Empirical Finance LLC Buys New Position in AbbVie Inc (ABBV)
Empirical Finance LLC bought a new position in AbbVie Inc (NYSE:ABBV) in the second quarter, Holdings Channel reports. The fund bought 2,705 shares of the company’s stock, valued at approximately $251,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kiwi Wealth Investments Limited Partnership grew its position in shares of AbbVie by 10.9% during the 1st quarter. Kiwi Wealth Investments Limited Partnership now owns 136,087 shares of the company’s stock worth $12,881,000 after buying an additional 13,379 shares during the period. Highbridge Capital Management LLC grew its position in shares of AbbVie by 2,285.6% during the 1st quarter. Highbridge Capital Management LLC now owns 120,206 shares of the company’s stock worth $11,377,000 after buying an additional 125,706 shares during the period. Sun Life Financial INC grew its position in shares of AbbVie by 19.1% during the 4th quarter. Sun Life Financial INC now owns 19,479 shares of the company’s stock worth $1,884,000 after buying an additional 3,119 shares during the period. Clarus Wealth Advisors acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $569,000. Finally, BancorpSouth Bank acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $2,530,000. 69.09% of the stock is owned by institutional investors.
Shares of AbbVie opened at $97.06 on Tuesday, according to MarketBeat.com. The company has a debt-to-equity ratio of 8.70, a quick ratio of 1.10 and a current ratio of 1.20. AbbVie Inc has a twelve month low of $69.47 and a twelve month high of $125.86. The company has a market capitalization of $153.18 billion, a price-to-earnings ratio of 17.33, a P/E/G ratio of 0.88 and a beta of 1.56.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Thursday, July 12th. AbbVie’s payout ratio is currently 68.57%.
In other AbbVie news, SVP Timothy J. Richmond sold 17,588 shares of AbbVie stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $99.47, for a total value of $1,749,478.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Glenn F. Tilton purchased 5,400 shares of the business’s stock in a transaction on Wednesday, June 27th. The stock was bought at an average cost of $91.90 per share, for a total transaction of $496,260.00. Following the purchase, the director now owns 39,735 shares of the company’s stock, valued at approximately $3,651,646.50. The disclosure for this purchase can be found here. Insiders own 0.07% of the company’s stock.
A number of research analysts recently issued reports on ABBV shares. Deutsche Bank cut shares of AbbVie from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $125.86 to $65.61 in a report on Wednesday, May 30th. Goldman Sachs Group cut shares of AbbVie from a “conviction-buy” rating to a “buy” rating in a report on Thursday, May 24th. BMO Capital Markets decreased their price objective on shares of AbbVie from $81.00 to $78.00 and set an “underperform” rating for the company in a report on Wednesday, May 23rd. Credit Suisse Group decreased their price objective on shares of AbbVie from $109.00 to $104.00 and set a “neutral” rating for the company in a report on Friday, April 27th. Finally, Morgan Stanley decreased their price objective on shares of AbbVie from $131.00 to $110.00 and set an “equal weight” rating for the company in a report on Monday, April 30th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. AbbVie currently has a consensus rating of “Hold” and a consensus target price of $105.88.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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