AbbVie Inc. (ABBV) Stake Increased by Stonebridge Capital Advisors LLC
Stonebridge Capital Advisors LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 2.9% during the first quarter, Holdings Channel reports. The firm owned 111,235 shares of the company’s stock after buying an additional 3,109 shares during the period. AbbVie makes up 2.0% of Stonebridge Capital Advisors LLC’s investment portfolio, making the stock its 6th largest position. Stonebridge Capital Advisors LLC’s holdings in AbbVie were worth $7,248,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. State Street Corp raised its stake in shares of AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after buying an additional 1,696,042 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of AbbVie during the first quarter valued at approximately $46,744,000. Orbis Allan Gray Ltd raised its stake in shares of AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock valued at $343,496,000 after buying an additional 579,378 shares during the last quarter. Bank of Nova Scotia raised its stake in shares of AbbVie by 297.9% in the first quarter. Bank of Nova Scotia now owns 606,321 shares of the company’s stock valued at $39,507,000 after buying an additional 453,955 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of AbbVie by 58.6% in the first quarter. AQR Capital Management LLC now owns 940,824 shares of the company’s stock valued at $61,304,000 after buying an additional 347,710 shares during the last quarter. 67.69% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Inc. (ABBV) traded up 0.37% during trading on Wednesday, hitting $70.60. The stock had a trading volume of 1,273,383 shares. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $75.04. The stock’s 50 day moving average price is $71.93 and its 200 day moving average price is $66.99. The firm has a market cap of $112.54 billion, a P/E ratio of 17.36 and a beta of 1.50.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.26 EPS. On average, analysts anticipate that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date was Wednesday, July 12th. AbbVie’s dividend payout ratio is currently 62.90%.
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Several analysts have commented on ABBV shares. Zacks Investment Research lowered AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Vetr raised AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price objective on the stock in a report on Monday, May 8th. Deutsche Bank AG raised their price objective on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a report on Friday, April 28th. Jefferies Group LLC reissued a “buy” rating on shares of AbbVie in a report on Friday, May 26th. Finally, Credit Suisse Group reissued a “hold” rating and issued a $65.00 price objective on shares of AbbVie in a report on Wednesday, June 7th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $74.66.
In related news, CFO William J. Chase sold 38,300 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total value of $2,502,905.00. Following the sale, the chief financial officer now owns 209,043 shares in the company, valued at approximately $13,660,960.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total value of $13,712,301.00. Following the completion of the sale, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The disclosure for this sale can be found here. In the last 90 days, insiders sold 600,026 shares of company stock worth $41,852,724. 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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