currently 65.71%.
ABBV has been the topic of several recent research reports. Jefferies Group restated a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Vetr lowered AbbVie from a “buy” rating to a “hold” rating and set a $67.01 target price on the stock. in a report on Tuesday, July 26th. JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and cut their target price for the company from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Credit Suisse Group AG restated an “outperform” rating and set a $67.00 target price on shares of AbbVie in a report on Wednesday, June 29th. Finally, Raymond James Financial Inc. initiated coverage on AbbVie in a report on Thursday, September 1st. They set an “outperform” rating and a $82.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company 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 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 of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by company insiders.
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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