Wealth Enhancement Advisory Services LLC raised its stake in AbbVie Inc (NYSE:ABBV) by 416.8% in the second quarter, HoldingsChannel.com reports. The fund owned 42,158 shares of the company’s stock after buying an additional 34,000 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in AbbVie were worth $4,091,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Amundi Pioneer Asset Management Inc. acquired a new position in shares of AbbVie during the fourth quarter worth approximately $135,027,000. Swedbank acquired a new position in shares of AbbVie during the fourth quarter worth approximately $130,841,000. Fred Alger Management Inc. boosted its position in shares of AbbVie by 782.3% during the fourth quarter. Fred Alger Management Inc. now owns 1,249,698 shares of the company’s stock worth $120,858,000 after buying an additional 1,108,061 shares during the period. Cornerstone Wealth Management LLC boosted its position in shares of AbbVie by 8,774.3% during the second quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock worth $11,837,000 after buying an additional 1,089,763 shares during the period. Finally, Summit Trail Advisors LLC boosted its position in shares of AbbVie by 7,637.2% during the first quarter. Summit Trail Advisors LLC now owns 997,253 shares of the company’s stock worth $997,000 after buying an additional 984,364 shares during the period. Institutional investors own 69.37% of the company’s stock.

NYSE ABBV opened at $94.56 on Wednesday. The firm has a market capitalization of $145.34 billion, a price-to-earnings ratio of 14.20, a P/E/G ratio of 0.87 and a beta of 1.54. AbbVie Inc has a 1 year low of $74.73 and a 1 year high of $125.86. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.02. The company had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The firm’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 earnings per share. analysts anticipate that AbbVie Inc will post 7.86 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th were issued a $0.96 dividend. The ex-dividend date of this dividend was Thursday, July 12th. This represents a $3.84 annualized dividend and a dividend yield of 4.06%. AbbVie’s dividend payout ratio is currently 68.57%.

In related news, Director Edward J. Rapp purchased 1,013 shares of the company’s stock in a transaction on Wednesday, June 20th. The shares were bought at an average price of $98.63 per share, with a total value of $99,912.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Severino sold 50,000 shares of the company’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now directly owns 111,481 shares in the company, valued at approximately $10,871,627.12. The disclosure for this sale can be found here. 0.07% of the stock is currently owned by corporate insiders.

A number of equities research analysts have weighed in on ABBV shares. BMO Capital Markets cut their target price on AbbVie from $81.00 to $78.00 and set an “underperform” rating for the company in a research report on Wednesday, May 23rd. Goldman Sachs Group downgraded AbbVie from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, May 24th. Credit Suisse Group downgraded AbbVie from a “neutral” rating to a “sell” rating and cut their target price for the stock from $104.00 to $89.00 in a research report on Tuesday, May 29th. Deutsche Bank downgraded AbbVie from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $125.86 to $65.61 in a research report on Wednesday, May 30th. Finally, Deutsche Bank downgraded AbbVie from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $125.86 to $65.61 in a research report on Wednesday, May 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $105.98.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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