Webster Bank N. A. boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 410.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 58,413 shares of the company’s stock after buying an additional 46,972 shares during the period. Webster Bank N. A.’s holdings in AbbVie were worth $3,806,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. First Republic Investment Management Inc. boosted its position in AbbVie by 3.2% in the fourth quarter. First Republic Investment Management Inc. now owns 1,103,525 shares of the company’s stock valued at $69,102,000 after buying an additional 34,613 shares during the last quarter. Girard Securities Inc. boosted its position in AbbVie by 16.6% in the fourth quarter. Girard Securities Inc. now owns 6,844 shares of the company’s stock valued at $429,000 after buying an additional 975 shares during the last quarter. A.R.T. Advisors LLC boosted its position in AbbVie by 7.8% in the fourth quarter. A.R.T. Advisors LLC now owns 26,200 shares of the company’s stock valued at $1,640,000 after buying an additional 1,900 shares during the last quarter. Scotia Capital Inc. boosted its position in AbbVie by 7.0% in the fourth quarter. Scotia Capital Inc. now owns 107,288 shares of the company’s stock valued at $6,726,000 after buying an additional 7,062 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in AbbVie by 13.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 423,946 shares of the company’s stock valued at $26,550,000 after buying an additional 51,082 shares during the last quarter. Hedge funds and other institutional investors own 67.89% of the company’s stock.
Shares of AbbVie Inc. (ABBV) opened at 70.63 on Friday. The firm has a market cap of $112.59 billion, a PE ratio of 17.37 and a beta of 1.50. The company has a 50 day moving average price of $72.05 and a 200-day moving average price of $66.76. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $75.04.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The company had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.26 earnings per share. Analysts expect that AbbVie Inc. will post $5.52 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.62%. AbbVie’s dividend payout ratio is currently 62.90%.
Several research analysts recently commented on the company. BMO Capital Markets reissued a “hold” rating and set a $63.00 target price on shares of AbbVie in a research note on Tuesday, April 18th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research report on Thursday, August 3rd. Vetr cut AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price objective for the company. in a research report on Wednesday, June 14th. Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Finally, BidaskClub cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Nine investment 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. The stock currently has an average rating of “Buy” and an average price target of $74.66.
In other AbbVie news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $33,343,233. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Carlos Alban sold 45,800 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $3,206,000.00. Following the completion of the transaction, the executive vice president now directly owns 160,545 shares in the company, valued at approximately $11,238,150. The disclosure for this sale can be found here. Insiders sold 600,026 shares of company stock worth $41,852,724 in the last ninety days. 0.23% of the stock is owned by corporate insiders.
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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