Gradient Investments LLC Boosts Position in AbbVie Inc. (ABBV)
Gradient Investments LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 103,577 shares of the company’s stock after buying an additional 4,894 shares during the period. Gradient Investments LLC’s holdings in AbbVie were worth $7,510,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in ABBV. HighPoint Advisor Group LLC boosted its stake in shares of AbbVie by 1.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 56,274 shares of the company’s stock worth $3,536,000 after buying an additional 657 shares in the last quarter. USA Financial Portformulas Corp bought a new stake in shares of AbbVie during the fourth quarter worth $260,000. Perigon Wealth Management LLC boosted its stake in shares of AbbVie by 2.0% in the fourth quarter. Perigon Wealth Management LLC now owns 11,953 shares of the company’s stock worth $757,000 after buying an additional 230 shares in the last quarter. Jackson Grant Investment Advisers Inc. boosted its stake in shares of AbbVie by 0.8% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 32,000 shares of the company’s stock worth $2,004,000 after buying an additional 243 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of AbbVie by 5.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 5,420,301 shares of the company’s stock worth $339,421,000 after buying an additional 296,622 shares in the last quarter. 67.69% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) remained flat at $70.82 during trading on Tuesday. 1,081,067 shares of the stock were exchanged. The firm has a 50 day moving average price of $72.00 and a 200 day moving average price of $66.91. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $75.04. The stock has a market cap of $112.89 billion, a P/E ratio of 17.42 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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. The firm had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $1.26 earnings per share. On average, equities analysts expect that AbbVie Inc. will post $5.52 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given 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 3.61%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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A number of analysts have weighed in on the company. Deutsche Bank AG reaffirmed a “hold” rating and issued a $66.00 price target (up previously from $65.00) on shares of AbbVie in a research report on Monday, July 17th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a research report on Wednesday, July 26th. BidaskClub cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 price target (up previously from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Finally, Zacks Investment Research raised AbbVie from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $74.66.
In other AbbVie news, Director Edward J. Rapp bought 4,000 shares of the stock in a transaction dated Monday, July 31st. The shares were bought at an average cost of $70.45 per share, with a total value of $281,800.00. Following the completion of the acquisition, the director now owns 15,498 shares of the company’s stock, valued at $1,091,834.10. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William J. Chase sold 38,300 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the transaction, the chief financial officer now directly owns 209,043 shares in the company, valued at $13,660,960.05. The disclosure for this sale can be found here. Insiders have sold 600,026 shares of company stock valued at $41,852,724 over the last 90 days. Company insiders own 0.23% of the company’s stock.
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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