Hallmark Capital Management Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 59.7% during the second quarter, Holdings Channel reports. The institutional investor owned 37,933 shares of the company’s stock after buying an additional 14,186 shares during the period. Hallmark Capital Management Inc.’s holdings in AbbVie were worth $2,348,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the stock. Alexandria Capital LLC raised its stake in AbbVie by 0.3% in the second quarter. Alexandria Capital LLC now owns 4,543 shares of the company’s stock worth $281,000 after buying an additional 14 shares during the last quarter. Bollard Group LLC raised its position in shares of AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,693 shares of the company’s stock valued at $229,000 after buying an additional 17 shares in the last quarter. Lathrop Investment Management Corp raised its position in shares of AbbVie by 0.3% in the second quarter. Lathrop Investment Management Corp now owns 6,335 shares of the company’s stock valued at $392,000 after buying an additional 21 shares in the last quarter. Regent Investment Management LLC raised its position in shares of AbbVie by 0.3% in the first quarter. Regent Investment Management LLC now owns 11,929 shares of the company’s stock valued at $681,000 after buying an additional 30 shares in the last quarter. Finally, Texan Capital Management raised its position in shares of AbbVie by 0.4% in the second quarter. Texan Capital Management now owns 8,312 shares of the company’s stock valued at $515,000 after buying an additional 33 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.67% during mid-day trading on Tuesday, reaching $64.50. 2,519,079 shares of the company traded hands. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12. The stock has a market capitalization of $105.04 billion, a PE ratio of 18.60 and a beta of 1.49. The stock’s 50 day moving average is $65.02 and its 200 day moving average is $62.18.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping 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 business earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same period in the previous year, the company earned $1.08 earnings per share. AbbVie’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post $4.81 earnings per share 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 paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s payout ratio is 65.71%.
ABBV has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Morgan Stanley lowered shares of AbbVie from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $73.00 to $65.00 in a report on Wednesday, June 8th. Jefferies Group reissued a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.14 price objective for the company in a report on Monday, July 18th. Finally, Barclays PLC reissued an “equal weight” rating and set a $68.00 price objective on shares of AbbVie in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus 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 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 directly owns 144,138 shares in the company, valued at $9,368,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.11% of the stock is currently owned by 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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