Douglas Lane & Associates LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.2% during the second quarter, Holdings Channel reports. The firm owned 22,721 shares of the company’s stock after buying an additional 1,121 shares during the period. Douglas Lane & Associates LLC’s holdings in AbbVie were worth $1,407,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Rehmann Capital Advisory Group increased its stake in shares of AbbVie by 24.6% in the second quarter. Rehmann Capital Advisory Group now owns 22,047 shares of the company’s stock worth $1,365,000 after buying an additional 4,358 shares during the period. E&G Advisors LP acquired a new position in AbbVie during the second quarter worth approximately $681,000. Destination Wealth Management increased its position in AbbVie by 8.1% in the second quarter. Destination Wealth Management now owns 298,112 shares of the company’s stock worth $18,456,000 after buying an additional 22,380 shares during the last quarter. Bank of Montreal Can acquired a new position in AbbVie during the second quarter worth approximately $93,942,000. Finally, MSI Financial Services Inc increased its position in AbbVie by 10.7% in the second quarter. MSI Financial Services Inc now owns 85,243 shares of the company’s stock worth $5,278,000 after buying an additional 8,246 shares during the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.10% on Thursday, hitting $61.15. 5,981,442 shares of the stock traded hands. The stock has a market cap of $99.59 billion, a PE ratio of 17.64 and a beta of 1.50. The stock has a 50 day moving average of $63.75 and a 200-day moving average of $62.66. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The firm earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same quarter in the prior year, the business earned $1.08 earnings per share. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, equities research analysts expect that AbbVie Inc. will post $4.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio is currently 65.71%.
ABBV has been the subject of a number of analyst reports. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $78.00 price objective on shares of AbbVie in a report on Tuesday, September 27th. Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.75 price objective for the company. in a report on Wednesday, June 29th. BMO Capital Markets reaffirmed a “market perform” rating and set a $66.00 price objective on shares of AbbVie in a report on Friday, July 29th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of AbbVie in a report on Sunday, July 10th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of AbbVie in a report on Wednesday, October 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. AbbVie has an average rating of “Buy” and an average price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the company’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 value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.11% of the stock is owned by insiders.
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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