Miller Howard Investments Inc. NY decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,860,184 shares of the company’s stock after selling 84,988 shares during the period. AbbVie comprises 2.1% of Miller Howard Investments Inc. NY’s holdings, making the stock its 11th largest position. Miller Howard Investments Inc. NY’s holdings in AbbVie were worth $115,164,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Alexandria Capital LLC increased its position in shares of AbbVie by 0.4% in the first quarter. Alexandria Capital LLC now owns 4,529 shares of the company’s stock worth $259,000 after buying an additional 16 shares during the period. Bollard Group LLC increased its position in shares of 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 during the period. Lathrop Investment Management Corp increased its position in shares of 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 during the period. Regent Investment Management LLC increased its position in shares of 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 during the period. Finally, Zions Bancorporation increased its position in shares of AbbVie by 0.4% in the first quarter. Zions Bancorporation now owns 8,271 shares of the company’s stock worth $478,000 after buying an additional 34 shares during the period. Institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.88% during midday trading on Thursday, reaching $62.83. The company had a trading volume of 4,446,105 shares. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12. The company’s 50 day moving average price is $64.24 and its 200-day moving average price is $62.49. The company has a market capitalization of $102.32 billion, a P/E ratio of 18.12 and a beta of 1.50.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same period last year, the firm earned $1.08 EPS. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, equities research analysts predict that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is 65.71%.
Several research analysts have weighed in on the company. Credit Suisse Group AG restated a “buy” rating on shares of AbbVie in a research note on Sunday, July 10th. Vetr downgraded AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.78 price target for the company. in a research note on Thursday, June 16th. BMO Capital Markets downgraded AbbVie from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $70.00 to $66.00 in a research note on Friday, June 10th. Argus restated a “buy” rating and issued a $85.00 price target on shares of AbbVie in a research note on Monday, August 8th. Finally, Zacks Investment Research upgraded AbbVie from a “sell” rating to a “hold” rating in a research note on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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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