Forbes J M & Co. LLP raised its position in AbbVie Inc. (NYSE:ABBV) by 0.7% during the second quarter, Holdings Channel reports. The fund owned 98,135 shares of the company’s stock after buying an additional 683 shares during the period. Forbes J M & Co. LLP’s holdings in AbbVie were worth $6,075,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of ABBV. Orbis Allan Gray Ltd acquired a new position in shares of AbbVie during the first quarter valued at $281,766,000. Woodford Investment Management LLP boosted its position in shares of AbbVie by 25.8% in the first quarter. Woodford Investment Management LLP now owns 11,063,300 shares of the company’s stock valued at $631,936,000 after buying an additional 2,269,300 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of AbbVie during the second quarter valued at $93,942,000. ING Groep NV acquired a new position in shares of AbbVie during the second quarter valued at $83,166,000. Finally, AXA boosted its position in shares of AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock valued at $174,855,000 after buying an additional 1,304,557 shares in the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.67% during midday trading on Tuesday, hitting $64.50. The stock had a trading volume of 2,519,079 shares. The stock has a market cap of $105.04 billion, a P/E ratio of 18.60 and a beta of 1.49. The company has a 50-day moving average price of $65.02 and a 200-day moving average price of $62.18. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.06. The firm 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 company’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities analysts expect that AbbVie Inc. will post $4.81 EPS for the current year.
The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.56%. AbbVie’s dividend payout ratio is 65.71%.
Several brokerages have recently weighed in on ABBV. Barclays PLC reaffirmed an “equal weight” rating and set a $68.00 price target on shares of AbbVie in a research note on Tuesday, August 2nd. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a research note on Thursday, August 4th. Argus reaffirmed a “buy” rating and set a $85.00 price target on shares of AbbVie in a research note on Monday, August 8th. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.14 price target for the company. in a research note on Tuesday, July 12th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of AbbVie in a research note on Monday, June 6th. 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 assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $70.39.
In other news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 144,138 shares in the company, valued at $9,368,970. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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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