Envestnet Asset Management Inc. cut its position in AbbVie Inc (NYSE:ABBV) by 0.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 189,634 shares of the company’s stock after selling 686 shares during the period. Envestnet Asset Management Inc.’s holdings in AbbVie were worth $17,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Fairfield Bush & CO. bought a new position in shares of AbbVie during the first quarter worth $146,000. First Mercantile Trust Co. bought a new position in shares of AbbVie during the second quarter worth $150,000. Centaurus Financial Inc. bought a new position in shares of AbbVie during the first quarter worth $153,000. MUFG Securities EMEA plc bought a new position in AbbVie during the second quarter valued at $157,000. Finally, Rainier Group Investment Advisory LLC bought a new position in AbbVie during the first quarter valued at $161,000. 69.35% of the stock is owned by hedge funds and other institutional investors.
ABBV has been the subject of several research reports. BMO Capital Markets reiterated a “sell” rating and set a $78.00 price objective on shares of AbbVie in a research report on Wednesday, August 22nd. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Bank of America increased their price objective on shares of AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Credit Suisse Group upgraded shares of AbbVie to a “hold” rating and set a $89.00 price objective for the company in a research report on Friday, July 13th. Finally, Jefferies Financial Group set a $100.00 price objective on shares of AbbVie and gave the company a “buy” rating in a research report on Sunday, July 15th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $106.98.
AbbVie stock opened at $92.27 on Thursday. The stock has a market capitalization of $143.22 billion, a PE ratio of 16.48, a PEG ratio of 0.91 and a beta of 1.54. The company has a debt-to-equity ratio of -9.06, a current ratio of 0.80 and a quick ratio of 0.71. AbbVie Inc has a 12-month low of $85.24 and a 12-month high of $125.86.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.02. The firm had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The business’s revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the business earned $1.42 EPS. Research analysts forecast that AbbVie Inc will post 7.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $3.84 annualized dividend and a dividend yield of 4.16%. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.07% of the stock is currently owned by company insiders.
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, to treat adults with genotype 1 chronic hepatitis C.
Further Reading: Buyback For Investors Defined
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