Veritas Investment Management LLP reduced its stake in AbbVie Inc. (NYSE:ABBV) by 2.8% during the second quarter, Holdings Channel reports. The fund owned 1,750 shares of the company’s stock after selling 50 shares during the period. Veritas Investment Management LLP’s holdings in AbbVie were worth $108,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Alexandria Capital LLC raised its position in 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 in the last quarter. Bollard Group LLC raised its position in 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 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. Texan Capital Management raised its position in 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. Finally, Zions Bancorporation raised its position in 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 in the last quarter. Institutional investors own 68.35% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) opened at 61.55 on Wednesday. The company’s 50 day moving average price is $63.29 and its 200-day moving average price is $62.81. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12. The stock has a market cap of $100.24 billion, a price-to-earnings ratio of 17.75 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.06. The business 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 firm’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 earnings per share. On average, analysts forecast that AbbVie Inc. will post $4.81 EPS for the current year.
The company also recently declared 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. This represents a $2.28 annualized dividend and a yield of 3.70%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 65.71%.
Several brokerages have recently issued reports on ABBV. Credit Suisse Group AG reiterated a “buy” rating on shares of AbbVie in a research note on Sunday, July 10th. Vetr cut AbbVie from a “buy” rating to a “hold” rating and set a $67.01 price objective on the stock. in a research note on Tuesday, July 26th. BMO Capital Markets reiterated a “market perform” rating and issued a $66.00 price objective on shares of AbbVie in a research note on Friday, July 29th. Jefferies Group reiterated a “buy” rating and issued a $90.00 price objective on shares of AbbVie in a research note on Wednesday, October 5th. Finally, Zacks Investment Research upgraded AbbVie from a “sell” rating to a “hold” rating in a research note on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $70.64.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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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