Armstrong Shaw Associates Inc. CT Lowers Position in AbbVie Inc. (NYSE:ABBV)
Armstrong Shaw Associates Inc. CT cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 175,484 shares of the company’s stock after selling 15,699 shares during the period. AbbVie makes up approximately 2.9% of Armstrong Shaw Associates Inc. CT’s portfolio, making the stock its 20th largest position. Armstrong Shaw Associates Inc. CT’s holdings in AbbVie were worth $11,435,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. First Command Financial Services Inc. increased its stake in AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after buying an additional 99 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new position in AbbVie during the fourth quarter worth about $137,000. American National Bank boosted its position in AbbVie by 13.8% in the first quarter. American National Bank now owns 2,471 shares of the company’s stock worth $161,000 after buying an additional 299 shares during the last quarter. Cable Hill Partners LLC boosted its position in AbbVie by 7.4% in the first quarter. Cable Hill Partners LLC now owns 2,711 shares of the company’s stock worth $177,000 after buying an additional 186 shares during the last quarter. Finally, First PREMIER Bank boosted its position in AbbVie by 53.8% in the first quarter. First PREMIER Bank now owns 3,000 shares of the company’s stock worth $196,000 after buying an additional 1,050 shares during the last quarter. 68.00% of the stock is owned by institutional investors.
Shares of AbbVie Inc. (ABBV) remained flat at $70.99 during trading on Friday. The company had a trading volume of 4,732,087 shares. The stock has a market capitalization of $112.98 billion, a PE ratio of 17.46 and a beta of 1.50. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $75.04. The stock’s 50-day moving average price is $72.07 and its 200 day moving average price is $66.31.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a return on equity of 154.76% and a net margin of 24.77%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.26 earnings per share. Equities research analysts expect that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s dividend payout ratio is presently 62.90%.
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A number of equities analysts recently issued reports on the company. BMO Capital Markets reiterated a “hold” rating and issued a $63.00 target price on shares of AbbVie in a report on Tuesday, April 18th. Piper Jaffray Companies restated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research note on Thursday. BidaskClub cut AbbVie from a “buy” rating to a “hold” rating in a research note on Friday. Vetr cut AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price objective on the stock. in a research note on Wednesday, June 14th. Finally, Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $75.35.
In other AbbVie news, Director Edward J. Rapp bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were purchased at an average price of $70.45 per share, with a total value of $281,800.00. Following the completion of the acquisition, the director now directly owns 15,498 shares of the company’s stock, valued at approximately $1,091,834.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Laura J. Schumacher sold 79,800 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the completion of the transaction, the insider now directly owns 187,625 shares in the company, valued at approximately $13,133,750. The disclosure for this sale can be found here. Insiders sold 253,135 shares of company stock worth $17,221,705 over the last quarter. 0.23% of the stock is currently owned by insiders.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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