Bridges Investment Counsel Inc. Has $5.45 Million Stake in AbbVie Inc. (ABBV)
Bridges Investment Counsel Inc. boosted its stake in AbbVie Inc. (NYSE:ABBV) by 121.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,161 shares of the company’s stock after buying an additional 41,205 shares during the period. AbbVie comprises about 1.2% of Bridges Investment Counsel Inc.’s portfolio, making the stock its 28th largest position. Bridges Investment Counsel Inc.’s holdings in AbbVie were worth $5,450,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Abner Herrman & Brock LLC increased its position in shares of AbbVie by 0.3% in the second quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock valued at $456,000 after buying an additional 18 shares during the last quarter. Bollard Group LLC increased its position in shares of AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock valued at $273,000 after buying an additional 19 shares during the last quarter. TRUE Private Wealth Advisors increased its position in shares of AbbVie by 0.5% in the first quarter. TRUE Private Wealth Advisors now owns 4,787 shares of the company’s stock valued at $313,000 after buying an additional 24 shares during the last quarter. St. Louis Trust Co increased its position in shares of AbbVie by 0.7% in the first quarter. St. Louis Trust Co now owns 3,388 shares of the company’s stock valued at $221,000 after buying an additional 25 shares during the last quarter. Finally, Country Club Trust Company n.a. increased its position in shares of AbbVie by 0.6% in the first quarter. Country Club Trust Company n.a. now owns 4,434 shares of the company’s stock valued at $289,000 after buying an additional 26 shares during the last quarter. 68.27% of the stock is currently owned by institutional investors.
Shares of AbbVie Inc. (NYSE ABBV) traded up 0.16% during mid-day trading on Friday, hitting $75.42. 3,831,839 shares of the stock were exchanged. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $76.00. The firm has a market cap of $120.23 billion, a P/E ratio of 18.55 and a beta of 1.48. The stock’s 50 day moving average is $71.98 and its 200 day moving average is $67.98.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.26 earnings per share. Analysts expect that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.39%. AbbVie’s dividend payout ratio is currently 62.90%.
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Several research analysts recently commented on the stock. BMO Capital Markets reaffirmed a “market perform” rating and issued a $66.00 target price on shares of AbbVie in a research note on Wednesday, May 17th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $85.00 target price on shares of AbbVie in a research note on Thursday, August 3rd. Evercore ISI assumed coverage on shares of AbbVie in a research note on Wednesday, August 16th. They issued an “outperform” rating and a $95.00 target price on the stock. Vetr downgraded shares of AbbVie from a “buy” rating to a “hold” rating and set a $72.72 target price on the stock. in a research note on Wednesday, June 14th. Finally, Leerink Swann reissued a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $75.59.
In other news, EVP Carlos Alban sold 45,800 shares of the firm’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 transaction, the executive vice president now owns 160,545 shares in the company, valued at $11,238,150. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Laura J. Schumacher sold 79,800 shares of the firm’s 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 transaction, the insider now owns 187,625 shares in the company, valued at approximately $13,133,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 490,491 shares of company stock worth $34,684,639. Insiders own 0.23% of the company’s stock.
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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