Meridian Investment Counsel Inc. Has $1.71 Million Position in AbbVie Inc. (ABBV)
Meridian Investment Counsel Inc. boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,290 shares of the company’s stock after buying an additional 1,475 shares during the period. AbbVie makes up 1.1% of Meridian Investment Counsel Inc.’s holdings, making the stock its 29th largest position. Meridian Investment Counsel Inc.’s holdings in AbbVie were worth $1,713,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the stock. First Command Financial Services Inc. raised its position in shares of AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock valued at $102,000 after buying an additional 99 shares in the last quarter. Atwood & Palmer Inc. raised its position in shares of AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock valued at $140,000 after buying an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC raised its position in shares of AbbVie by 87.2% in the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock valued at $148,000 after buying an additional 1,057 shares in the last quarter. American National Bank raised its position in shares of AbbVie by 13.8% in the first quarter. American National Bank now owns 2,471 shares of the company’s stock valued at $161,000 after buying an additional 299 shares in the last quarter. Finally, Cable Hill Partners LLC raised its position in shares of AbbVie by 7.4% in the first quarter. Cable Hill Partners LLC now owns 2,711 shares of the company’s stock valued at $177,000 after buying an additional 186 shares in the last quarter. 68.27% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.80% on Thursday, hitting $74.51. 906,313 shares of the company were exchanged. The stock has a market cap of $118.78 billion, a PE ratio of 18.33 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 of $71.65 and a 200-day moving average of $67.49.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion during 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%. AbbVie’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $1.26 earnings per share. On average, equities analysts expect 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 given a $0.64 dividend. The ex-dividend date was Wednesday, July 12th. This represents a $2.56 annualized dividend and a yield of 3.46%. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
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ABBV has been the topic of a number of research reports. Vetr lowered shares of AbbVie from a “buy” rating to a “hold” rating and set a $76.28 target price on the stock. in a report on Thursday, July 20th. Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Jefferies Group LLC reiterated a “buy” rating and set a $94.00 target price (up from $92.00) on shares of AbbVie in a report on Monday, July 17th. Deutsche Bank AG reiterated a “hold” rating and set a $66.00 target price (up from $65.00) on shares of AbbVie in a report on Monday, July 17th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $74.00 target price (up from $65.00) on shares of AbbVie in a 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. AbbVie currently has an average rating of “Buy” and a consensus target price of $76.02.
In other AbbVie news, EVP Carlos Alban sold 45,800 shares of AbbVie stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the completion of the transaction, the executive vice president now directly owns 160,545 shares of the company’s stock, valued at $11,238,150. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Laura J. Schumacher sold 79,800 shares of AbbVie stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the transaction, the insider now directly owns 187,625 shares of the company’s stock, valued at $13,133,750. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 490,491 shares of company stock valued at $34,684,639. 0.23% of the stock is owned by company 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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