Baltimore Capital Management Inc. Takes Position in AbbVie Inc. (ABBV)
Baltimore Capital Management Inc. purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 11,050 shares of the company’s stock, valued at approximately $720,000.
Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board raised its position in AbbVie by 6.5% in the first quarter. Canada Pension Plan Investment Board now owns 3,151,990 shares of the company’s stock valued at $205,384,000 after buying an additional 193,410 shares in the last quarter. US Bancorp DE raised its position in AbbVie by 0.3% in the first quarter. US Bancorp DE now owns 2,947,561 shares of the company’s stock valued at $192,064,000 after buying an additional 9,289 shares in the last quarter. Rhumbline Advisers raised its position in AbbVie by 0.3% in the first quarter. Rhumbline Advisers now owns 2,455,314 shares of the company’s stock valued at $159,988,000 after buying an additional 7,181 shares in the last quarter. Great West Life Assurance Co. Can raised its position in AbbVie by 0.6% in the first quarter. Great West Life Assurance Co. Can now owns 1,642,457 shares of the company’s stock valued at $106,949,000 after buying an additional 9,709 shares in the last quarter. Finally, First Trust Advisors LP raised its position in AbbVie by 11.8% in the first quarter. First Trust Advisors LP now owns 1,367,680 shares of the company’s stock valued at $89,118,000 after buying an additional 144,231 shares in the last quarter. Hedge funds and other institutional investors own 68.27% of the company’s stock.
Shares of AbbVie Inc. (ABBV) traded down 0.1069% during trading on Tuesday, hitting $73.2416. 429,016 shares of the stock traded hands. The stock has a 50-day moving average of $71.65 and a 200 day moving average of $67.49. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $75.04. The company has a market cap of $116.75 billion, a P/E ratio of 18.0132 and a beta of 1.50.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% 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 period in the prior year, the company posted $1.26 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were paid a $0.64 dividend. The ex-dividend date was Wednesday, July 12th. This represents a $2.56 annualized dividend and a yield of 3.49%. AbbVie’s payout ratio is 62.90%.
ABBV has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 target price for the company in a report on Monday, May 8th. Jefferies Group LLC reaffirmed a “buy” rating on shares of AbbVie in a report on Friday, May 26th. Credit Suisse Group reaffirmed a “hold” rating and set a $65.00 target price on shares of AbbVie in a report on Wednesday, June 7th. Finally, Cowen and Company set a $70.00 target price on shares of AbbVie and gave the stock a “hold” rating in a report on Sunday, July 30th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $76.02.
In other AbbVie news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total value of $13,712,301.00. Following the completion of the transaction, the chairman now directly owns 469,623 shares in the company, valued at approximately $33,343,233. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard A. Gonzalez sold 65,861 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $71.00, for a total value of $4,676,131.00. Following the completion of the transaction, the chief executive officer now owns 342,353 shares of the company’s stock, valued at $24,307,063. The disclosure for this sale can be found here. Insiders sold a total of 490,491 shares of company stock valued at $34,684,639 over the last 90 days. 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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