Accuvest Global Advisors bought a new stake in AbbVie Inc. (NYSE:ABBV) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,256 shares of the company’s stock, valued at approximately $473,000.
Several other hedge funds have also added to or reduced their stakes in the company. First Command Financial Services Inc. increased its stake in AbbVie by 6.8% in 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 period. Patriot Financial Group Insurance Agency LLC acquired a new stake in AbbVie during the fourth quarter valued at $137,000. Atwood & Palmer Inc. increased its stake in AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock valued at $140,000 after buying an additional 2,000 shares during the period. Tradewinds Capital Management LLC increased its stake in AbbVie by 87.2% in the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock valued at $148,000 after buying an additional 1,057 shares during the last quarter. Finally, American National Bank increased its stake in AbbVie by 13.8% in the first quarter. American National Bank now owns 2,471 shares of the company’s stock valued at $161,000 after buying an additional 299 shares during the last quarter. Institutional investors and hedge funds own 67.89% of the company’s stock.
Shares of AbbVie Inc. (NYSE ABBV) traded up 0.31% during midday trading on Friday, hitting $70.66. The stock had a trading volume of 2,971,623 shares. The firm has a 50 day moving average price of $72.13 and a 200 day moving average price of $66.69. The stock has a market cap of $112.64 billion, a PE ratio of 17.38 and a beta of 1.50. AbbVie Inc. has a one year low of $55.06 and a one year high of $75.04.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the company earned $1.26 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
Several analysts recently weighed in on ABBV shares. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price objective for the company in a report on Monday, May 8th. BMO Capital Markets set a $63.00 price objective on AbbVie and gave the company a “hold” rating in a report on Thursday, April 27th. Credit Suisse Group restated a “hold” rating and issued a $65.00 price objective on shares of AbbVie in a report on Wednesday, June 7th. Zacks Investment Research downgraded AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, Deutsche Bank AG lifted their price objective on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a report on Friday, April 28th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $74.66.
In other news, CFO William J. Chase sold 38,300 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 209,043 shares of the company’s stock, valued at approximately $13,660,960.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward J. Rapp bought 4,000 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were acquired at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the transaction, the director now directly owns 15,498 shares in the company, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. Insiders have sold a total of 600,026 shares of company stock worth $41,852,724 in the last three months. 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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