AbbVie Inc. (ABBV) Shares Sold by Marcus Capital LLC
Marcus Capital LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 0.2% during the second quarter, Holdings Channel reports. The institutional investor owned 27,100 shares of the company’s stock after selling 50 shares during the period. AbbVie accounts for about 1.8% of Marcus Capital LLC’s portfolio, making the stock its 28th largest position. Marcus Capital LLC’s holdings in AbbVie were worth $1,678,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Acropolis Investment Management LLC bought a new position in shares of AbbVie during the second quarter worth approximately $106,000. CapWealth Advisors LLC raised its position in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock worth $103,000 after buying an additional 639 shares in the last quarter. Hartford Financial Management Inc. raised its position in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares in the last quarter. Americafirst Capital Management LLC bought a new position in shares of AbbVie during the second quarter worth approximately $122,000. Finally, D. Scott Neal Inc. raised its position in shares of AbbVie by 107.4% in the second quarter. D. Scott Neal Inc. now owns 1,999 shares of the company’s stock worth $124,000 after buying an additional 1,035 shares in the last quarter. 68.38% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.13% during trading on Friday, hitting $63.27. 11,165,269 shares of the stock were exchanged. The firm has a 50 day moving average price of $65.56 and a 200 day moving average price of $61.66. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12. The firm has a market capitalization of $103.04 billion, a P/E ratio of 18.25 and a beta of 1.49.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.20 by $0.06. The business earned $6.43 billion during 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%. AbbVie’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 EPS. Analysts forecast that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.60%. The ex-dividend date is Wednesday, October 12th. AbbVie’s payout ratio is 65.71%.
A number of research analysts have recently commented on ABBV shares. 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 research report on Thursday, September 8th. They noted that the move was a valuation call. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.63 target price on the stock in a research note on Thursday, August 25th. Raymond James Financial Inc. started coverage on shares of AbbVie in a research note on Thursday, September 1st. They issued an “outperform” rating and a $82.00 target price on the stock. Jefferies Group reissued a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. Finally, Morgan Stanley cut shares of AbbVie from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $73.00 to $65.00 in a research note on Wednesday, June 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $70.39.
In related news, EVP Laura J. Schumacher sold 186,106 shares of AbbVie stock in a transaction dated 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 completion of the sale, the executive vice president now owns 260,438 shares of the company’s stock, valued at approximately $15,634,093.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Laura J. Schumacher sold 50,000 shares of AbbVie 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 sale, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The disclosure for this sale can be found here. Corporate 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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