Atalanta Sosnoff Capital LLC Boosts Stake in AbbVie Inc. (ABBV)
Atalanta Sosnoff Capital LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 105.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 688,395 shares of the company’s stock after buying an additional 353,072 shares during the period. AbbVie comprises approximately 1.5% of Atalanta Sosnoff Capital LLC’s portfolio, making the stock its 29th largest position. Atalanta Sosnoff Capital LLC’s holdings in AbbVie were worth $43,417,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of ABBV. Capital Research Global Investors boosted its position in shares of AbbVie by 100.6% in the second quarter. Capital Research Global Investors now owns 152,718,713 shares of the company’s stock valued at $9,439,710,000 after buying an additional 76,593,054 shares during the period. Vanguard Group Inc. boosted its position in AbbVie by 1.0% in the second quarter. Vanguard Group Inc. now owns 104,083,008 shares of the company’s stock worth $6,443,780,000 after buying an additional 998,196 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in AbbVie by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 42,335,781 shares of the company’s stock worth $2,621,008,000 after buying an additional 370,153 shares during the last quarter. BlackRock Fund Advisors boosted its position in AbbVie by 1.2% in the second quarter. BlackRock Fund Advisors now owns 20,072,568 shares of the company’s stock worth $1,242,693,000 after buying an additional 241,624 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock worth $641,739,000 after buying an additional 3,562,980 shares during the last quarter. 68.87% of the stock is owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) traded up 0.55% on Friday, reaching $60.51. The company’s stock had a trading volume of 2,942,309 shares. The firm has a 50 day moving average price of $60.51 and a 200 day moving average price of $62.73. AbbVie Inc. has a 52 week low of $50.71 and a 52 week high of $68.12. The stock has a market capitalization of $98.33 billion, a P/E ratio of 16.36 and a beta of 1.55.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 28th. The company reported $1.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.01. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The company earned $6.43 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same period last year, the firm earned $1.13 EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities analysts anticipate that AbbVie Inc. will post $4.82 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.23%. This is an increase from AbbVie’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Wednesday, January 11th. AbbVie’s dividend payout ratio (DPR) is presently 61.62%.
A number of equities analysts recently weighed in on ABBV shares. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $78.00 price target on shares of AbbVie in a report on Thursday, September 8th. Jefferies Group reaffirmed a “buy” rating and issued a $90.00 price target on shares of AbbVie in a report on Wednesday, October 5th. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Wednesday, September 28th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.63 price target for the company in a report on Thursday, August 25th. Finally, Argus reaffirmed a “buy” rating and issued a $85.00 price target on shares of AbbVie in a report on Monday, August 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. AbbVie presently has a consensus rating of “Hold” and an average price target of $69.82.
In other news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction that occurred 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 in the company, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.11% of the company’s stock.
AbbVie Company Profile
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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