AbbVie Inc (ABBV) Position Increased by Bank of Montreal Can
Bank of Montreal Can boosted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 9.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,210,247 shares of the company’s stock after purchasing an additional 438,201 shares during the quarter. Bank of Montreal Can’s holdings in AbbVie were worth $492,786,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Mainstay Capital Management LLC ADV grew its holdings in AbbVie by 6,123.5% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock valued at $143,000 after buying an additional 12,247 shares in the last quarter. First Mercantile Trust Co. purchased a new position in AbbVie during the 2nd quarter valued at approximately $150,000. MUFG Securities EMEA plc purchased a new position in AbbVie during the 2nd quarter valued at approximately $157,000. Rainier Group Investment Advisory LLC purchased a new position in AbbVie during the 1st quarter valued at approximately $161,000. Finally, Kiley Juergens Wealth Management LLC grew its holdings in AbbVie by 69.3% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock valued at $166,000 after buying an additional 721 shares in the last quarter. 69.47% of the stock is currently owned by institutional investors.
In other news, EVP Michael Severino sold 50,000 shares of AbbVie stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.07% of the stock is currently owned by insiders.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, November 2nd. The company reported $2.14 EPS for the quarter, topping the Zacks’ consensus estimate of $2.01 by $0.13. The firm had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.23 billion. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 EPS. As a group, research analysts forecast that AbbVie Inc will post 7.93 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a $1.07 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date is Monday, January 14th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.85%. AbbVie’s payout ratio is 68.57%.
ABBV has been the subject of several research analyst reports. BMO Capital Markets restated a “sell” rating and set a $78.00 price target on shares of AbbVie in a report on Friday, July 27th. Cowen set a $110.00 price target on AbbVie and gave the company a “buy” rating in a report on Friday, July 27th. Piper Jaffray Companies restated a “hold” rating and set a $100.00 price target on shares of AbbVie in a report on Friday, July 27th. Bank of America cut their price target on AbbVie from $112.00 to $105.00 and set a “buy” rating for the company in a report on Monday, July 30th. Finally, Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Monday, October 1st. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $103.68.
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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, to treat adults with genotype 1 chronic hepatitis C.
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