Factory Mutual Insurance Co. Trims Position in AbbVie Inc. (ABBV)
Factory Mutual Insurance Co. lessened its stake in AbbVie Inc. (NYSE:ABBV) by 11.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 261,000 shares of the company’s stock after selling 35,100 shares during the period. Factory Mutual Insurance Co.’s holdings in AbbVie were worth $18,926,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. First Command Financial Services Inc. lifted its stake in shares of AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock valued at $102,000 after buying an additional 99 shares during the period. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of AbbVie in the first quarter valued at about $108,000. Atwood & Palmer Inc. lifted its stake in shares of AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock valued at $140,000 after buying an additional 2,000 shares during the period. Tradewinds Capital Management LLC lifted its stake in shares of AbbVie by 87.2% in the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock valued at $148,000 after buying an additional 1,057 shares during the period. Finally, Signature Estate & Investment Advisors LLC bought a new stake in shares of AbbVie in the first quarter valued at about $183,000. Institutional investors and hedge funds own 68.25% of the company’s stock.
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In related news, Chairman Richard A. Gonzalez sold 193,131 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were 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 owns 469,623 shares of the company’s stock, valued at approximately $33,343,233. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $85.02, for a total transaction of $705,666.00. Following the completion of the transaction, the senior vice president now directly owns 93,099 shares of the company’s stock, valued at approximately $7,915,276.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 373,191 shares of company stock valued at $26,598,305. 0.23% of the stock is currently owned by insiders.
AbbVie Inc. (NYSE ABBV) traded up 1.50% on Tuesday, hitting $86.60. 3,821,683 shares of the stock were exchanged. The company has a 50-day moving average price of $75.29 and a 200 day moving average price of $69.70. The company has a market capitalization of $138.05 billion, a PE ratio of 21.30 and a beta of 1.48. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $89.69. AbbVie also saw unusually large options trading activity on Monday. Stock investors acquired 278 put options on the company. This is an increase of approximately 121% compared to the average daily volume of 126 put options.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the firm posted $1.26 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. Analysts anticipate that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
Several equities research analysts recently weighed in on ABBV shares. BidaskClub upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 6th. Credit Suisse Group reiterated a “neutral” rating and issued a $74.00 target price (up previously from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. Jefferies Group LLC reiterated a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of AbbVie in a research note on Friday. Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Finally, Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $76.28 target price for the company. in a research note on Thursday, July 20th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $82.38.
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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