Beacon Financial Group cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,527 shares of the company’s stock after selling 76 shares during the period. Beacon Financial Group’s holdings in AbbVie were worth $908,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in ABBV. First Command Financial Services Inc. boosted its position in shares of AbbVie by 6.8% during the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock valued at $102,000 after buying an additional 99 shares during the last quarter. Iowa State Bank boosted its position in shares of AbbVie by 3.6% during the first quarter. Iowa State Bank now owns 71,888 shares of the company’s stock valued at $4,684,000 after buying an additional 2,496 shares during the last quarter. Berkshire Asset Management LLC PA boosted its position in shares of AbbVie by 3.9% during the first quarter. Berkshire Asset Management LLC PA now owns 297,805 shares of the company’s stock valued at $19,405,000 after buying an additional 11,135 shares during the last quarter. Cullinan Associates Inc. boosted its position in shares of AbbVie by 1.4% during the first quarter. Cullinan Associates Inc. now owns 23,470 shares of the company’s stock valued at $1,529,000 after buying an additional 330 shares during the last quarter. Finally, Pinnacle Bank purchased a new stake in shares of AbbVie during the first quarter valued at $919,000. 68.25% of the stock is currently owned by institutional investors.
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Several equities research analysts recently commented on ABBV shares. Jefferies Group LLC reaffirmed a “buy” rating on shares of AbbVie in a research report on Friday, May 26th. Credit Suisse Group reissued a “hold” rating and issued a $65.00 target price on shares of AbbVie in a research report on Wednesday, June 7th. BidaskClub raised AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Vetr cut AbbVie from a “buy” rating to a “hold” rating and set a $72.72 target price on the stock. in a research report on Wednesday, June 14th. Finally, Societe Generale raised AbbVie from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $82.38.
Shares of AbbVie Inc. (NYSE ABBV) traded down 1.37% during mid-day trading on Monday, reaching $86.17. The company had a trading volume of 3,444,400 shares. The stock has a 50 day moving average of $74.86 and a 200-day moving average of $69.44. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $89.69. The company has a market capitalization of $137.36 billion, a price-to-earnings ratio of 21.19 and a beta of 1.48.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping 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 business had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter last year, the company posted $1.26 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $0.64 per share. The ex-dividend date is Thursday, October 12th. This represents a $2.56 annualized dividend and a dividend yield of 2.96%. AbbVie’s payout ratio is 62.90%.
In related news, insider Henry O. Gosebruch sold 18,000 shares of the 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 sale, the insider now owns 96,074 shares in the company, valued at $6,733,826.66. The transaction was disclosed in a document filed with the SEC, which is available 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 price of $70.45 per share, for a total transaction of $281,800.00. Following the purchase, the director now owns 15,498 shares of the company’s stock, valued at $1,091,834.10. The disclosure for this purchase can be found here. Insiders have sold 373,191 shares of company stock worth $26,598,305 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.
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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