Gateway Advisory LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,036 shares of the company’s stock, valued at approximately $1,743,000.
A number of other large investors have also modified their holdings of ABBV. Acropolis Investment Management LLC acquired a new position in shares of AbbVie during the second quarter valued at about $106,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of AbbVie during the first quarter valued at about $108,000. Atwood & Palmer Inc. raised its position in shares of AbbVie by 1,333.3% during 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 during the last quarter. Tradewinds Capital Management LLC raised its position in shares of AbbVie by 87.2% during 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 during the last quarter. Finally, Exane Asset Management acquired a new position in shares of AbbVie during the second quarter valued at about $181,000. Hedge funds and other institutional investors own 68.43% of the company’s stock.
In other AbbVie news, Director Edward J. Rapp purchased 4,000 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were purchased at an average cost of $70.45 per share, with a total value of $281,800.00. Following the completion of the purchase, the director now owns 15,498 shares of the company’s stock, valued at approximately $1,091,834.10. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the transaction, the vice president now directly owns 10,007 shares in the company, valued at $880,616. The disclosure for this sale can be found here. Insiders have sold 379,890 shares of company stock worth $27,187,817 over the last three months. Insiders own 0.23% of the company’s stock.
Several research analysts recently issued reports on the stock. Deutsche Bank AG reissued a “hold” rating and issued a $66.00 price target (up previously from $65.00) on shares of AbbVie in a research report on Monday, July 17th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a research report on Wednesday, July 26th. BidaskClub cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and set a $94.00 price objective (up from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Finally, Zacks Investment Research raised shares of AbbVie from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $92.79.
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Shares of AbbVie Inc. (NYSE ABBV) opened at 89.56 on Friday. AbbVie Inc. has a one year low of $55.06 and a one year high of $98.26. The firm has a market capitalization of $142.77 billion, a price-to-earnings ratio of 22.03 and a beta of 1.51. The company’s 50 day moving average is $89.15 and its 200-day moving average is $74.55.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. AbbVie’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $1.26 earnings per share. Equities analysts expect that AbbVie Inc. will post $5.53 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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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