AbbVie Inc. (ABBV) Position Cut by Mitchell Sinkler & Starr PA
Mitchell Sinkler & Starr PA lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 22,304 shares of the company’s stock after selling 800 shares during the period. AbbVie makes up 2.6% of Mitchell Sinkler & Starr PA’s portfolio, making the stock its 5th largest position. Mitchell Sinkler & Starr PA’s holdings in AbbVie were worth $1,617,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of ABBV. SNS Financial Group LLC raised its stake in AbbVie by 21.6% in the fourth quarter. SNS Financial Group LLC now owns 124,564 shares of the company’s stock valued at $7,800,000 after buying an additional 22,112 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in AbbVie during the fourth quarter valued at about $3,256,000. Norges Bank acquired a new stake in AbbVie during the fourth quarter valued at about $823,984,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in AbbVie during the fourth quarter valued at about $137,000. Finally, Aristotle Capital Management LLC raised its stake in AbbVie by 4.2% in the fourth quarter. Aristotle Capital Management LLC now owns 4,371,904 shares of the company’s stock valued at $273,768,000 after buying an additional 176,116 shares in the last quarter. 67.69% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (ABBV) traded up 0.37% during trading on Monday, hitting $70.89. The stock had a trading volume of 842,887 shares. The company’s 50 day moving average price is $72.05 and its 200 day moving average price is $66.76. The company has a market capitalization of $113.01 billion, a price-to-earnings ratio of 17.43 and a beta of 1.50. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The company had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. AbbVie’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 EPS. Analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a dividend of $0.64 per share. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a yield of 3.62%. AbbVie’s payout ratio is 62.90%.
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ABBV has been the topic of several research analyst reports. BMO Capital Markets restated a “hold” rating and issued a $63.00 price objective on shares of AbbVie in a research note on Tuesday, April 18th. Leerink Swann set a $71.00 price objective on AbbVie and gave the company a “hold” rating in a research note on Thursday, April 20th. Deutsche Bank AG upped their price objective on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Vetr lowered AbbVie from a “strong-buy” rating to a “buy” rating and set a $74.98 price objective on the stock. in a research note on Thursday, May 4th. Finally, Jefferies Group LLC restated a “buy” rating on shares of AbbVie in a research note on Friday, May 26th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $74.66.
In other AbbVie news, CFO William J. Chase sold 38,300 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the sale, the chief financial officer now owns 209,043 shares of the company’s stock, valued at approximately $13,660,960.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the sale, the chairman now directly owns 469,623 shares in the company, valued at approximately $33,343,233. The disclosure for this sale can be found here. Insiders have sold a total of 600,026 shares of company stock worth $41,852,724 in the last three months. Insiders own 0.23% of the company’s stock.
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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