New Mexico Educational Retirement Board Reduces Stake in AbbVie Inc. (ABBV)
New Mexico Educational Retirement Board cut its position in AbbVie Inc. (NYSE:ABBV) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 161,642 shares of the company’s stock after selling 12,400 shares during the period. New Mexico Educational Retirement Board’s holdings in AbbVie were worth $10,533,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in ABBV. Manning & Napier Advisors LLC raised its stake in AbbVie by 4.6% in the first quarter. Manning & Napier Advisors LLC now owns 168,153 shares of the company’s stock worth $10,955,000 after buying an additional 7,427 shares during the period. West Oak Capital LLC raised its stake in AbbVie by 0.5% in the first quarter. West Oak Capital LLC now owns 14,994 shares of the company’s stock worth $977,000 after buying an additional 70 shares during the period. CHURCHILL MANAGEMENT Corp raised its stake in AbbVie by 5.5% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 290,482 shares of the company’s stock worth $18,928,000 after buying an additional 15,273 shares during the period. Weaver C. Barksdale & Associates Inc. raised its stake in AbbVie by 40.1% in the first quarter. Weaver C. Barksdale & Associates Inc. now owns 22,108 shares of the company’s stock worth $1,441,000 after buying an additional 6,331 shares during the period. Finally, Eagle Capital Management LLC raised its stake in AbbVie by 1.2% in the first quarter. Eagle Capital Management LLC now owns 43,192 shares of the company’s stock worth $2,814,000 after buying an additional 512 shares during the period. Institutional investors own 67.69% of the company’s stock.
AbbVie Inc. (NYSE ABBV) traded up 0.51% on Friday, reaching $72.48. The company’s stock had a trading volume of 3,871,184 shares. The firm has a market capitalization of $115.54 billion, a PE ratio of 17.83 and a beta of 1.50. The stock’s 50 day moving average is $71.65 and its 200-day moving average is $67.49. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the firm earned $1.26 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts predict that AbbVie Inc. will post $5.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were issued a dividend of $0.64 per share. The ex-dividend date was Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.53%. AbbVie’s dividend payout ratio is presently 62.90%.
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ABBV has been the subject of a number of recent research reports. Zacks Investment Research lowered AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 target price for the company in a research note on Monday, May 8th. Jefferies Group LLC reiterated a “buy” rating on shares of AbbVie in a research note on Friday, May 26th. Credit Suisse Group reiterated a “hold” rating and issued a $65.00 target price on shares of AbbVie in a research note on Wednesday, June 7th. Finally, Cowen and Company set a $70.00 target price on AbbVie and gave the company a “hold” rating in a research note on Sunday, July 30th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $76.02.
In other news, insider Laura J. Schumacher sold 79,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the transaction, the insider now directly owns 187,625 shares of the company’s stock, valued at $13,133,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carlos Alban sold 45,800 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 160,545 shares in the company, valued at $11,238,150. The disclosure for this sale can be found here. Insiders have sold 490,491 shares of company stock worth $34,684,639 over the last ninety days. 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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