OLD National Bancorp IN reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 14.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 267,365 shares of the company’s stock after selling 44,327 shares during the period. OLD National Bancorp IN’s holdings in AbbVie were worth $16,552,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Orbis Allan Gray Ltd acquired a new stake in AbbVie during the first quarter valued at approximately $281,766,000. Ameriprise Financial Inc. raised its stake in AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock valued at $641,739,000 after buying an additional 3,562,980 shares in the last quarter. Bank of Montreal Can acquired a new stake in AbbVie during the second quarter valued at approximately $93,942,000. ING Groep NV acquired a new stake in AbbVie during the second quarter valued at approximately $83,166,000. Finally, AXA raised its stake in 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 currently owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) traded up 0.03% during trading on Friday, reaching $61.17. The company’s stock had a trading volume of 528,032 shares. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12. The stock’s 50-day moving average is $63.63 and its 200 day moving average is $62.65. The firm has a market capitalization of $99.62 billion, a price-to-earnings ratio of 17.64 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 for the quarter, beating the Zacks’ 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 business earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same quarter last year, the company posted $1.08 EPS. AbbVie’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post $4.81 EPS 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 given a dividend of $0.57 per share. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a yield of 3.73%. AbbVie’s payout ratio is presently 65.71%.
Several equities research analysts recently commented on the stock. Jefferies Group reiterated a “buy” rating and issued a $90.00 price objective on shares of AbbVie in a research report 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 on the stock in a research report on Wednesday, September 28th. Goldman Sachs Group Inc. reiterated a “buy” rating and issued a $78.00 price objective on shares of AbbVie in a research report 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 on the stock in a research report on Thursday, September 8th. Finally, 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 research report on Thursday, September 8th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction dated 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 directly owns 144,138 shares in the company, valued at approximately $9,368,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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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