AbbVie Inc. Announces Quarterly Dividend of $0.64 (ABBV)
AbbVie Inc. (NYSE:ABBV) announced a quarterly dividend on Friday, September 8th, Zacks reports. Shareholders of record on Friday, October 13th will be given a dividend of 0.64 per share on Wednesday, November 15th. This represents a $2.56 annualized dividend and a yield of 2.83%. The ex-dividend date is Thursday, October 12th.
AbbVie has increased its dividend payment by an average of 12.5% annually over the last three years and has increased its dividend annually for the last 44 consecutive years. AbbVie has a dividend payout ratio of 46.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect AbbVie to earn $6.58 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 38.9%.
AbbVie (NYSE:ABBV) traded up 0.34% during mid-day trading on Friday, reaching $90.49. The company’s stock had a trading volume of 3,462,155 shares. AbbVie has a 12 month low of $55.06 and a 12 month high of $91.33. The firm has a market capitalization of $144.25 billion, a PE ratio of 22.26 and a beta of 1.51. The stock’s 50-day moving average is $82.25 and its 200-day moving average is $71.95.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm posted $1.26 earnings per share. AbbVie’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie will post $5.52 EPS for the current year.
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In other news, Director Edward J. Rapp bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were purchased at an average price of $70.45 per share, with a total value of $281,800.00. Following the completion of the acquisition, the director now directly owns 15,498 shares in the company, valued at $1,091,834.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Henry O. Gosebruch sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $70.09, for a total value of $1,261,620.00. Following the sale, the insider now directly owns 96,074 shares in the company, valued at approximately $6,733,826.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 379,890 shares of company stock worth $27,187,817. 0.23% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Aspen Investment Management Inc increased its holdings in shares of AbbVie by 0.8% in the second quarter. Aspen Investment Management Inc now owns 5,210 shares of the company’s stock valued at $378,000 after buying an additional 40 shares in the last quarter. Beaumont Financial Partners LLC increased its holdings in shares of AbbVie by 1.0% in the second quarter. Beaumont Financial Partners LLC now owns 5,616 shares of the company’s stock valued at $407,000 after buying an additional 56 shares in the last quarter. High Falls Advisors Inc increased its holdings in shares of AbbVie by 1.4% in the second quarter. High Falls Advisors Inc now owns 4,376 shares of the company’s stock valued at $317,000 after buying an additional 60 shares in the last quarter. Highland Private Wealth Management increased its holdings in shares of AbbVie by 2.5% in the second quarter. Highland Private Wealth Management now owns 3,259 shares of the company’s stock valued at $236,000 after buying an additional 79 shares in the last quarter. Finally, Jasper Ridge Partners L.P. increased its holdings in shares of AbbVie by 1.0% in the second quarter. Jasper Ridge Partners L.P. now owns 9,948 shares of the company’s stock valued at $721,000 after buying an additional 96 shares in the last quarter. 68.26% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have commented on ABBV. Piper Jaffray Companies restated a “buy” rating and issued a $100.00 target price on shares of AbbVie in a research note on Friday, September 15th. Jefferies Group LLC restated 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. Barclays PLC restated a “hold” rating and issued a $68.00 target price on shares of AbbVie in a research note on Thursday, September 28th. BMO Capital Markets restated a “hold” rating and issued a $66.00 target price on shares of AbbVie in a research note on Thursday, September 28th. Finally, Deutsche Bank AG lifted their target price on AbbVie to $88.00 and gave the company a “hold” rating in a research note on Thursday, September 28th. Nine investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $89.90.
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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