Palouse Capital Management Inc. trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,325 shares of the company’s stock after selling 2,038 shares during the period. AbbVie accounts for approximately 3.0% of Palouse Capital Management Inc.’s holdings, making the stock its 2nd largest position. Palouse Capital Management Inc.’s holdings in AbbVie were worth $8,145,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Acropolis Investment Management LLC purchased a new stake in shares of AbbVie in the 2nd quarter worth $106,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of AbbVie in the 1st quarter worth $108,000. Atwood & Palmer Inc. increased its stake in shares of AbbVie by 1,333.3% in the 1st quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after purchasing an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC increased its stake in shares of AbbVie by 87.2% in the 1st quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock worth $148,000 after purchasing an additional 1,057 shares in the last quarter. Finally, Exane Asset Management purchased a new stake in shares of AbbVie in the 2nd quarter worth $181,000. Hedge funds and other institutional investors own 68.26% of the company’s stock.
Several research firms have recently commented on ABBV. Cowen and Company upgraded AbbVie from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $91.17 to $105.00 in a research note on Wednesday. Leerink Swann upgraded AbbVie from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $89.00 to $106.00 in a research note on Monday, October 2nd. Credit Suisse Group reiterated a “neutral” rating and issued a $94.00 price target (up previously from $74.00) on shares of AbbVie in a research note on Sunday, October 1st. Evercore ISI reiterated an “outperform” rating and issued a $100.00 price target (up previously from $95.00) on shares of AbbVie in a research note on Saturday, September 30th. Finally, Barclays PLC reiterated a “hold” rating and issued a $68.00 price target on shares of AbbVie in a research note on Thursday, September 28th. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. AbbVie currently has an average rating of “Buy” and a consensus price target of $90.49.
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In related news, insider Henry O. Gosebruch sold 18,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $70.09, for a total transaction of $1,261,620.00. Following the completion of the sale, the insider now owns 96,074 shares of the company’s stock, valued at approximately $6,733,826.66. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Edward J. Rapp acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were acquired at an average cost of $70.45 per share, with a total value of $281,800.00. Following the purchase, the director now owns 15,498 shares in the company, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 379,890 shares of company stock valued at $27,187,817. 0.23% of the stock is owned by corporate insiders.
AbbVie Inc. (ABBV) opened at 91.42 on Friday. The firm’s 50 day moving average is $84.59 and its 200 day moving average is $72.69. The company has a market cap of $145.73 billion, a P/E ratio of 22.48 and a beta of 1.51. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $92.61.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the prior year, the company earned $1.26 EPS. AbbVie’s revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post $5.53 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $2.56 annualized dividend and a yield of 2.80%. AbbVie’s dividend payout ratio is presently 62.90%.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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