First Long Island Investors LLC continued to hold its stake in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, Holdings Channel reports. The fund owned 159,204 shares of the company’s stock at the end of the second quarter. First Long Island Investors LLC’s holdings in AbbVie were worth $9,094,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Acropolis Investment Management LLC bought a new position in shares of AbbVie during the second quarter worth approximately $106,000. CapWealth Advisors LLC increased its position in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock worth $103,000 after buying an additional 639 shares during the last quarter. Glassman Wealth Services increased its position in shares of AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock worth $113,000 after buying an additional 1,256 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the second quarter worth approximately $114,000. Finally, Hartford Financial Management Inc. increased its position in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares during the last quarter. 68.35% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Inc. (NYSE:ABBV) opened at 60.17 on Monday. The stock’s 50 day moving average price is $63.50 and its 200 day moving average price is $62.68. The firm has a market capitalization of $97.99 billion, a PE ratio of 17.36 and a beta of 1.50. 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 results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. The company had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. Analysts expect that AbbVie Inc. will post $4.81 earnings per share for the current year.
The firm 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. 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 3.79%. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
A number of equities analysts recently commented on ABBV shares. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research report on Wednesday, September 28th. Jefferies Group restated a “buy” rating and issued a $90.00 target price on shares of AbbVie in a research report on Wednesday, October 5th. Goldman Sachs Group Inc. restated a “buy” rating and issued a $78.00 target price on shares of AbbVie in a research report on Tuesday, September 27th. JPMorgan Chase & Co. downgraded AbbVie from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $75.00 to $73.00 in a research report on Thursday, September 8th. They noted that the move was a valuation call. Finally, Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $67.63 target price on the stock in a research report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus 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 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 sale, 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 available through the SEC website. 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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