Redpoint Investment Management Pty Ltd trimmed its stake in AbbVie Inc (NYSE:ABBV) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 120,953 shares of the company’s stock after selling 1,064 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in AbbVie were worth $11,206,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC increased its holdings in shares of AbbVie by 8,774.3% in the second quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after purchasing an additional 1,089,763 shares during the period. SeaCrest Wealth Management LLC increased its holdings in shares of AbbVie by 43.1% in the second quarter. SeaCrest Wealth Management LLC now owns 34,815 shares of the company’s stock valued at $3,226,000 after purchasing an additional 10,483 shares during the period. Lynch & Associates IN increased its holdings in shares of AbbVie by 1.8% in the second quarter. Lynch & Associates IN now owns 60,094 shares of the company’s stock valued at $5,568,000 after purchasing an additional 1,037 shares during the period. Highbridge Capital Management LLC increased its holdings in shares of AbbVie by 2,285.6% in the first quarter. Highbridge Capital Management LLC now owns 120,206 shares of the company’s stock valued at $11,377,000 after purchasing an additional 125,706 shares during the period. Finally, MUFG Securities EMEA plc acquired a new position in shares of AbbVie in the second quarter valued at about $157,000. 69.35% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on ABBV. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a report on Wednesday, June 27th. ValuEngine lowered AbbVie from a “buy” rating to a “hold” rating in a report on Friday, June 22nd. Berenberg Bank began coverage on AbbVie in a report on Thursday, July 12th. They issued a “hold” rating and a $105.00 price objective on the stock. Jefferies Financial Group set a $100.00 price objective on AbbVie and gave the company a “buy” rating in a report on Sunday, July 15th. Finally, Bank of America cut their price objective on AbbVie from $107.00 to $106.00 and set a “buy” rating on the stock in a report on Thursday, October 4th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $107.21.
Shares of ABBV opened at $94.81 on Tuesday. AbbVie Inc has a 52 week low of $85.24 and a 52 week high of $125.86. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06. The stock has a market capitalization of $143.22 billion, a PE ratio of 16.93, a P/E/G ratio of 0.91 and a beta of 1.54.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 27th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The firm had revenue of $8.28 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The company’s revenue was up 19.2% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc will post 7.86 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.05%. AbbVie’s payout ratio is 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the company’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the sale, the executive vice president now owns 111,481 shares in the company, valued at $10,871,627.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.07% of the stock is owned by corporate insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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