Edgemoor Investment Advisors Inc. Invests $210,000 in AbbVie Inc. (ABBV) Stock
Edgemoor Investment Advisors Inc. purchased a new position in AbbVie Inc. (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,892 shares of the company’s stock, valued at approximately $210,000.
A number of other institutional investors have also bought and sold shares of ABBV. Atwood & Palmer Inc. grew its position in AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after buying an additional 2,000 shares during the last quarter. Wright Investors Service Inc. grew its position in AbbVie by 6.0% during the 1st quarter. Wright Investors Service Inc. now owns 41,945 shares of the company’s stock worth $2,733,000 after purchasing an additional 2,360 shares in the last quarter. Advisory Services Network LLC purchased a new position in AbbVie during the 1st quarter worth approximately $1,964,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in AbbVie by 5.7% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 270,960 shares of the company’s stock worth $17,656,000 after purchasing an additional 14,666 shares in the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC grew its position in AbbVie by 7.2% during the 1st quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 21,889 shares of the company’s stock worth $1,426,000 after purchasing an additional 1,461 shares in the last quarter. Hedge funds and other institutional investors own 68.16% of the company’s stock.
In related news, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction on Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares of the company’s stock, valued at approximately $7,915,276.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Severino sold 25,633 shares of AbbVie stock in a transaction on Friday, November 10th. The shares were sold at an average price of $94.69, for a total transaction of $2,427,188.77. Following the completion of the sale, the executive vice president now directly owns 114,922 shares of the company’s stock, valued at approximately $10,881,964.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,932 shares of company stock valued at $5,379,432. 0.23% of the stock is owned by company insiders.
Several equities analysts have weighed in on the stock. Piper Jaffray Companies reiterated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research report on Thursday, August 3rd. Evercore ISI assumed coverage on shares of AbbVie in a research report on Wednesday, August 16th. They set an “outperform” rating and a $95.00 price objective on the stock. BidaskClub cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. SunTrust Banks, Inc. reiterated a “buy” rating and set a $95.00 price objective on shares of AbbVie in a research report on Wednesday, September 13th. Finally, UBS AG cut shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $79.00 to $92.00 in a research report on Monday, September 25th. Eight equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. AbbVie currently has an average rating of “Buy” and a consensus target price of $93.68.
Shares of AbbVie Inc. (NYSE ABBV) opened at $94.75 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. AbbVie Inc. has a 52 week low of $58.60 and a 52 week high of $98.26. The stock has a market cap of $151,852.42, a price-to-earnings ratio of 17.91, a P/E/G ratio of 1.32 and a beta of 1.51.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The business had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter in the previous year, the business earned $1.21 EPS. AbbVie’s quarterly revenue was up 8.8% compared to the same quarter last year. research analysts forecast that AbbVie Inc. will post 5.55 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is presently 62.29%.
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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