Bank of Nova Scotia Acquires 453,955 Shares of AbbVie Inc. (ABBV)
Bank of Nova Scotia raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 297.9% during the first quarter, Holdings Channel reports. The fund owned 606,321 shares of the company’s stock after buying an additional 453,955 shares during the period. Bank of Nova Scotia’s holdings in AbbVie were worth $39,507,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of ABBV. State Street Corp raised its stake in 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 AbbVie during the first quarter valued at approximately $46,744,000. Orbis Allan Gray Ltd raised its stake in 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. AQR Capital Management LLC raised its stake in 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. Finally, Legal & General Group Plc raised its stake in AbbVie by 4.1% in the first quarter. Legal & General Group Plc now owns 7,918,192 shares of the company’s stock valued at $515,956,000 after buying an additional 312,055 shares during the last quarter. 67.69% of the stock is currently owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) traded up 0.120% on Tuesday, hitting $70.905. 505,838 shares of the company traded hands. The stock’s 50-day moving average is $72.00 and its 200 day moving average is $66.91. The stock has a market cap of $113.03 billion, a PE ratio of 17.439 and a beta of 1.50. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $75.04.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.26 earnings per share. Equities research analysts expect that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s dividend payout ratio is currently 62.90%.
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Several equities research analysts have commented on ABBV shares. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price target on the stock in a report on Monday, May 8th. BMO Capital Markets set a $63.00 price target on shares of AbbVie and gave the company a “hold” rating in a report on Thursday, April 27th. Credit Suisse Group reaffirmed a “hold” rating and issued a $65.00 price target on shares of AbbVie in a report on Wednesday, June 7th. Zacks Investment Research lowered shares of AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, Deutsche Bank AG upped their price target on shares of AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a report on Friday, April 28th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $74.66.
In related news, Chairman Richard A. Gonzalez sold 87,899 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $71.02, for a total transaction of $6,242,586.98. Following the sale, the chairman now owns 342,353 shares of the company’s stock, valued at $24,313,910.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the sale, the chairman now directly 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 three months, insiders have sold 600,026 shares of company stock worth $41,852,724. 0.23% of the stock is owned by insiders.
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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