Lincoln National Corp boosted its stake in AbbVie Inc. (NYSE:ABBV) by 3.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,213 shares of the company’s stock after buying an additional 551 shares during the period. Lincoln National Corp’s holdings in AbbVie were worth $1,189,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Acropolis Investment Management LLC bought a new position in shares of AbbVie during the second quarter valued at $106,000. CapWealth Advisors LLC raised its position in shares of 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 period. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the second quarter valued at $114,000. Hartford Financial Management Inc. raised its position in shares of 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 period. Finally, Americafirst Capital Management LLC bought a new position in shares of AbbVie during the second quarter valued at $122,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.15% during trading on Friday, hitting $64.98. 5,154,154 shares of the stock were exchanged. The firm has a 50 day moving average of $65.09 and a 200-day moving average of $62.03. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12. The company has a market cap of $105.82 billion, a price-to-earnings ratio of 18.74 and a beta of 1.49.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter in the prior year, the company posted $1.08 EPS. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s payout ratio is currently 65.71%.
Several brokerages have weighed in on ABBV. Credit Suisse Group AG reaffirmed a “buy” rating on shares of AbbVie in a research note on Sunday, July 10th. Vetr lowered shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.01 target price for the company. in a research note on Tuesday, July 26th. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a research note on Monday, June 6th. BMO Capital Markets reaffirmed a “market perform” rating and set a $66.00 target price 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 equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $70.39.
In other news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the completion of the sale, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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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