RNC Capital Management LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 1.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 620,340 shares of the company’s stock after buying an additional 7,057 shares during the period. AbbVie comprises about 3.6% of RNC Capital Management LLC’s holdings, making the stock its 2nd largest position. RNC Capital Management LLC’s holdings in AbbVie were worth $38,405,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Orbis Allan Gray Ltd bought a new stake in shares of AbbVie during the first quarter valued at approximately $281,766,000. AXA boosted its stake 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 during the last quarter. Renaissance Technologies LLC boosted its stake in shares of AbbVie by 168.2% in the first quarter. Renaissance Technologies LLC now owns 1,563,056 shares of the company’s stock valued at $89,282,000 after buying an additional 980,300 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of AbbVie during the first quarter valued at approximately $50,875,000. Finally, Boston Advisors LLC boosted its stake in shares of AbbVie by 673.0% in the first quarter. Boston Advisors LLC now owns 735,734 shares of the company’s stock valued at $42,025,000 after buying an additional 640,549 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.16% during trading on Friday, reaching $62.93. 3,812,671 shares of the company’s stock were exchanged. The stock has a market cap of $102.48 billion, a P/E ratio of 18.15 and a beta of 1.50. The company has a 50 day moving average of $64.13 and a 200 day moving average of $62.54. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates 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%. AbbVie’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 earnings per share. Equities research analysts anticipate that AbbVie Inc. will post $4.81 EPS for the current year.
The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a yield of 3.62%. AbbVie’s payout ratio is presently 65.71%.
Several analysts have recently issued reports on the stock. Jefferies Group restated a “buy” rating and set a $90.00 target price on shares of AbbVie in a research report on Wednesday. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Wednesday, September 28th. Goldman Sachs Group Inc. restated a “buy” rating and set a $78.00 target price 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 target price on the stock in a research report on Thursday, September 8th. Finally, JPMorgan Chase & Co. cut shares of AbbVie from an “overweight” rating to a “neutral” rating and decreased their target price for the company 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 issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction dated 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 directly owns 144,138 shares in the company, valued at $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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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