Virginia Retirement Systems ET AL Increases Position in AbbVie Inc. (ABBV)
Virginia Retirement Systems ET AL lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 57.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 523,700 shares of the company’s stock after purchasing an additional 192,000 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in AbbVie were worth $37,973,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. Acropolis Investment Management LLC bought a new stake in AbbVie during the 2nd quarter worth approximately $106,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in AbbVie during the 1st quarter worth approximately $108,000. Atwood & Palmer Inc. grew its holdings in AbbVie by 1,333.3% during the 1st quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after acquiring an additional 2,000 shares during the last quarter. Tradewinds Capital Management LLC grew its holdings in AbbVie by 87.2% during the 1st quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock worth $148,000 after acquiring an additional 1,057 shares during the last quarter. Finally, Exane Asset Management bought a new stake in AbbVie during the 2nd quarter worth approximately $181,000. 68.16% of the stock is currently owned by institutional investors.
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AbbVie Inc. (NYSE ABBV) opened at $94.75 on Wednesday. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. AbbVie Inc. has a 1 year low of $58.60 and a 1 year 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 earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. During the same quarter in the previous year, the company earned $1.21 EPS. AbbVie’s quarterly revenue was up 8.8% compared to the same quarter last year. research analysts expect that AbbVie Inc. will post 5.55 earnings per share for the current fiscal year.
The business also recently announced 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 dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, January 11th. This is an increase from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is presently 62.29%.
In related news, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $88.00, for a total transaction of $589,512.00. Following the transaction, the vice president now owns 10,007 shares in the company, valued at approximately $880,616. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Severino sold 25,633 shares of the business’s 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 transaction, the executive vice president now owns 114,922 shares in the company, valued at approximately $10,881,964.18. The disclosure for this sale can be found here. Insiders have sold a total of 58,932 shares of company stock worth $5,379,432 in the last quarter. 0.23% of the stock is owned by corporate insiders.
A number of equities research analysts have weighed in on the stock. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 target price on the stock in a report on Wednesday, July 26th. BidaskClub lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. UBS AG reissued a “neutral” rating on shares of AbbVie in a report on Friday, October 13th. Jefferies Group LLC boosted their target price on shares of AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, October 16th. Finally, Cowen and Company reissued a “hold” rating and set a $95.00 target price (up from $70.00) on shares of AbbVie in a report on Monday, September 11th. Eight investment 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 stock. The company currently has a consensus rating of “Buy” and an average price target of $93.68.
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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