Schwab Charles Investment Management Inc. raised its position in AbbVie Inc. (NYSE:ABBV) by 2.6% during the first quarter, Holdings Channel reports. The fund owned 5,136,674 shares of the company’s stock after buying an additional 130,740 shares during the period. Schwab Charles Investment Management Inc.’s holdings in AbbVie were worth $334,706,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in ABBV. Forbes J M & Co. LLP increased its position in AbbVie by 0.5% in the fourth quarter. Forbes J M & Co. LLP now owns 97,508 shares of the company’s stock worth $6,105,000 after buying an additional 460 shares during the period. Heritage Way Advisors LLC purchased a new position in AbbVie during the fourth quarter worth about $1,767,000. IFM Investors Pty Ltd purchased a new position in AbbVie during the fourth quarter worth about $1,288,000. Pittenger & Anderson Inc. increased its position in AbbVie by 2.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 12,285 shares of the company’s stock worth $769,000 after buying an additional 258 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in AbbVie by 2.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 59,745 shares of the company’s stock worth $3,746,000 after buying an additional 1,682 shares during the period. 67.89% of the stock is owned by institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.44% during trading on Friday, hitting $70.75. The stock had a trading volume of 596,964 shares. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $75.04. The stock has a 50-day moving average price of $72.13 and a 200 day moving average price of $66.69. The company has a market cap of $112.78 billion, a P/E ratio of 17.40 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the business earned $1.26 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $0.64 dividend. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.63%. AbbVie’s payout ratio is 62.90%.
A number of research firms have issued reports on ABBV. Deutsche Bank AG reiterated a “hold” rating and issued a $66.00 price objective (up previously from $65.00) on shares of AbbVie in a report on Monday, July 17th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price objective for the company in a report on Wednesday, July 26th. BidaskClub downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and issued a $94.00 price objective (up previously from $92.00) on shares of AbbVie in a report on Monday, July 17th. Finally, Zacks Investment Research upgraded AbbVie from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and a consensus price target of $74.66.
In other AbbVie news, CFO William J. Chase sold 38,300 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the transaction, the chief financial officer now owns 209,043 shares in the company, valued at $13,660,960.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total value of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The disclosure for this sale can be found here. Insiders sold 600,026 shares of company stock worth $41,852,724 in the last 90 days. Company 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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