Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 41.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,438 shares of the company’s stock after buying an additional 1,000 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC’s holdings in AbbVie were worth $212,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Wharton Business Group LLC raised its stake in AbbVie by 7.2% in the second quarter. Wharton Business Group LLC now owns 59,555 shares of the company’s stock valued at $3,687,000 after buying an additional 4,021 shares during the last quarter. NTV Asset Management LLC raised its stake in AbbVie by 3.7% in the second quarter. NTV Asset Management LLC now owns 33,903 shares of the company’s stock valued at $2,098,000 after buying an additional 1,222 shares during the last quarter. Alambic Investment Management L.P. raised its stake in AbbVie by 184.3% in the second quarter. Alambic Investment Management L.P. now owns 25,900 shares of the company’s stock valued at $1,603,000 after buying an additional 16,790 shares during the last quarter. Whitnell & Co. raised its stake in AbbVie by 2.0% in the second quarter. Whitnell & Co. now owns 50,565 shares of the company’s stock valued at $3,130,000 after buying an additional 1,000 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock valued at $641,739,000 after buying an additional 3,562,980 shares during the last quarter. 68.36% of the stock is owned by institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.16% during midday trading on Friday, hitting $62.93. The stock had a trading volume of 3,812,671 shares. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12. The firm’s 50 day moving average price is $64.13 and its 200 day moving average price is $62.54. The firm has a market cap of $102.48 billion, a price-to-earnings ratio of 18.15 and a beta of 1.50.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 analyst estimates of $6.20 billion. During the same period in the previous year, the business earned $1.08 EPS. AbbVie’s quarterly revenue was up 17.8% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post $4.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 annualized dividend and a yield of 3.62%. AbbVie’s dividend payout ratio (DPR) is currently 65.71%.
Several research firms have recently issued reports on ABBV. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. Vetr lowered AbbVie from a “buy” rating to a “hold” rating and set a $67.01 price objective for the company. in a research note on Tuesday, July 26th. JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of AbbVie in a research note on Wednesday, June 29th. Finally, Raymond James Financial Inc. began coverage on AbbVie in a research note on Thursday, September 1st. They issued an “outperform” rating and a $82.00 price objective for the company. One 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 currently has an average rating of “Buy” and a consensus price target of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the business’s 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 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 SEC, which is available through this link. Company insiders own 0.11% of the company’s stock.
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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