Nippon Life Global Investors Americas Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.6% during the second quarter, Holdings Channel reports. The institutional investor owned 103,660 shares of the company’s stock after selling 6,160 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in AbbVie were worth $6,417,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of ABBV. Alexandria Capital LLC raised its position in shares of AbbVie by 0.3% in the second quarter. Alexandria Capital LLC now owns 4,543 shares of the company’s stock valued at $281,000 after buying an additional 14 shares during the period. 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 during the period. 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 during the period. 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 during the period. Finally, Zions Bancorporation raised its position in shares of AbbVie by 0.4% in the first quarter. Zions Bancorporation now owns 8,271 shares of the company’s stock valued at $478,000 after buying an additional 34 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.28% during mid-day trading on Tuesday, hitting $63.13. 300,388 shares of the company’s stock were exchanged. The company has a market capitalization of $102.81 billion, a price-to-earnings ratio of 18.21 and a beta of 1.50. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12. The firm has a 50 day moving average price of $64.02 and a 200-day moving average price of $62.67.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.06. The firm had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.08 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post $4.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.60%. The ex-dividend date is Wednesday, October 12th. AbbVie’s payout ratio is presently 65.71%.
Several equities research analysts have issued reports on the stock. Jefferies Group reiterated a “buy” rating and set a $90.00 price objective on shares of AbbVie in a research note on Wednesday, October 5th. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Wednesday, September 28th. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $78.00 price objective on shares of AbbVie in a research note on Tuesday, September 27th. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $72.59 price objective for the company in a research note on Thursday, September 8th. Finally, JPMorgan Chase & Co. downgraded 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 research note on Thursday, September 8th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. AbbVie currently has a consensus rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’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 transaction of $3,250,000.00. Following the transaction, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate 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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