Highland Capital Management LLC Has $1.10 Million Stake in AbbVie Inc. (ABBV)
Highland Capital Management LLC lowered its stake in AbbVie Inc. (NYSE:ABBV) by 58.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,210 shares of the company’s stock after selling 21,259 shares during the period. Highland Capital Management LLC’s holdings in AbbVie were worth $1,103,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Abner Herrman & Brock LLC increased its stake in AbbVie by 0.3% in the second quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock valued at $456,000 after buying an additional 18 shares during the last quarter. Bollard Group LLC increased its stake in AbbVie by 0.5% in the first quarter. Bollard Group LLC now owns 3,745 shares of the company’s stock valued at $244,000 after buying an additional 20 shares during the last quarter. TRUE Private Wealth Advisors increased its stake in AbbVie by 0.5% in the first quarter. TRUE Private Wealth Advisors now owns 4,787 shares of the company’s stock valued at $313,000 after buying an additional 24 shares during the last quarter. St. Louis Trust Co increased its stake in AbbVie by 0.7% in the first quarter. St. Louis Trust Co now owns 3,388 shares of the company’s stock valued at $221,000 after buying an additional 25 shares during the last quarter. Finally, Country Club Trust Company n.a. increased its stake in AbbVie by 0.6% in the first quarter. Country Club Trust Company n.a. now owns 4,434 shares of the company’s stock valued at $289,000 after buying an additional 26 shares during the last quarter. 67.89% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.35% during trading on Friday, reaching $70.69. The company’s stock had a trading volume of 1,423,949 shares. The stock has a market capitalization of $112.69 billion, a price-to-earnings ratio of 17.39 and a beta of 1.50. The firm has a 50 day moving average of $72.13 and a 200 day moving average of $66.69. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02. The company 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 for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.26 earnings per share. Analysts expect that AbbVie Inc. will post $5.52 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.63%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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Several research firms have recently weighed in on ABBV. Vetr downgraded AbbVie from a “buy” rating to a “hold” rating and set a $76.28 target price for the company. in a report on Thursday, July 20th. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 target price (up from $92.00) on shares of AbbVie in a report on Monday, July 17th. Deutsche Bank AG reissued a “hold” rating and issued a $66.00 target price (up from $65.00) on shares of AbbVie in a report on Monday, July 17th. Finally, Credit Suisse Group reissued a “neutral” rating and issued a $74.00 target price (up from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. AbbVie has a consensus rating of “Buy” and a consensus target price of $74.66.
In other news, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction that occurred on 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 owns 469,623 shares of the company’s stock, valued at $33,343,233. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO William J. Chase sold 38,300 shares of AbbVie stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $65.35, for a total value of $2,502,905.00. Following the sale, the chief financial officer now directly owns 209,043 shares in the company, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 600,026 shares of company stock worth $41,852,724. Corporate insiders own 0.23% of the company’s stock.
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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