Eqis Capital Management Inc. Raises Stake in AbbVie Inc. (ABBV)
Eqis Capital Management Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 25.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,530 shares of the company’s stock after acquiring an additional 4,928 shares during the quarter. Eqis Capital Management Inc.’s holdings in AbbVie were worth $1,779,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the business. Abner Herrman & Brock LLC lifted its stake in 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 period. Ledyard National Bank lifted its stake in AbbVie by 7.8% in the second quarter. Ledyard National Bank now owns 19,832 shares of the company’s stock valued at $1,438,000 after buying an additional 1,439 shares during the period. Mn Services Vermogensbeheer B.V. lifted its stake in AbbVie by 501.2% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 260,590 shares of the company’s stock valued at $18,895,000 after buying an additional 217,244 shares during the period. Mascoma Wealth Management LLC lifted its stake in AbbVie by 1,589.5% in the second quarter. Mascoma Wealth Management LLC now owns 7,738 shares of the company’s stock valued at $561,000 after buying an additional 7,280 shares during the period. Finally, Franklin Street Advisors Inc. NC lifted its stake in AbbVie by 12.5% in the second quarter. Franklin Street Advisors Inc. NC now owns 215,187 shares of the company’s stock valued at $15,603,000 after buying an additional 23,908 shares during the period. 68.26% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Robert A. Michael sold 6,699 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the transaction, the vice president now directly owns 10,007 shares of the company’s stock, valued at approximately $880,616. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $85.02, for a total value of $705,666.00. Following the transaction, the senior vice president now directly owns 93,099 shares in the company, valued at $7,915,276.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 379,890 shares of company stock worth $27,187,817. 0.23% of the stock is owned by company insiders.
AbbVie Inc. (NYSE ABBV) traded up 0.34% on Friday, hitting $90.49. The company had a trading volume of 3,462,155 shares. AbbVie Inc. has a one year low of $55.06 and a one year high of $91.33. The stock’s 50-day moving average price is $82.25 and its 200 day moving average price is $71.95. The company has a market capitalization of $144.25 billion, a P/E ratio of 22.26 and a beta of 1.51.
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 analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the business earned $1.26 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts expect 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. Investors of record on Friday, October 13th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
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Several equities analysts have weighed in on the company. Barclays PLC reissued a “hold” rating and issued a $68.00 target price on shares of AbbVie in a research note on Thursday, September 28th. Evercore ISI reissued an “outperform” rating and issued a $100.00 target price (up previously from $95.00) on shares of AbbVie in a research note on Saturday, September 30th. Piper Jaffray Companies reissued a “buy” rating and issued a $85.00 target price on shares of AbbVie in a research note on Thursday, August 3rd. BMO Capital Markets reissued a “hold” rating and issued a $66.00 target price on shares of AbbVie in a research note on Thursday, September 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $107.00 target price on shares of AbbVie in a research note on Thursday, September 28th. Nine equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. AbbVie presently has a consensus rating of “Buy” and a consensus target price of $89.90.
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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