Capital Research Global Investors Acquires 76,593,054 Shares of AbbVie Inc. (ABBV)
Capital Research Global Investors raised its position in AbbVie Inc. (NYSE:ABBV) by 100.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 152,718,713 shares of the company’s stock after buying an additional 76,593,054 shares during the period. AbbVie makes up about 3.2% of Capital Research Global Investors’ portfolio, making the stock its 2nd largest position. Capital Research Global Investors owned approximately 9.38% of AbbVie worth $9,439,710,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. CapWealth Advisors LLC raised its stake in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock worth $103,000 after buying an additional 639 shares in the last quarter. Acropolis Investment Management LLC purchased a new stake in shares of AbbVie during the second quarter worth about $106,000. Glassman Wealth Services raised its position in shares of AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock valued at $113,000 after buying an additional 1,256 shares during the period. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the second quarter valued at $114,000. Finally, Hartford Financial Management Inc. raised its position in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock valued at $115,000 after buying an additional 979 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The business earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same period last year, the company posted $1.08 EPS. The business’s revenue was up 17.8% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a $0.57 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.60%. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
Several research analysts have weighed in on the stock. Jefferies Group reaffirmed a “buy” rating and set a $90.00 target price on shares of AbbVie in a research note on Wednesday, October 5th. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Wednesday, September 28th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $78.00 target price on shares of AbbVie in a research note on Tuesday, September 27th. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $72.59 target price for the company in a research note on Thursday, September 8th. Finally, JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. AbbVie has a consensus rating of “Buy” and an average target price of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the sale, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.11% of the stock is currently owned by insiders.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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