Dowling & Yahnke LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 5.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,500 shares of the company’s stock after buying an additional 3,604 shares during the period. Dowling & Yahnke LLC’s holdings in AbbVie were worth $4,674,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Geode Capital Management LLC increased its position in AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock valued at $743,963,000 after buying an additional 93,719 shares during the last quarter. Woodford Investment Management LLP increased its position in AbbVie by 25.8% in the first quarter. Woodford Investment Management LLP now owns 11,063,300 shares of the company’s stock valued at $631,936,000 after buying an additional 2,269,300 shares during the last quarter. Franklin Resources Inc. increased its position in AbbVie by 2.1% in the first quarter. Franklin Resources Inc. now owns 5,623,069 shares of the company’s stock valued at $321,188,000 after buying an additional 115,458 shares during the last quarter. Orbis Allan Gray Ltd purchased a new position in AbbVie during the first quarter valued at approximately $281,766,000. Finally, Nordea Investment Management AB increased its position in AbbVie by 1.9% in the second quarter. Nordea Investment Management AB now owns 3,451,336 shares of the company’s stock valued at $213,672,000 after buying an additional 63,274 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.15% during mid-day trading on Friday, reaching $64.98. The company’s stock had a trading volume of 5,154,154 shares. The stock has a market capitalization of $105.82 billion, a price-to-earnings ratio of 18.74 and a beta of 1.49. The company’s 50-day moving average is $65.09 and its 200-day moving average is $62.03. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.06. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.08 earnings per share. Equities analysts predict that AbbVie Inc. will post $4.81 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio is currently 65.71%.
ABBV has been the topic of several research reports. Cowen and Company downgraded AbbVie from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $77.00 to $70.00 in a report on Monday, June 6th. JPMorgan Chase & Co. restated a “buy” rating on shares of AbbVie in a report on Monday, June 6th. Deutsche Bank AG restated a “hold” rating on shares of AbbVie in a report on Tuesday, June 7th. Morgan Stanley downgraded AbbVie from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $73.00 to $65.00 in a report on Monday, June 6th. Finally, Jefferies Group restated a “buy” rating on shares of AbbVie in a report on Monday, June 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $70.39.
In other news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the sale, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.11% of the company’s stock.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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