Atalanta Sosnoff Capital LLC Buys New Position in AbbVie Inc. (ABBV)
Atalanta Sosnoff Capital LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 335,323 shares of the company’s stock, valued at approximately $20,759,000.
Several other institutional investors have also recently made changes to their positions in ABBV. Geode Capital Management LLC raised its stake in AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock worth $743,963,000 after buying an additional 93,719 shares during the period. Franklin Resources Inc. raised its position in shares of AbbVie by 2.1% in the first quarter. Franklin Resources Inc. now owns 5,623,069 shares of the company’s stock valued at $321,188,000 after buying an additional 115,458 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in shares of AbbVie during the first quarter valued at $281,766,000. Nordea Investment Management AB raised its position in shares of AbbVie by 1.9% in the second quarter. Nordea Investment Management AB now owns 3,451,336 shares of the company’s stock valued at $213,672,000 after buying an additional 63,274 shares during the last quarter. Finally, AXA raised its position in shares of AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock valued at $174,855,000 after buying an additional 1,304,557 shares during the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded down 1.60% during mid-day trading on Friday, reaching $60.17. The company’s stock had a trading volume of 5,606,474 shares. The stock has a market capitalization of $97.99 billion, a P/E ratio of 17.36 and a beta of 1.50. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12. The stock’s 50 day moving average price is $63.50 and its 200 day moving average price is $62.68.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same period in the previous year, the company earned $1.08 EPS. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.79%. AbbVie’s dividend payout ratio is presently 65.71%.
Several brokerages recently weighed in on ABBV. Credit Suisse Group AG reiterated a “buy” rating on shares of AbbVie in a research report on Sunday, July 10th. Vetr lowered AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.78 price objective for the company. in a research report on Thursday, June 16th. Argus reiterated a “buy” rating and issued a $85.00 price objective on shares of AbbVie in a research report on Monday, August 8th. Zacks Investment Research upgraded AbbVie from a “sell” rating to a “hold” rating in a research report on Wednesday, June 29th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the completion of the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.11% of the company’s stock.
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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