Norris Perne & French LLP MI lowered its stake in AbbVie Inc. (NYSE:ABBV) by 21.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 21,135 shares of the company’s stock after selling 5,806 shares during the period. Norris Perne & French LLP MI’s holdings in AbbVie were worth $1,308,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sanders Morris Harris Inc. bought a new stake in AbbVie during the first quarter valued at about $1,004,000. Sii Investments Inc. WI raised its stake in AbbVie by 25.2% in the first quarter. Sii Investments Inc. WI now owns 20,221 shares of the company’s stock valued at $1,157,000 after buying an additional 4,072 shares during the period. Investment Centers of America Inc. raised its stake in AbbVie by 43.9% in the first quarter. Investment Centers of America Inc. now owns 65,468 shares of the company’s stock valued at $3,760,000 after buying an additional 19,967 shares during the period. Inspirion Wealth Advisors LLC raised its stake in AbbVie by 2.5% in the first quarter. Inspirion Wealth Advisors LLC now owns 205,570 shares of the company’s stock valued at $11,742,000 after buying an additional 4,922 shares during the period. Finally, Glenmede Trust Co. NA raised its stake in AbbVie by 35.9% in the first quarter. Glenmede Trust Co. NA now owns 1,385,311 shares of the company’s stock valued at $79,127,000 after buying an additional 365,960 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.99% during trading on Wednesday, hitting $61.21. The stock had a trading volume of 4,563,576 shares. The company has a market capitalization of $99.68 billion, a PE ratio of 17.66 and a beta of 1.50. The firm has a 50-day moving average price of $63.89 and a 200 day moving average price of $62.67. 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 earnings per share (EPS) for the quarter, beating 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 had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. During the same period in the previous year, the company posted $1.08 EPS. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid 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 dividend yield of 3.72%. AbbVie’s payout ratio is 65.71%.
ABBV has been the topic of several research analyst reports. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Wednesday, September 28th. Jefferies Group reaffirmed a “buy” rating and issued a $90.00 price objective on shares of AbbVie in a research note on Wednesday, October 5th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $78.00 price objective on shares of AbbVie in a research note on Tuesday, September 27th. JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and reduced 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. Finally, Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.63 price objective on the stock in a research note on Thursday, August 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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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