Catawba Capital Management VA Boosts Stake in AbbVie Inc. (ABBV)
Catawba Capital Management VA increased its stake in AbbVie Inc. (NYSE:ABBV) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,577 shares of the company’s stock after buying an additional 535 shares during the period. Catawba Capital Management VA’s holdings in AbbVie were worth $2,559,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Acropolis Investment Management LLC acquired a new stake in AbbVie during the second quarter valued at about $106,000. Glassman Wealth Services raised its stake in 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 last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the second quarter valued at about $114,000. Hartford Financial Management Inc. raised its stake in 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 last quarter. Finally, Americafirst Capital Management LLC acquired a new stake in AbbVie during the second quarter valued at about $122,000. Institutional investors own 66.67% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.74% during trading on Monday, hitting $59.46. 6,274,639 shares of the company’s stock were exchanged. AbbVie Inc. has a one year low of $50.71 and a one year high of $68.12. The stock has a market cap of $96.63 billion, a P/E ratio of 16.07 and a beta of 1.55. The firm has a 50-day moving average price of $60.51 and a 200-day moving average price of $62.73.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 28th. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The firm earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.55 billion. During the same period in the previous year, the company earned $1.13 EPS. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts expect that AbbVie Inc. will post $4.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, January 11th. This is a boost from AbbVie’s previous quarterly dividend of $0.57. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.23%. AbbVie’s payout ratio is currently 61.62%.
ABBV has been the subject of several analyst reports. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $67.75 price target for the company in a research report on Monday, November 21st. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Wednesday, September 28th. Jefferies Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of AbbVie in a research note on Wednesday, October 5th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $78.00 price objective on shares of AbbVie in a research note on Tuesday, September 27th. Finally, Leerink Swann began coverage on shares of AbbVie in a research note on Tuesday, October 18th. They set a “market perform” rating and a $70.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $69.82.
In related news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction dated 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 transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate 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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