Sanders Capital LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 627,533 shares of the company’s stock after purchasing an additional 4,400 shares during the period. Sanders Capital LLC’s holdings in AbbVie were worth $45,502,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Acropolis Investment Management LLC acquired a new position in AbbVie in the 2nd quarter worth about $106,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in AbbVie in the 1st quarter worth about $108,000. Atwood & Palmer Inc. increased its holdings in 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 holdings in 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 acquired a new stake in shares of AbbVie in the second quarter valued at about $181,000. 68.26% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently weighed in on ABBV. Leerink Swann raised AbbVie from a “market perform” rating to an “outperform” rating and increased their price target for the company from $89.00 to $106.00 in a research note on Monday, October 2nd. Credit Suisse Group reissued 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 reissued 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. Barclays PLC reissued a “hold” rating and issued a $68.00 price target on shares of AbbVie in a research note on Thursday, September 28th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $66.00 price target on shares of AbbVie in a research note on Thursday, September 28th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $89.90.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share 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 EPS. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts expect that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.81%. AbbVie’s dividend payout ratio (DPR) is 62.90%.
In other AbbVie news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert A. Michael sold 6,699 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the transaction, the vice president now owns 10,007 shares in the company, valued at approximately $880,616. The disclosure for this sale can be found here. Insiders have sold a total of 379,890 shares of company stock worth $27,187,817 in the last quarter. Company insiders own 0.23% of the company’s stock.
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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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