FineMark National Bank & Trust decreased its stake in AbbVie Inc. (NYSE:ABBV) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 50,975 shares of the company’s stock after selling 1,034 shares during the period. FineMark National Bank & Trust’s holdings in AbbVie were worth $3,157,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Alexandria Capital LLC raised its stake in shares of AbbVie by 0.3% in the second quarter. Alexandria Capital LLC now owns 4,543 shares of the company’s stock worth $281,000 after buying an additional 14 shares in the last quarter. Bollard Group LLC raised its stake in AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,693 shares of the company’s stock worth $229,000 after buying an additional 17 shares in the last quarter. Lathrop Investment Management Corp raised its stake in AbbVie by 0.3% in the second quarter. Lathrop Investment Management Corp now owns 6,335 shares of the company’s stock worth $392,000 after buying an additional 21 shares in the last quarter. Regent Investment Management LLC raised its stake in AbbVie by 0.3% in the first quarter. Regent Investment Management LLC now owns 11,929 shares of the company’s stock worth $681,000 after buying an additional 30 shares in the last quarter. Finally, Texan Capital Management raised its stake in AbbVie by 0.4% in the second quarter. Texan Capital Management now owns 8,312 shares of the company’s stock worth $515,000 after buying an additional 33 shares in the last quarter. 68.36% of the stock is owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) traded down 0.44% on Thursday, hitting $63.11. 1,410,620 shares of the stock traded hands. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12. The firm has a market capitalization of $102.78 billion, a PE ratio of 18.20 and a beta of 1.50. The stock has a 50 day moving average of $64.35 and a 200 day moving average of $62.49.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.06. The firm earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The business’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 EPS. Equities research analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a yield of 3.60%. AbbVie’s dividend payout ratio is currently 65.71%.
A number of analysts have commented on ABBV shares. JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Morgan Stanley cut shares of AbbVie from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $73.00 to $65.00 in a research report on Wednesday, June 8th. Jefferies Group reissued a “buy” rating on shares of AbbVie in a research report on Thursday, August 25th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.14 price target on the stock in a research report on Monday, July 18th. Finally, Barclays PLC reissued an “equal weight” rating and set a $68.00 price target on shares of AbbVie in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. AbbVie 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 company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the completion of the sale, the insider now directly owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate 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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