Nisa Investment Advisors LLC Sells 36,759 Shares of AbbVie Inc. (NYSE:ABBV)
Nisa Investment Advisors LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 6.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 551,116 shares of the company’s stock after selling 36,759 shares during the period. Nisa Investment Advisors LLC’s holdings in AbbVie were worth $39,393,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in ABBV. Envestnet Asset Management Inc. boosted its stake in AbbVie by 13.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 423,946 shares of the company’s stock worth $26,550,000 after buying an additional 51,082 shares during the last quarter. Scotia Capital Inc. boosted its stake in AbbVie by 7.0% in the fourth quarter. Scotia Capital Inc. now owns 107,288 shares of the company’s stock worth $6,726,000 after buying an additional 7,062 shares during the last quarter. A.R.T. Advisors LLC boosted its stake in AbbVie by 7.8% in the fourth quarter. A.R.T. Advisors LLC now owns 26,200 shares of the company’s stock worth $1,640,000 after buying an additional 1,900 shares during the last quarter. Girard Securities Inc. boosted its stake in AbbVie by 16.6% in the fourth quarter. Girard Securities Inc. now owns 6,844 shares of the company’s stock worth $429,000 after buying an additional 975 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its stake in AbbVie by 3.2% in the fourth quarter. First Republic Investment Management Inc. now owns 1,103,525 shares of the company’s stock worth $69,102,000 after buying an additional 34,613 shares during the last quarter. Institutional investors and hedge funds own 67.89% of the company’s stock.
AbbVie Inc. (ABBV) traded up 0.32% during trading on Monday, hitting $71.22. 3,547,059 shares of the company traded hands. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $75.04. The stock has a 50-day moving average price of $72.07 and a 200-day moving average price of $66.31. The firm has a market capitalization of $113.35 billion, a P/E ratio of 17.52 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 154.76% and a net margin of 24.77%. The business had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the company posted $1.26 earnings per share. AbbVie’s revenue was up 7.6% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post $5.53 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a dividend of $0.64 per share. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 annualized dividend and a yield of 3.59%. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
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A number of analysts recently issued reports on the company. Deutsche Bank AG reissued a “hold” rating and set a $66.00 target price (up from $65.00) on shares of AbbVie in a research note on Monday, July 17th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $76.28 target price for the company in a research note on Wednesday, July 26th. BidaskClub cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price (up from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Finally, Zacks Investment Research raised shares of AbbVie from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $75.35.
In related news, EVP Carlos Alban sold 45,800 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the completion of the sale, the executive vice president now owns 160,545 shares in the company, valued at $11,238,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO William J. Chase sold 38,300 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total value of $2,502,905.00. Following the sale, the chief financial officer now owns 209,043 shares of the company’s stock, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. Insiders have sold 406,895 shares of company stock valued at $28,140,423 in the last quarter. 0.23% of the stock is currently owned by corporate 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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