Tower Research Capital LLC TRC Sells 31,212 Shares of AbbVie Inc. (ABBV)
Tower Research Capital LLC TRC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 92.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,510 shares of the company’s stock after selling 31,212 shares during the period. Tower Research Capital LLC TRC’s holdings in AbbVie were worth $164,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its position in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after buying an additional 1,696,042 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in AbbVie during the first quarter worth $46,744,000. Orbis Allan Gray Ltd raised its position in AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock worth $343,496,000 after buying an additional 579,378 shares during the last quarter. Bank of Nova Scotia raised its position in AbbVie by 297.9% in the first quarter. Bank of Nova Scotia now owns 606,321 shares of the company’s stock worth $39,507,000 after buying an additional 453,955 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in AbbVie by 58.6% in the first quarter. AQR Capital Management LLC now owns 940,824 shares of the company’s stock worth $61,304,000 after buying an additional 347,710 shares during the last quarter. Institutional investors and hedge funds own 67.69% of the company’s stock.
Shares of AbbVie Inc. (ABBV) traded up 0.01% during trading on Tuesday, hitting $70.83. The company had a trading volume of 727,498 shares. The stock’s 50-day moving average is $72.00 and its 200 day moving average is $66.91. The firm has a market capitalization of $112.91 billion, a P/E ratio of 17.42 and a beta of 1.50. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $75.04.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the company posted $1.26 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a yield of 3.61%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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ABBV has been the subject of a number of recent research reports. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price objective for the company in a research note on Monday, May 8th. BMO Capital Markets set a $63.00 price objective on AbbVie and gave the company a “hold” rating in a research note on Thursday, April 27th. Credit Suisse Group reiterated a “hold” rating and set a $65.00 price objective on shares of AbbVie in a research note on Wednesday, June 7th. Zacks Investment Research lowered AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Finally, Deutsche Bank AG lifted their price objective on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $74.66.
In other AbbVie news, Chairman Richard A. Gonzalez sold 193,131 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.00, for a total value of $13,712,301.00. Following the completion of the transaction, the chairman now directly owns 469,623 shares of the company’s stock, valued at $33,343,233. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO William J. Chase sold 38,300 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the completion of the transaction, the chief financial officer now directly owns 209,043 shares of the company’s stock, valued at $13,660,960.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 600,026 shares of company stock valued at $41,852,724. 0.23% of the stock is currently owned by corporate 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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