AR Asset Management Inc. held its stake in AbbVie Inc. (NYSE:ABBV) during the second quarter, Holdings Channel reports. The fund owned 12,200 shares of the company’s stock at the end of the second quarter. AR Asset Management Inc.’s holdings in AbbVie were worth $755,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. 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 purchased a new stake in AbbVie during the second quarter worth $106,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the second quarter worth $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 purchased a new stake in AbbVie during the second quarter worth $122,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) traded up 1.30% on Wednesday, reaching $64.10. The company’s stock had a trading volume of 7,582,504 shares. The firm has a 50-day moving average price of $65.24 and a 200 day moving average price of $61.93. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12. The firm has a market capitalization of $104.39 billion, a P/E ratio of 18.49 and a beta of 1.49.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same period in the previous year, the business earned $1.08 EPS. AbbVie’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a dividend of $0.57 per share. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 annualized dividend and a yield of 3.56%. AbbVie’s dividend payout ratio is presently 65.71%.
ABBV has been the topic of several recent analyst reports. Jefferies Group reiterated a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $68.69 price target on the stock in a research note on Tuesday, June 7th. Deutsche Bank AG reiterated a “hold” rating on shares of AbbVie in a research note on Tuesday, June 7th. JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and dropped their price target 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. Finally, Credit Suisse Group AG reiterated an “outperform” rating and issued a $67.00 price target on shares of AbbVie in a research note on Wednesday, June 29th. 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 given a strong buy rating to the company. AbbVie currently has an average rating of “Buy” and an average target price of $70.39.
In other news, EVP Laura J. Schumacher sold 186,106 shares of the business’s stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $60.03, for a total value of $11,171,943.18. Following the completion of the sale, the executive vice president now directly owns 260,438 shares in the company, valued at approximately $15,634,093.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The disclosure for this sale can be found here. Company 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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