Acrospire Investment Management LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 46.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,704 shares of the company’s stock after selling 2,300 shares during the period. Acrospire Investment Management LLC’s holdings in AbbVie were worth $167,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. 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 approximately $106,000. Glassman Wealth Services boosted its stake in AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock worth $113,000 after buying an additional 1,256 shares during the last quarter. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the second quarter worth approximately $114,000. Finally, 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. Institutional investors and hedge funds own 68.35% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) opened at 60.17 on Monday. The company’s 50-day moving average is $63.50 and its 200-day moving average is $62.68. AbbVie Inc. has a one year low of $45.45 and a one year high of $68.12. The company has a market cap of $97.99 billion, a price-to-earnings ratio of 17.36 and a beta of 1.50.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.06. The business earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The business’s revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 EPS. On average, equities analysts predict that AbbVie Inc. will post $4.81 EPS for the current year.
The company 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. This represents a $2.28 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
A number of equities research analysts have recently commented on the stock. Jefferies Group reiterated a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.01 price target on the stock. in a report on Tuesday, July 26th. JPMorgan Chase & Co. cut shares of AbbVie from an “overweight” rating to a “neutral” rating and cut their price target 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 price objective on shares of AbbVie in a research report on Wednesday, June 29th. Finally, Raymond James Financial Inc. assumed coverage on shares of AbbVie in a research report on Thursday, September 1st. They set an “outperform” rating and a $82.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. AbbVie has a consensus rating of “Buy” and an average price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction on 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 transaction, the insider now owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.
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