AbbVie Inc. (ABBV) Holdings Cut by Norris Perne & French LLP MI
Norris Perne & French LLP MI lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,712 shares of the company’s stock after selling 625 shares during the period. Norris Perne & French LLP MI’s holdings in AbbVie were worth $2,154,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ABBV. State Street Corp grew its holdings in shares of AbbVie by 2.4% during the first 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 during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of AbbVie during the first quarter worth about $46,744,000. Bank of Nova Scotia grew its holdings in shares of AbbVie by 297.9% during the first 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 during the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of AbbVie by 42.3% during the first 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 during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of AbbVie by 58.6% during the first 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 during the last quarter. Hedge funds and other institutional investors own 68.25% of the company’s stock.
Several analysts have recently weighed in on ABBV shares. Zacks Investment Research cut AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $74.86 price target on the stock in a report on Thursday, July 6th. Jefferies Group LLC restated a “buy” rating and set a $94.00 price target (up from $92.00) on shares of AbbVie in a report on Monday, July 17th. Deutsche Bank AG restated a “hold” rating and set a $66.00 price target (up from $65.00) on shares of AbbVie in a report on Monday, July 17th. Finally, Credit Suisse Group restated a “neutral” rating and set a $74.00 price target (up from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $92.79.
AbbVie Inc. (NYSE:ABBV) opened at 96.10 on Monday. The firm has a 50-day moving average price of $88.06 and a 200 day moving average price of $73.89. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $98.26. The firm has a market capitalization of $153.19 billion, a price-to-earnings ratio of 23.64 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 (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business 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%. AbbVie’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $1.26 EPS. On average, equities research analysts forecast that AbbVie Inc. will post $5.53 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.64 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.66%. AbbVie’s dividend payout ratio is currently 62.90%.
In other news, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie 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 sale, the chairman now directly owns 469,623 shares in the company, valued at approximately $33,343,233. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Edward J. Rapp acquired 4,000 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was acquired at an average price of $70.45 per share, for a total transaction of $281,800.00. Following the completion of the transaction, the director now owns 15,498 shares in the company, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 379,890 shares of company stock worth $27,187,817. Corporate insiders own 0.23% of the company’s stock.
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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