AbbVie Inc. (ABBV) Stake Increased by Telemus Capital LLC
Telemus Capital LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,477 shares of the company’s stock after buying an additional 31 shares during the quarter. Telemus Capital LLC’s holdings in AbbVie were worth $2,065,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Accident Compensation Corp boosted its holdings in AbbVie by 24.7% in the first quarter. Accident Compensation Corp now owns 66,200 shares of the company’s stock worth $4,314,000 after purchasing an additional 13,100 shares during the period. Investec Asset Management LTD boosted its holdings in AbbVie by 3.6% in the first quarter. Investec Asset Management LTD now owns 166,978 shares of the company’s stock worth $10,880,000 after purchasing an additional 5,801 shares during the period. Comerica Securities Inc. boosted its holdings in AbbVie by 832.7% in the first quarter. Comerica Securities Inc. now owns 66,443 shares of the company’s stock worth $4,329,000 after purchasing an additional 59,319 shares during the period. Suntrust Banks Inc. boosted its holdings in AbbVie by 3.7% in the first quarter. Suntrust Banks Inc. now owns 1,216,484 shares of the company’s stock worth $79,265,000 after purchasing an additional 43,617 shares during the period. Finally, Clean Yield Group boosted its holdings in AbbVie by 25.0% in the first quarter. Clean Yield Group now owns 9,598 shares of the company’s stock worth $625,000 after purchasing an additional 1,920 shares during the period. 68.25% of the stock is owned by institutional investors and hedge funds.
In other AbbVie news, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the transaction, the senior vice president now directly owns 93,099 shares in the company, valued at approximately $7,915,276.98. The disclosure for this sale can be found here. In the last three months, insiders sold 379,890 shares of company stock worth $27,187,817. Insiders own 0.23% of the company’s stock.
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Shares of AbbVie Inc. (NYSE ABBV) opened at 96.10 on Friday. The firm has a 50-day moving average price of $88.06 and a 200-day moving average price of $73.89. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $98.26. The company has a market capitalization of $153.19 billion, a PE ratio of 23.64 and a beta of 1.51.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The firm 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 business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.26 earnings per share. Equities analysts anticipate that AbbVie Inc. will post $5.53 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is currently 62.90%.
A number of equities analysts have commented on ABBV shares. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $100.00 price objective (up previously from $95.00) on shares of AbbVie in a report on Saturday, September 30th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $74.00 price objective (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Barclays PLC reaffirmed a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a report on Thursday, September 28th. Finally, Cowen and Company raised shares of AbbVie from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $91.17 to $105.00 in a report on Wednesday, October 11th. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and a consensus target price of $92.79.
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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