AbbVie Inc. (ABBV) Position Lowered by Acadian Asset Management LLC
Acadian Asset Management LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 61.7% during the second quarter, Holdings Channel reports. The institutional investor owned 13,970 shares of the company’s stock after selling 22,496 shares during the period. Acadian Asset Management LLC’s holdings in AbbVie were worth $865,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of AbbVie during the fourth quarter valued at $838,947,000. Orbis Allan Gray Ltd acquired a new position in shares of AbbVie during the first quarter valued at $281,766,000. Woodford Investment Management LLP raised its position in shares of AbbVie by 25.8% in the first quarter. Woodford Investment Management LLP now owns 11,063,300 shares of the company’s stock valued at $631,936,000 after buying an additional 2,269,300 shares in the last quarter. AXA raised its position 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 in the last quarter. Finally, Renaissance Technologies LLC raised its position 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 in the last quarter. Institutional investors and hedge funds own 68.38% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.13% on Friday, hitting $63.27. 11,165,269 shares of the stock were exchanged. The stock has a market cap of $103.04 billion, a price-to-earnings ratio of 18.25 and a beta of 1.49. The stock’s 50-day moving average is $65.56 and its 200-day moving average is $61.66. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.06. The firm had revenue of $6.43 billion for the quarter, compared to the consensus estimate 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 in the previous year, the company earned $1.08 EPS. Analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.60%. AbbVie’s dividend payout ratio (DPR) is currently 65.71%.
ABBV has been the topic of several analyst reports. JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Morgan Stanley lowered shares of AbbVie from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $73.00 to $65.00 in a report on Wednesday, June 8th. Jefferies Group reiterated a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.14 target price on the stock in a report on Monday, July 18th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $68.00 target price on shares of AbbVie in a report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $70.39.
In related news, EVP Laura J. Schumacher sold 186,106 shares of the business’s stock in a transaction on Friday, June 24th. The shares were sold at an average price of $60.03, for a total transaction of $11,171,943.18. Following the transaction, the executive vice president now owns 260,438 shares in the company, valued at approximately $15,634,093.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Laura J. Schumacher sold 50,000 shares of the business’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 transaction, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by insiders.
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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