Bank of Stockton lowered its stake in shares of AbbVie Inc (NYSE:ABBV) by 7.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,972 shares of the company’s stock after selling 1,286 shares during the period. Bank of Stockton’s holdings in AbbVie were worth $1,415,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Cornerstone Wealth Management LLC increased its position in shares of AbbVie by 8,774.3% during the second quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock worth $11,837,000 after purchasing an additional 1,089,763 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in shares of AbbVie by 43.1% during the second quarter. SeaCrest Wealth Management LLC now owns 34,815 shares of the company’s stock worth $3,226,000 after purchasing an additional 10,483 shares in the last quarter. Riverhead Capital Management LLC increased its position in shares of AbbVie by 10.0% during the second quarter. Riverhead Capital Management LLC now owns 117,611 shares of the company’s stock worth $10,897,000 after purchasing an additional 10,702 shares in the last quarter. Lynch & Associates IN increased its position in shares of AbbVie by 1.8% during the second quarter. Lynch & Associates IN now owns 60,094 shares of the company’s stock worth $5,568,000 after purchasing an additional 1,037 shares in the last quarter. Finally, Highbridge Capital Management LLC increased its position in shares of AbbVie by 2,285.6% during the first quarter. Highbridge Capital Management LLC now owns 120,206 shares of the company’s stock worth $11,377,000 after purchasing an additional 125,706 shares in the last quarter. Institutional investors own 69.43% of the company’s stock.
A number of brokerages have recently issued reports on ABBV. BMO Capital Markets reduced their price target on AbbVie from $78.00 to $71.00 and set an “underperform” rating on the stock in a research report on Monday. Credit Suisse Group set a $85.00 price target on AbbVie and gave the stock a “hold” rating in a research report on Sunday, October 14th. Berenberg Bank began coverage on AbbVie in a research report on Thursday, July 12th. They set a “hold” rating and a $105.00 price target on the stock. Cowen set a $110.00 price target on AbbVie and gave the stock a “buy” rating in a research report on Friday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $100.00 price target on shares of AbbVie in a research report on Friday, July 27th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $104.57.
NYSE ABBV opened at $82.58 on Tuesday. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.71 and a current ratio of 0.80. AbbVie Inc has a 1 year low of $77.50 and a 1 year high of $125.86. The firm has a market capitalization of $120.48 billion, a P/E ratio of 14.75, a PEG ratio of 0.72 and a beta of 1.62.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.13. AbbVie had a return on equity of 671.60% and a net margin of 23.50%. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same period in the prior year, the firm earned $1.41 EPS. The firm’s revenue was up 17.7% on a year-over-year basis. On average, analysts expect that AbbVie Inc will post 7.91 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 5.18%. This is an increase from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Monday, January 14th. AbbVie’s dividend payout ratio is presently 68.57%.
In related news, EVP Michael Severino sold 50,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 111,481 shares of the company’s stock, valued at approximately $10,871,627.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.07% of the stock is owned by corporate insiders.
AbbVie Company Profile
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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