New England Private Wealth Advisors LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,070 shares of the company’s stock after buying an additional 208 shares during the period. New England Private Wealth Advisors LLC’s holdings in AbbVie were worth $562,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. CapWealth Advisors LLC boosted its position in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock valued at $103,000 after buying an additional 639 shares in the last quarter. Acropolis Investment Management LLC bought a new position in AbbVie during the second quarter worth approximately $106,000. Cypress Capital Management LLC WY bought a new position in AbbVie during the second quarter worth approximately $114,000. Hartford Financial Management Inc. boosted its position in AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares in the last quarter. Finally, Americafirst Capital Management LLC bought a new position in AbbVie during the second quarter worth approximately $122,000. 68.36% of the stock is currently owned by institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.5729% on Wednesday, reaching $64.2001. 2,829,223 shares of the company’s stock traded hands. The stock has a 50-day moving average of $64.97 and a 200 day moving average of $62.23. The firm has a market cap of $104.55 billion, a P/E ratio of 18.5175 and a beta of 1.49. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The firm earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same period last year, the firm posted $1.08 earnings per share. AbbVie’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post $4.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
A number of equities analysts have commented on the stock. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research note on Wednesday. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $78.00 price target on shares of AbbVie in a research note on Tuesday. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $72.59 price target for the company in a research note on Thursday, September 8th. JPMorgan Chase & Co. cut shares of AbbVie from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Finally, Raymond James Financial Inc. assumed coverage on shares of AbbVie in a research note on Thursday, September 1st. They issued an “outperform” rating and a $82.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.11% of the stock is currently owned by corporate insiders.
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.
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV).
Receive News & Ratings for AbbVie Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie Inc. and related companies with MarketBeat.com's FREE daily email newsletter.