Princeton Capital Management LLC lifted its position in shares of AbbVie Inc (NYSE:ABBV) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,098 shares of the company’s stock after purchasing an additional 965 shares during the period. AbbVie comprises approximately 1.1% of Princeton Capital Management LLC’s portfolio, making the stock its 28th largest position. Princeton Capital Management LLC’s holdings in AbbVie were worth $2,418,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. boosted its stake in shares of AbbVie by 8.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 5,970 shares of the company’s stock valued at $577,000 after purchasing an additional 455 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of AbbVie by 3.5% during the fourth quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock valued at $998,157,000 after purchasing an additional 347,642 shares in the last quarter. Elkfork Partners LLC boosted its stake in shares of AbbVie by 203.2% during the fourth quarter. Elkfork Partners LLC now owns 49,360 shares of the company’s stock valued at $4,774,000 after purchasing an additional 33,080 shares in the last quarter. Greenwich Investment Management Inc. acquired a new stake in shares of AbbVie during the fourth quarter valued at about $217,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of AbbVie by 12.3% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 270,641 shares of the company’s stock valued at $26,178,000 after purchasing an additional 29,658 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently commented on ABBV shares. BMO Capital Markets cut their price objective on AbbVie from $81.00 to $78.00 and set an “underperform” rating on the stock in a research note on Wednesday, May 23rd. Goldman Sachs Group lowered AbbVie from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, May 24th. Deutsche Bank lowered AbbVie from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $125.86 to $65.61 in a research note on Wednesday, May 30th. Argus cut their price objective on AbbVie from $145.00 to $130.00 and set a “buy” rating on the stock in a research note on Monday, June 11th. Finally, Credit Suisse Group set a $89.00 price objective on AbbVie and gave the stock a “sell” rating in a research note on Wednesday, June 6th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $106.31.
Shares of ABBV stock opened at $95.68 on Monday. The company has a market capitalization of $141.19 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 0.85 and a beta of 1.54. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of -9.06. AbbVie Inc has a fifty-two week low of $83.19 and a fifty-two week high of $125.86.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 27th. The company reported $2.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.02. The business had revenue of $8.28 billion during the quarter, compared to the consensus estimate of $8.22 billion. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. research analysts anticipate that AbbVie Inc will post 7.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a yield of 4.01%. AbbVie’s payout ratio is currently 68.57%.
In other AbbVie news, Director Edward J. Rapp bought 1,013 shares of the stock in a transaction on Wednesday, June 20th. The stock was acquired at an average cost of $98.63 per share, for a total transaction of $99,912.19. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Severino sold 50,000 shares of AbbVie stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the sale, the executive vice president now owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The disclosure for this sale can be found here. Insiders own 0.07% of the company’s stock.
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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