Independent Investors Inc. lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,300 shares of the company’s stock after selling 2,000 shares during the period. AbbVie makes up approximately 1.7% of Independent Investors Inc.’s portfolio, making the stock its 15th largest position. Independent Investors Inc.’s holdings in AbbVie were worth $3,937,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Acropolis Investment Management LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $106,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $108,000. Atwood & Palmer Inc. increased 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 acquiring an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC increased 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 acquiring an additional 1,057 shares in the last quarter. Finally, Exane Asset Management bought a new stake in shares of AbbVie during the second quarter valued at approximately $181,000. 68.43% of the stock is owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) opened at 91.93 on Friday. The company’s 50 day moving average is $89.15 and its 200-day moving average is $74.55. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $98.26. The stock has a market cap of $146.55 billion, a PE ratio of 22.61 and a beta of 1.51.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. The firm had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business’s quarterly revenue 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. Equities research analysts forecast that AbbVie Inc. will post $5.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $0.64 per share. The ex-dividend date is Thursday, October 12th. This represents a $2.56 annualized dividend and a yield of 2.78%. AbbVie’s dividend payout ratio is presently 62.90%.
In other AbbVie news, insider Henry O. Gosebruch sold 18,000 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $70.09, for a total transaction of $1,261,620.00. Following the transaction, the insider now directly owns 96,074 shares of the company’s stock, valued at $6,733,826.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Robert A. Michael sold 6,699 shares of the firm’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the completion of 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. In the last 90 days, insiders have sold 379,890 shares of company stock worth $27,187,817. 0.23% of the stock is owned by company insiders.
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Several brokerages recently weighed in on ABBV. Piper Jaffray Companies reissued a “buy” rating and set a $85.00 price target on shares of AbbVie in a research report on Thursday, August 3rd. Evercore ISI began coverage on shares of AbbVie in a research report on Wednesday, August 16th. They set an “outperform” rating and a $95.00 price target for the company. Leerink Swann raised shares of AbbVie from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $89.00 to $106.00 in a research report on Monday, October 2nd. BidaskClub downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $95.00 target price on shares of AbbVie in a research report on Wednesday, September 13th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $93.63.
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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