AbbVie Inc. (ABBV) Holdings Boosted by Westchester Capital Management Inc.
Westchester Capital Management Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 147,343 shares of the company’s stock after buying an additional 2,509 shares during the period. AbbVie makes up 4.9% of Westchester Capital Management Inc.’s portfolio, making the stock its 3rd biggest position. Westchester Capital Management Inc.’s holdings in AbbVie were worth $10,684,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. Hennessy Advisors Inc. lifted its holdings in shares of AbbVie by 200.0% during the 1st quarter. Hennessy Advisors Inc. now owns 121,500 shares of the company’s stock valued at $7,917,000 after purchasing an additional 81,000 shares in the last quarter. Old Mutual Global Investors UK Ltd. lifted its holdings in shares of AbbVie by 1.4% during the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 18,168 shares of the company’s stock valued at $1,183,000 after purchasing an additional 256 shares in the last quarter. Pegasus Partners Ltd. lifted its holdings in shares of AbbVie by 158.1% during the 1st quarter. Pegasus Partners Ltd. now owns 10,284 shares of the company’s stock valued at $670,000 after purchasing an additional 6,300 shares in the last quarter. Access Financial Services Inc. lifted its holdings in shares of AbbVie by 7.7% during the 1st quarter. Access Financial Services Inc. now owns 22,845 shares of the company’s stock valued at $1,489,000 after purchasing an additional 1,625 shares in the last quarter. Finally, Dowling & Yahnke LLC lifted its holdings in shares of AbbVie by 0.6% during the 1st quarter. Dowling & Yahnke LLC now owns 76,586 shares of the company’s stock valued at $4,990,000 after purchasing an additional 433 shares in the last quarter. Hedge funds and other institutional investors own 68.49% of the company’s stock.
In related news, insider Henry O. Gosebruch sold 18,300 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the completion of the sale, the insider now directly owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the sale, the senior vice president now directly owns 93,099 shares of the company’s stock, valued at $7,915,276.98. The disclosure for this sale can be found here. Insiders have sold 226,430 shares of company stock valued at $16,664,544 over the last ninety days. 0.23% of the stock is currently owned by company insiders.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 164.66% and a net margin of 24.38%. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter last year, the company earned $1.21 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of Infinity. This is an increase from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, January 11th. AbbVie’s dividend payout ratio (DPR) is presently 62.29%.
ABBV has been the topic of several recent analyst reports. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Tuesday, October 17th. BidaskClub cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 25th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price objective on the stock in a report on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $100.00 price objective (up previously from $85.00) on shares of AbbVie in a report on Friday, September 8th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of AbbVie in a research report on Friday, September 15th. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $93.68.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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