Guinness Asset Management Ltd increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 25.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 94,610 shares of the company’s stock after buying an additional 19,090 shares during the period. AbbVie makes up about 1.6% of Guinness Asset Management Ltd’s investment portfolio, making the stock its 23rd largest position. Guinness Asset Management Ltd’s holdings in AbbVie were worth $5,857,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BB&T Securities LLC boosted its position in shares of AbbVie by 46.4% in the first quarter. BB&T Securities LLC now owns 1,379,549 shares of the company’s stock valued at $78,799,000 after buying an additional 436,945 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of AbbVie by 18.9% in the second quarter. Nisa Investment Advisors LLC now owns 631,940 shares of the company’s stock valued at $39,123,000 after buying an additional 100,674 shares during the last quarter. AXA boosted its position in shares of AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock valued at $174,855,000 after buying an additional 1,304,557 shares during the last quarter. Orbis Allan Gray Ltd bought a new position in shares of AbbVie during the first quarter valued at about $281,766,000. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of AbbVie by 15.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,634,632 shares of the company’s stock valued at $150,490,000 after buying an additional 348,015 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.16% during midday trading on Friday, reaching $62.93. 3,812,671 shares of the company were exchanged. The company has a market capitalization of $102.48 billion, a PE ratio of 18.15 and a beta of 1.50. The firm’s 50 day moving average is $64.13 and its 200-day moving average is $62.54. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. The firm earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The firm’s revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 earnings per share. On average, equities analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is 65.71%.
ABBV has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a report on Wednesday, September 28th. Goldman Sachs Group Inc. restated a “buy” rating and issued a $78.00 target price on shares of AbbVie in a report on Tuesday, September 27th. Jefferies Group restated a “buy” rating and issued a $90.00 target price on shares of AbbVie in a report on Wednesday. JPMorgan Chase & Co. cut shares of AbbVie from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Finally, Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.63 target price for the company in a report on Thursday, August 25th. One equities 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 issued a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and a consensus price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the business’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 transaction, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a filing with the SEC, which is accessible 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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