AbbVie Inc. (ABBV) Stake Lowered by MUFG Americas Holdings Corp
MUFG Americas Holdings Corp reduced its position in AbbVie Inc. (NYSE:ABBV) by 50.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,659 shares of the company’s stock after selling 86,828 shares during the period. MUFG Americas Holdings Corp’s holdings in AbbVie were worth $5,451,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of ABBV. Suntrust Banks Inc. raised its position 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 buying an additional 43,617 shares during the last quarter. Iowa State Bank increased its stake in AbbVie by 3.6% in the first quarter. Iowa State Bank now owns 71,888 shares of the company’s stock worth $4,684,000 after buying an additional 2,496 shares during the period. Dynamic Advisors Solutions LLC increased its stake in AbbVie by 680.0% in the first quarter. Dynamic Advisors Solutions LLC now owns 69,407 shares of the company’s stock worth $4,523,000 after buying an additional 60,509 shares during the period. Hamlin Capital Management LLC increased its stake in AbbVie by 14.6% in the first quarter. Hamlin Capital Management LLC now owns 1,244,866 shares of the company’s stock worth $81,115,000 after buying an additional 158,763 shares during the period. Finally, Alerus Financial NA increased its stake in AbbVie by 0.8% in the first quarter. Alerus Financial NA now owns 35,236 shares of the company’s stock worth $2,296,000 after buying an additional 273 shares during the period. Institutional investors and hedge funds own 68.27% of the company’s stock.
AbbVie Inc. (NYSE ABBV) traded up 0.76% during midday trading on Thursday, reaching $74.48. The company’s stock had a trading volume of 987,183 shares. The firm has a market cap of $118.73 billion, a P/E ratio of 18.32 and a beta of 1.50. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04. The firm has a 50 day moving average price of $71.65 and a 200-day moving average price of $67.49.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion for the quarter, compared to analyst estimates 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 prior year, the firm posted $1.26 EPS. On average, analysts forecast that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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A number of research firms recently weighed in on ABBV. Vetr downgraded AbbVie from a “buy” rating to a “hold” rating and set a $76.28 target price on the stock. in a research report on Thursday, July 20th. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price (up from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Deutsche Bank AG reissued a “hold” rating and set a $66.00 target price (up from $65.00) on shares of AbbVie in a research report on Monday, July 17th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $74.00 target price (up from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. AbbVie presently has a consensus rating of “Buy” and an average target price of $76.02.
In related news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction that occurred 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 owns 469,623 shares of the company’s stock, valued at approximately $33,343,233. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Laura J. Schumacher sold 79,800 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the sale, the insider now directly owns 187,625 shares in the company, valued at approximately $13,133,750. The disclosure for this sale can be found here. Insiders have sold a total of 490,491 shares of company stock worth $34,684,639 in the last ninety days. 0.23% of the stock is currently owned by 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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