AbbVie Inc. (ABBV) Position Raised by MAI Capital Management
MAI Capital Management boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,865 shares of the company’s stock after purchasing an additional 114 shares during the period. MAI Capital Management’s holdings in AbbVie were worth $2,746,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. First National Trust Co. increased its holdings in AbbVie by 3.7% during the 2nd quarter. First National Trust Co. now owns 130,860 shares of the company’s stock valued at $9,488,000 after purchasing an additional 4,663 shares in the last quarter. Twin Capital Management Inc. acquired a new stake in AbbVie during the 2nd quarter valued at $955,000. Strategy Asset Managers LLC increased its holdings in AbbVie by 50.6% during the 2nd quarter. Strategy Asset Managers LLC now owns 24,587 shares of the company’s stock valued at $1,783,000 after purchasing an additional 8,266 shares in the last quarter. Welch Group LLC increased its stake in shares of AbbVie by 6.1% in the 2nd quarter. Welch Group LLC now owns 260,784 shares of the company’s stock valued at $18,909,000 after buying an additional 14,891 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of AbbVie by 1.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,570,566 shares of the company’s stock valued at $331,412,000 after buying an additional 46,487 shares during the period. 68.16% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on ABBV shares. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Tuesday, October 17th. BidaskClub cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 25th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $76.28 target price for the company in a research note on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and issued a $100.00 target price (up from $85.00) on shares of AbbVie in a research note on Friday, September 8th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $107.00 target price (up from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $93.68.
Shares of AbbVie Inc. (NYSE ABBV) opened at $94.47 on Friday. The company has a market capitalization of $149,681.28, a PE ratio of 17.66, a PEG ratio of 1.30 and a beta of 1.51. AbbVie Inc. has a twelve month low of $58.60 and a twelve month high of $98.26. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. AbbVie’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 earnings per share. sell-side analysts anticipate that AbbVie Inc. will post 5.55 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be given a $0.71 dividend. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.01%. This is an increase from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is currently 62.29%.
In other AbbVie news, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the transaction, the vice president now owns 10,007 shares of the company’s stock, valued at $880,616. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael Severino sold 25,633 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $94.69, for a total value of $2,427,188.77. Following the transaction, the executive vice president now directly owns 114,922 shares in the company, valued at approximately $10,881,964.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,932 shares of company stock worth $5,379,432. 0.23% of the stock is owned by company insiders.
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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