Palisade Capital Management LLC NJ Grows Position in AbbVie Inc (ABBV)
Palisade Capital Management LLC NJ lifted its position in shares of AbbVie Inc (NYSE:ABBV) by 2.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,315 shares of the company’s stock after purchasing an additional 885 shares during the quarter. Palisade Capital Management LLC NJ’s holdings in AbbVie were worth $3,405,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after acquiring an additional 3,706,941 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after acquiring an additional 3,646,510 shares in the last quarter. Orbis Allan Gray Ltd boosted its holdings in AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after acquiring an additional 3,340,038 shares in the last quarter. Capital Research Global Investors boosted its holdings in AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after acquiring an additional 2,130,919 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after acquiring an additional 1,864,418 shares in the last quarter. Institutional investors own 69.18% of the company’s stock.
Several equities research analysts have commented on ABBV shares. Jefferies Group boosted their target price on AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, October 16th. BMO Capital Markets set a $66.00 price target on AbbVie and gave the stock a “hold” rating in a research note on Friday, October 27th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 11th. Piper Jaffray Companies boosted their price target on AbbVie to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Finally, SunTrust Banks restated a “buy” rating on shares of AbbVie in a research note on Monday, October 30th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $100.94.
AbbVie Inc (NYSE:ABBV) opened at $99.49 on Tuesday. AbbVie Inc has a one year low of $59.27 and a one year high of $101.28. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. The firm has a market capitalization of $158,600.00, a price-to-earnings ratio of 24.15, a PEG ratio of 1.20 and a beta of 1.53.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 27th. The company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $7 billion during the quarter, compared to analysts’ expectations of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. AbbVie’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.21 earnings per share. research analysts expect that AbbVie Inc will post 5.55 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Thursday, January 11th. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio is 62.14%.
In related news, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the completion of the sale, the senior vice president now owns 113,118 shares in the company, valued at $11,136,467.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total value of $20,512,323.93. Following the sale, the chairman now owns 492,030 shares of the company’s stock, valued at approximately $46,255,740.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 494,676 shares of company stock valued at $47,237,938. 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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