AbbVie Inc. (ABBV) Holdings Boosted by First Midwest Bank Trust Division
First Midwest Bank Trust Division boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 150,954 shares of the company’s stock after purchasing an additional 601 shares during the period. AbbVie accounts for 1.3% of First Midwest Bank Trust Division’s investment portfolio, making the stock its 9th biggest holding. First Midwest Bank Trust Division’s holdings in AbbVie were worth $10,946,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. State Street Corp grew its position in AbbVie by 2.4% during the 1st quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after purchasing an additional 1,696,042 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in AbbVie during the 1st quarter worth approximately $46,744,000. Bank of Nova Scotia grew its position in AbbVie by 297.9% during the 1st quarter. Bank of Nova Scotia now owns 606,321 shares of the company’s stock worth $39,507,000 after purchasing an additional 453,955 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in AbbVie by 42.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 1,202,483 shares of the company’s stock worth $78,354,000 after purchasing an additional 357,353 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in AbbVie by 58.6% during the 1st quarter. AQR Capital Management LLC now owns 940,824 shares of the company’s stock worth $61,304,000 after purchasing an additional 347,710 shares in the last quarter. Hedge funds and other institutional investors own 68.29% of the company’s stock.
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In other AbbVie news, insider Laura J. Schumacher sold 79,800 shares of the 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 completion of the sale, the insider now owns 187,625 shares in the company, valued at $13,133,750. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 87,899 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $71.02, for a total transaction of $6,242,586.98. Following the completion of the sale, the chairman now owns 342,353 shares of the company’s stock, valued at approximately $24,313,910.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 490,491 shares of company stock valued at $34,684,639. 0.23% of the stock is owned by insiders.
AbbVie Inc. (NYSE:ABBV) traded up 0.14% during midday trading on Tuesday, hitting $87.12. 5,194,985 shares of the company traded hands. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $87.97. The stock’s 50-day moving average is $72.68 and its 200-day moving average is $68.66. The firm has a market capitalization of $138.88 billion, a PE ratio of 21.43 and a beta of 1.48.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The business 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 firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.26 earnings per share. Analysts anticipate that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
Several research firms have weighed in on ABBV. BMO Capital Markets reiterated a “market perform” rating and set a $66.00 price objective on shares of AbbVie in a research report on Wednesday, May 17th. Piper Jaffray Companies reissued a “buy” rating and set 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 set an “outperform” rating and a $95.00 target price for the company. Vetr lowered shares of AbbVie from a “buy” rating to a “hold” rating and set a $72.72 target price for the company. in a research note on Wednesday, June 14th. Finally, Leerink Swann reissued a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $79.25.
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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