Carnegie Capital Asset Management LLC Has $10.47 Million Position in AbbVie Inc (ABBV)
Carnegie Capital Asset Management LLC increased its stake in AbbVie Inc (NYSE:ABBV) by 6.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 148,153 shares of the company’s stock after buying an additional 9,211 shares during the quarter. AbbVie comprises approximately 1.3% of Carnegie Capital Asset Management LLC’s holdings, making the stock its 18th largest holding. Carnegie Capital Asset Management LLC’s holdings in AbbVie were worth $10,469,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Acropolis Investment Management LLC bought a new stake in shares of AbbVie during the second quarter worth $106,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of AbbVie during the first quarter worth $108,000. Hudock Capital Group LLC lifted its position in shares of AbbVie by 109.5% during the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after purchasing an additional 806 shares during the last quarter. Ffcm LLC lifted its position in shares of AbbVie by 167.2% during the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after purchasing an additional 963 shares during the last quarter. Finally, BDO Wealth Advisors LLC bought a new stake in shares of AbbVie during the second quarter worth $115,000. Institutional investors own 69.32% of the company’s stock.
In other AbbVie news, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the transaction, the vice president now owns 10,007 shares in the company, valued at $880,616. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Severino sold 25,633 shares of AbbVie stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $94.69, for a total value of $2,427,188.77. Following the completion of the transaction, the executive vice president now owns 114,922 shares in the company, valued at approximately $10,881,964.18. The disclosure for this sale can be found here. Insiders sold 268,825 shares of company stock worth $25,186,090 in the last quarter. 0.23% of the stock is owned by insiders.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The firm had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter last year, the firm posted $1.21 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. analysts forecast that AbbVie Inc will post 5.55 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Thursday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is 62.29%.
Several analysts have recently weighed in on the company. UBS reiterated a “neutral” rating on shares of AbbVie in a research report on Friday, October 13th. Jefferies Group lifted their target price on AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, October 16th. Cowen restated a “hold” rating and set a $95.00 price target (up previously from $70.00) on shares of AbbVie in a research note on Monday, September 11th. Evercore ISI initiated coverage on AbbVie in a research note on Wednesday, August 16th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, BMO Capital Markets restated a “hold” rating and set a $84.00 price target on shares of AbbVie in a research note on Tuesday, November 21st. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. AbbVie has an average rating of “Buy” and a consensus target price of $97.96.
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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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