Ledyard National Bank raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.6% during the second quarter, Holdings Channel reports. The firm owned 14,108 shares of the company’s stock after buying an additional 1,000 shares during the period. Ledyard National Bank’s holdings in AbbVie were worth $874,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC increased its position in AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock worth $743,963,000 after buying an additional 93,719 shares during the period. Franklin Resources Inc. increased its position in AbbVie by 2.1% in the first quarter. Franklin Resources Inc. now owns 5,623,069 shares of the company’s stock worth $321,188,000 after buying an additional 115,458 shares during the period. Orbis Allan Gray Ltd acquired a new position in AbbVie during the first quarter worth approximately $281,766,000. Nordea Investment Management AB increased its position in AbbVie by 1.9% in the second quarter. Nordea Investment Management AB now owns 3,451,336 shares of the company’s stock worth $213,672,000 after buying an additional 63,274 shares during the period. Finally, AXA increased its position in AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock worth $174,855,000 after buying an additional 1,304,557 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.16% during trading on Friday, hitting $62.93. 3,812,671 shares of the stock traded hands. AbbVie Inc. has a 12 month low of $45.45 and a 12 month high of $68.12. The firm’s 50-day moving average is $64.13 and its 200-day moving average is $62.54. The stock has a market cap of $102.48 billion, a P/E ratio of 18.15 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.06. The company had revenue of $6.43 billion for 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 firm’s revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.08 earnings per share. On average, analysts forecast that AbbVie Inc. will post $4.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a $0.57 dividend. 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 is currently 65.71%.
ABBV has been the topic of a number of research reports. Goldman Sachs Group Inc. reissued a “buy” rating and set a $78.00 target price on shares of AbbVie in a research report on Tuesday, September 27th. Vetr cut shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.75 price target on the stock. in a report on Wednesday, June 29th. BMO Capital Markets restated a “market perform” rating and issued a $66.00 price target on shares of AbbVie in a report on Friday, July 29th. Credit Suisse Group AG restated a “buy” rating on shares of AbbVie in a report on Sunday, July 10th. Finally, Jefferies Group restated a “buy” rating and issued a $90.00 price target on shares of AbbVie in a report on Wednesday. One investment 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 company. AbbVie currently has a consensus rating of “Buy” and an average price target of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 144,138 shares in the company, valued at $9,368,970. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.11% of the stock is currently owned by company insiders.
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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